Resorts & Lodging
Fishing Guides
Bait & Tackle Shops
Products & Services
Important Links
Classified Ads
Contact Us & More
Minnesota Fishing Reports



(1) 2 »



new or used perm?
LSF Member
Joined:
01/15/2015
Posts: 234
Really haven't looked into this much yet. I have many questions.
As a young guy not entirely made of money but with much to buy yet, and ice fishing as much as I do, I am leaning towards permanent. One less headache, don't really have to worry about stuff breaking. Also you can get a loan spread out for a while. On something used, I can spend significantly less and have more credit available since I'll be buying a house this year but probably next. Might as well enjoy winter with a nice ice house and get a house next yr? Also is it pretty easy/cheap to add to insurance? Haven't fished out of many but the few ice castles I've been in have been awesome, however hole placement was a problem on one. Probably looking for an 8 x 16 lotw or similar. Need to do some research. Time being on my side, any suggestions for companies other than ice castle? If I'm buying new, I understand there are other companies which have their stuff down and might be cheaper or set up better. I'm pretty set on investing in a great convenient set up as it will see tons of use, and unsure if I should go new or cheap. Leaning towards new, but need some help weighing the pros and cons. Also i like to move around during the day, do they make toy haulers that are pretty friendly for staying the night? I guess when I think of the ones you can fit a four Wheeler in they seem bare bones in comparison to others.

Suggestions appreciated. Thanks guys.

Posted on: 2015/7/13 22:03
Transfer the post to other applications Transfer


Re: new or used perm?
Field Staff
Joined:
10/12/2004
From Willmar, MN
Posts: 3973
You can usually find some decent deals on used ones. Once you pull a new one off the lot the value of it drops significantly. Personally I'd wait a couple years and save your nickles and dimes. I can't stand paying interest on a toy so I always try save up and pay cash. I was doing some checking a year or 2 ago and really liked the Salem ice houses. They have the RV style front (not the V) and the layouts were very nice. As of right now it's what I'm leaning towards when I finally pull the trigger.

Posted on: 2015/7/14 1:35
_________________
Chris

2015 Team Archery Contest Winner
2016 Team Archery Contest Winner
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
11/30/2010
Posts: 56
Not to break out the Ford vs. Chevy thing but when I bought mine last year I only looked at the new Yetti. From all the things I had heard about Ice Castles I didn't even bother looking at them. Could not complain about a single thing with the Yetti brand. Me and a Buddy got a system down last year and we would have the house banked and all set up and fishing in less than 15 minutes. Looking at Craigslist last year I found that it seemed like one could buy a New Fish House for just a hair more than a used one. When factoring in Warranty and other stuff it all made sense

Posted on: 2015/7/14 9:34
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
12/28/2005
Posts: 1125
It looks like you are planning on buying a residential house in the next year or so. If that is the case and you are going to need to take a loan out for the ice house as well I would urge you to look carefully at your finances and how the purchase may impact a home purchase.

You don't want to buy a toy and find out that it hurt you when trying to buy a home. I doubt it would prevent you from buying a home but it may impact how much you qualify for and what interest rate you can get.

As for the actual purchase it really comes down to personal preference in terms of features you are looking for. We all have our own preferences, for example I don't really like the toy hauler lay outs but thats just me. Since you have time I would probably start out by looking at new houses, look at as many as you can and consider all of the layout and feature options available. Try to figure out what you want and then get an out the door price on it. Once you know what you want and what it would cost you'll be better educated when looking at used. Once you have the price on the new figured out you'll be able to look at the used houses and determine if its a good price or not and whether its worth going used. You'll also have a good idea of the exact house you are looking for. Since you have time you can afford to be patient and wait for the right house at the right price to come along.

Posted on: 2015/7/14 9:46
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
12/10/2014
Posts: 319
Quote:

freighttrain50 wrote:
You can usually find some decent deals on used ones. Once you pull a new one off the lot the value of it drops significantly. Personally I'd wait a couple years and save your nickles and dimes. I can't stand paying interest on a toy so I always try save up and pay cash. I was doing some checking a year or 2 ago and really liked the Salem ice houses. They have the RV style front (not the V) and the layouts were very nice. As of right now it's what I'm leaning towards when I finally pull the trigger.


I got to agree here. If I can't purchase a seasonal toy outright, I can't afford it. This goes for ATV's, snowmobiles, fishhouses, and I'll even throw in the boat...unless the boat can be paid off within two years. No sense in paying interest for 6,7,8,9 months while it's not being used. I was "looking" at boats this past year and the guy selling it to me said he could get payments down to $250/mos....IT WOULD HAVE BEEN A 15 YEAR LOAN!. I had a laugh with my wife.

For how little most fishhouses get used, I'd see NO problem getting one 2,3,4 years old and save some big bucks!

But hey...this is just me. Everyone has their own priorities and if Ice fishing was near the top, I'd probably invest more. One thing you could also do to convince yourself on the purchase was placing it somewhere in the summer for a season cabin. But if it's just gonna sit somehere from April-Dec....ouch on the payments.

Posted on: 2015/7/14 10:52
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
03/18/2004
From Princeton,MN
Posts: 4662
Quote:

ClownColor wrote:
Quote:

freighttrain50 wrote:
You can usually find some decent deals on used ones. Once you pull a new one off the lot the value of it drops significantly. Personally I'd wait a couple years and save your nickles and dimes. I can't stand paying interest on a toy so I always try save up and pay cash. I was doing some checking a year or 2 ago and really liked the Salem ice houses. They have the RV style front (not the V) and the layouts were very nice. As of right now it's what I'm leaning towards when I finally pull the trigger.


