When Will Boat Prices Drop?

[Frosty]

Frosty, taking a broker’s word for whatever is not always a good idea.
Nothing replaces a hands on viewing/walk through prior to survey.
Remember, the boat has to speak to you, in so many ways.

Rest assured, the only thing I'm taking a broker's word for is how they are handling things during COVID (and even then I don't take it as gospel; more just a sign of how the brokerage is handling things now).

I would never buy a boat without stepping on it myself, ultimately. However due to COVID, I need to do a bit more "pre-shopping" remotely. And many brokerages are now advertising video walk-throughs, so at least some are on the same page.

I still have small boats, and I can do some vicarious "big boating" here on TF, so life is good

 

[Seevee]

Frosty,


Good point, but there's merits of buying a boat or other things sight unseen. I've made my BEST deals that way. But, you have to know your stuff and figure out if the seller is honest.



Generally, I've had my best deal with sellers that had something with a known flaw that I could deal with... not cream puffs, but good solid stuff that can be fixed with a known quantity.



I'm still a bit of a novice with buying boats, on no 21, but mostly small, so I've seen most that I've purchased. One, I made a commitment to to buy based on a good friends recommendation. Killer deal.


I've purchased two aircraft totally unseen. One, I never met the owner, sent him a check and he left the key in the plane. Flew 600 miles, picked up then flew it 800 hours and sold it for $100 more than I paid. Another, I dickered with the guy over 4 months. Flew out to CA, gave the guy a check, he took me to the plane the next morning, checked me out, and I took off for the 2500 mile trip home. Put two new engines on and some other stuff and two years later sold it for more that all the money I put into it. Have tons of good airplane stories... but I pretty much know that stuff. Never got burned.


Now, I've had a few surprises with boats. I never realized how hard is was to deal with Volvo and paid the price and the down time.... great boat, but never again.... still sold it for what I paid, less commission.


Had a few boats that I beat the hell out of (learning) and sold for literally nothing. So much for boating costs.....


I'm shopping again, but bigger boat, and will operate it prior to purchase for sure.


Gut feeling, the market will soften once the Covid stuff is behind when people start to do other things. I may wait that long, or may not... depends on what I see out there. LOVE shopping! Like a kid in a candy store.

 

[Mako]

Gut feeling, the market will soften once the Covid stuff is behind when people start to do other things.

Interesting statement and I hadn't thought about that. I've been boat shopping as well and am surprised too that all the good boats have been snagged quickly. Still lots of junk out there which can be bought for pennies, but I'm not looking for a project boat.

 

[OldDan1943]

The boat market may not soften until after C19 is under control. People are buying boats for a get away ... Once a vaccine is developed, people will start off loading their boats.
Sadly, some folks with no experience are buying good sized boats and expect it to behave like driving a car.

 

[bowball]

This thread hasn’t aged well.

 

[kthoennes]

Still an issue for global turmoil and my S&P index fund rose about 23% since then. And now the boat is paid off and I'm on an upgrade campaign before hyperinflation hits when a hose clamp will cost $900. And I still can't find any local service people to work on the canvas or anything else.

 

[HeadedToTexas]

This thread hasn’t aged well.

That's for sure.

 

[mvweebles]

Ouch. I'm not usually keen on necro-threads. Good to go back on this one.

Proves "that many people can be wrong."

 

[bowball]

Ouch. I'm not usually keen on necro-threads. Good to go back on this one.

Proves "that many people can be wrong."

And frankly you can’t fault their logic either.

It just shows many things can’t be predicted and don’t let your views on investments drive your current decisions for purchases that aren’t investments.

Of course we have a redo again with Omicron. Jeez

 

[Lostsailor13]

Not only that but all marinas around Boston are at full capacity with waiting lists,lucky i found my berth before all this happened,two of buddies are having extremely hard times finding slips for tbeir rigs

 

[OldDan1943]

Heard on the radio, we maybe wearing masks on the airplanes for a very long time or forever. Maybe the boat market will stay strong tool.
The newbies in the frozen north will discover they cant keep their boats in the water during the winter. Dry storage is getting expensive and scarce

 

[rslifkin]

Dry storage is getting expensive and scarce

Not much of a problem up north, especially in the less populated areas where land isn't crazy expensive. The yards here have enough room to haul every boat in the area that doesn't get trailered home and still have room to spare. And that's even with enough new boats around to sell out just about every slip in the area.

 

[backinblue]

If the stock market continues to "correct" and where it goes from there along with the reality of inflation beginning to settle in, I am guessing the boat market could cool off next year.

 

[Seevee]

It's really hard to predict the future, however, often with big swings there are corrections. When and how much is hard to nail down.

 

[CharlieO.]

Tomorrow.

 

[backinblue]

SeeVee, I agree. Point I was trying to make is that with people in lockdown the last 1.5 years, but the stock market and everyone's retirement funds reaching new highs, it's easy to think about boats and other purchases. If the new reality becomes a bear market and high inflation, people will stop spending, especially on big discretionary purchases like boats.

