Before this went down, I have been looking for a sail boat and a hot tub, wanting both before end of April. Now I am going to wait. I think it is going to take a few months, or maybe even half a year to a year, but I expect prices to come down. Anyone follow recent history?
If they don't come down, that's fine. But if you can wait on more expensive purchases, I think it is wise to do so unless you like giving money away.
The markets are taking an obvious hit and I am not going to bet against this being a long term event (market or health wise). History is a good guide for prices in times of a crash, so I don't think it's even worth debating.
Those who are expecting a quick rebound were not paying attention to the markets before this even became a thing. I moved much of my sack of sticks and stones to cash and bonds half a year ago when everyone was saying 'how about that?!?' and patting themselves on the back for investing in a bubble where you'd have to be a brick not to make money. No thanks. It was going to fall apart anyway. The pandemic just shoved it over the edge.
A dealer I was talking hot tubs with called me the other day, trying to get a sale. He's been in business for 30 years. He sounded desperate. Really pushing, when before, he was cool as a cucumber. Told him what my new price point was and to call me back when he could make it happen.
It's nothing personal. I'm just not going to spend money on things that are so close to certainly coming down in price. And I don't give handouts to people trying to cash out at this moment. They know it's coming, and a lot of people are screwed. Those who can unload now, if they have to, are lucky. It's a bad time to buy much of anything.
I couldn't hold off on two things though.
1. A bidet. I'm not fighting anyone over toilet paper. Now when I walk to the toilet, it opens itself, turns on a little nightlight, cleans my ass like nothing ever has before and even dries it off when I'm done. Best purchase in a long while. A bit pricey, but worth it, in my opinion.
2. A Kamado Joe Classic III. Don't know how I lived without it. Now I'm smoking racks of ribs, beef, fish, you name it. Even got it on sale! I'd recommend getting one right now, no matter what the market does. Absolutely worth it.
But seriously, big purchases? You're out of your mind if you throw in for something expensive right now. The fire sale is coming in a few months; at least that's where I've put my money. Good luck!
Harris may seem crazy as a fox on some things, but I suspect he's closer to a lot than most people are comfortable with. Market wise, this has been coming for longer than the virus has...