I got to agree here. If I can't purchase a seasonal toy outright, I can't afford it. This goes for ATV's, snowmobiles, fishhouses, and I'll even throw in the boat...unless the boat can be paid off within two years. No sense in paying interest for 6,7,8,9 months while it's not being used. I was "looking" at boats this past year and the guy selling it to me said he could get payments down to $250/mos....IT WOULD HAVE BEEN A 15 YEAR LOAN!. I had a laugh with my wife.


+1 Making payments on toys is a good way to get yourself in trouble. Long term loans can come close to doubling the price. Pay in cash, the bargaining leverage when you have a wad of cash is priceless.

Posted on: 2015/7/14 10:56
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
01/14/2012
From Bemidji area --Red Lake
Posts: 137
Maybe it's my finance background but I would have to disagree with everyone bashing paying interest. I would say it's your BEST option.

With interest rates so low it's practically free money. Why shell out $10,000 cash when you can ammoritze over 10 years @ 2.99% ( the interset rate I was recently given)
Your cash flow will be much better which is what spending power is all about.

Keep that cash in your pocket, after all - cash is king.
The problem with paying the cash for something, once it's gone, it's gone.

Or better yet, invest that $10,000 into something that will grow, weather it by land, stocks, or a rental house/property which is my favorite. Your gains on this investment will out weight your fish house "investment" by a Looooong shot.

For a 10,000 loan at 2.99% you aren't paying anywhere nea double the loan - Around $11,400 when said and done. Also you can always take out a loan and request cash when going to make teh purcahse and negotiate.

I can see how others hate having that debt on their personal balance sheet but just my

Posted on: 2015/7/14 11:16
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
11/28/2012
From Grand Forks, ND
Posts: 86
I see both sides of the coin very well here.

The leveraging is one of the quickest ways to get "free" money right now. I bought a truck $15k, snowmobile $10k, and wheeler $8k in consective years. Had enough cash to pay for each of them out right, but I didn't. Used the extremely cheap "free" money from the bank. The above three loans cost me less that $1000 in interest and fees combined. I payed them off early, kept my safety net intact, and when I got down to where I was comfortable writing the check for the balance I did just that.

The if you can't pay cash you can't afford it is an arguable statement as well. Any time you absolutely need to use credit is the time you should be paying for that with cash (minus a mortgage -- that's a whole other argument). Or something bad has happened and you just don't have the funds necessary.

The paying interest on a seasonal toy is another thing that seems to polarize people quite well. Make sure you buy something you can afford. PLUS all the extras that just HAVE to go with it. It's all a budget and what you want/can spend. If it were me I would be playing the fence right now. Start saving or continue to save as in you want to buy a used one with cash. As you follow all the craigslist and used sites keep your eyes out for the perfect one. You can/should be picky here. If you don't find one in a timely manner and you've got some coin saved you can go put a heck of a down payment down on a fairly priced new one. Play the field. Don't shut off half of the options just because you decided it didn't fit into the right category.

I bought my first home Aug '14 the bank wanted 1 years worth of bank statements. I had to explain in writing with canceled checks, reference numbers of transactions of where large sums of money went. I wrote a $4k check to finish the wheeler in Oct '13. My loan about fell through just due to them not being able to "verify" it. Even though the loan was through the same bank, branch, and loan officer that I've dealt with for the past 4 years. The mortgage process is as bad or worse than everyone explains to you. Be prepared to hold in many emotions, because the people on the other end of the phone or across the desk don't see things the same way you do, or the red tape they have to get through doesn't allow the transaction to get done the common sense way.

Best of luck. Don't buy anything you can't afford. Sorry for the wall of text.

Posted on: 2015/7/14 13:52
_________________
Failure is only an opportunity to begin again, this time more intelligently. -- Henry Ford
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
01/15/2015
Posts: 234
I appreciate the advice. Good stuff here guys! I agree with paying up front for your toys, however my buddy who had a new vehicle and home improvements almost paid cash for his new boat. But realized getting a loan he only had to pay around 600$ for a 5 to ten yr loan. Not a huge deal when you need to place your cash elsewhere. I will not work much this winter so it will see tons of use, plus I can take it camping in the summer as I head north when I can. Working overtime and saving, but it is nice to get some early research done and realize what I am getting myself into. Always owning used stuff, truck, boat, etc, it would be nice to buy new for the sake of not currently having many monthly payments it would be easy to cover, and for the warranty, which I have yet to look into. Maybe I can find the right setup before the price jumps when the lakes ice over. I suppose I'll have to check out gas mileage differences between box type and v front shacks as I like to head north. Nice to get some good ideas from people who've been through the process already, thanks guys

Posted on: 2015/7/14 23:15
Transfer the post to other applications Transfer


Re: new or used perm?
LSF Member
Joined:
12/07/2012
Posts: 953
Just wait till gas hits 5a gallon again.Then U can afford cash for toys again.c63

Posted on: 2015/8/12 2:04
Transfer the post to other applications Transfer



(1) 2 »




[Advanced Search]


 

 
Copyright 2004-2013 Lake State Fishing P.O. Box 577 Deerwood, MN 56444 612-414-5593
All logos and trademarks are property of their respective owners. |  Lake State Fishing |   Login lakestatefishing.com Facebook Page lakestatefishing.com Twitter Page lakestatefishing.com LinkedIn Page lakestatefishing.com YouTube Page