 

[kthoennes]

Heard on the radio, we maybe wearing masks on the airplanes for a very long time or forever...

Of course I live in the "Sweden of the U.S." but even for me, I don't necessarily mind masks on planes. Planes were disgusting, disease-ridden petri dishes even before COVID. I would always get a cold or sore throat every time I flew. The revolting things people do on planes -- well, let's not even get into it, I'm about to go to lunch.

 

[backinblue]

Of course I live in the "Sweden of the U.S." but even for me, I don't necessarily mind masks on planes. Planes were disgusting, disease-ridden petri dishes even before COVID. I would always get a cold or sore throat every time I flew. The revolting things people do on planes -- well, let's not even get into it, I'm about to go to lunch.

That may have been true but airplane cabins and air fitration now in place probably makes them a healthier environment than most indoor places that don't require masking. Wearing a mask full time on a long flight is not only annoying, but likely not very effective anyway, especially for those fully vacinated.

 

[OldDan1943]

I am annoyed by folks who think they are too good to wear a mask on the plane.
I read an article about one guy they threw off the plane for trying to convince the plane crew that the red thong he was wearing on his face was really a mask.

 

[Deano]

Sold my boat in September for almost what I paid for it. The deal required the buyer to sell his boat and his buyer sell his boat. It all happened in about a months time. The market must still be robust for that to happen. No brokers involved so I came out money ahead.

 

[OldDan1943]

Sold my boat in September for almost what I paid for it. The deal required the buyer to sell his boat and his buyer sell his boat. It all happened in about a months time. The market must still be robust for that to happen. No brokers involved so I came out money ahead.

You bought another boat?

 

[kthoennes]

I have this odd, kind of surreal feeling that our income and assets (house, boat, retirement portfolio) have never been worth more, but all that paper value could evaporate in five minutes. I feel like the tangible screwdriver in my toolbox is a more reliable asset than any figures we have on paper. The Zillow and Realtor.com valuations on our house make me burst out laughing (especially Zillow, yeah, I know). Part of that could very well be a result of my age (59), but I don't think so. The posts on this thread from a year ago are a perfect example of why I think I'd have more luck playing amusement park carnival games for stuffed animals than predict anything financial or economic lately.

 

[backinblue]

I am annoyed by folks who think they are too good to wear a mask on the plane.
I read an article about one guy they threw off the plane for trying to convince the plane crew that the red thong he was wearing on his face was really a mask.

I saw that Dan and I agree with you. I always follow the masking rules whether I agree with them or not. Regarding the thong, in reality it's probably no less effective than many other homemade cloth face coverings that people wear as masks.

 

[backinblue]

I have this odd, kind of surreal feeling that our income and assets (house, boat, retirement portfolio) have never been worth more, but all that paper value could evaporate in five minutes. I feel like the tangible screwdriver in my toolbox is a more reliable asset than any figures we have on paper. The Zillow and Realtor.com valuations on our house make me burst out laughing (especially Zillow, yeah, I know). Part of that could very well be a result of my age (59), but I don't think so. The posts on this thread from a year ago are a perfect example of why I think I'd have more luck playing amusement park carnival games for stuffed animals than predict anything financial or economic lately.

You can't predict the future of the markets or the value of your assets, however, you can and should protect at least some of your retirement investments. You don't have to accept that they could evaporate in five minutes unless you are comfortable with that risk.

 

[Deano]

Nope but I have more at the house. We had to move the 44’ too far away for us to use like we used to.
I still have a 24’ Hydrasports and a 16’ Flats boat. Plenty to maintain.

 

[Babytug]

Boats are getting older fewer new boats available most of the old Taiwanese boats Aren’t worth buying anymore too old 85% of all Boat sold are trailer boats the likelihood of larger boats worth buying dropping in price good luck ain’t gonna happen

 

[Slowmo]

Typically boat prices fall when the economy goes into a significant recession. Boats and vacation homes both tend to take more of tumble when the economy softens since they're the first thing people shed when times get hard. However, predicting when we'll enter a recession is the trick. The best economists get this wrong, it could be next year or it could be several years away.

 

[magna 6882]

I know this thread has been really getting off track sometimes but i have to admit i have been enjoying reading it. Feels like a bunch of guys talking around a campfire with no arguing or bringing attitudes. Its a testament to the professionalism of this forum. Thanks to all of you.

 

[mvweebles]

Boats are getting older fewer new boats available most of the old Taiwanese boats Aren’t worth buying anymore too old 85% of all Boat sold are trailer boats the likelihood of larger boats worth buying dropping in price good luck ain’t gonna happen

Welcome aboard Babytug! Lemme guess, you have a Nordic Tug 26. Am I close?

 

[Lostsailor13]

Heard on the radio, we maybe wearing masks on the airplanes for a very long time or forever. Maybe the boat market will stay strong tool.
The newbies in the frozen north will discover they cant keep their boats in the water during the winter. Dry storage is getting expensive and scarce

My boat is in the water all year and im in Boston