The Boat Market Bubble is bursting...

[BlkGS]

They sure have. We haven't been back since the beginning of the pandemic. We went in Feb RIGHT before it got crazy in the states. Lines were still absurd. I'm don't with Disney now until they figure out it isn't worth spending thousands to ride 4 rides a day. We're doing Lego Land next time instead. My little one loves Legos. I've not heard good things about it, but we'll give it a shot. That or do Busch gardens.

We got seaworld APs last year and frankly it was awesome. Short lines, tons of discounts and perks, and they sent us 10 dollar vouchers like twice, plus a bunch of free tickets. And the annual pass is like the price of a single day ticket to Disney.

 

[the MfM]

We did the Disney vacay to Florida when my son turned 6.

never actually made it to a Disney park. Sea world was a big hit but the Lego world was the highlight. Lots of right sized rides and roller coasters. Places to hang out and relax when he needed a break.

And barely any lines.

 

[the MfM]

I drove by a large camping world last week which had almost no inventory last year.

Ive never seen their lot so full as it is now.The only way to fit more would be to start stacking them on top of each other.

 

[Jimmers]

Nobody in the south is going to comply with a lockdown again, or listen to Dr. Fallacy “Wearing a mask is more likely to harm you than help you. You need to wear a mask to protect others. You need to wear two masks. There’s no evidence that wearing a mask does any good. Closing the borders is a bad idea. Closing the borders is a good idea. 3 million will die. 60,000 will die. 300,000 have died. It wasn’t man made. It was man made. Children can’t spread it. Children can spread it. A vaccine won’t be ready in less than 24 months, and if it is it won’t be safe. Everyone needs to take the vaccine.” ……etc, etc, etc. How many of you would still have your jobs if you sounded like this? The only thing more inaccurate than Fauci, was Yamaha dealer delivery promises. But about half the population still believes the old “I’m from the government, and I’m here to help”.

Unfortunately, we will not know what “we“or the government did either correctly or incorrectly for 5, 10 or maybe 20 years. As history has shown us, even after we know what was done correctly and incorrectly we will ignore that and make the same mistakes all over again!

 

[biffdotorg]

So I frequent the Salvage Sites for potential flips. I have done trailers, sleds, boats whatever.

This one is a true indication that the market is completely crazy. CrankyApe is a salvage site, that most of you are familiar with. This is a 2021 SX190, with no visible damage and 3hrs on the clock. I have seen consignments on the site before. And my guess is that is what this is to find a broad market.

But holy crap, a 2021 boat with an MSRP of $31K that is bid up to almost $25 on a salvage site with a week left to bid! Wow, that tells you where things are still at.

CrankyApe.com - Powersport, RV and Marine Online Auctions

Any of my MN/WI friends looking for a quick flip before the snow comes, good luck before it hits MSRP.

PS: don't forget, CrankyApe is considered a dealer, so auction fees and taxes are not included. This one could get expensive.

 

[HangOutdoors]

@biffdotorg Correct me if I am wrong, but doesn't the type of title on the boat make a difference? With a salvage title, can you sell it and can it get registered again? So a boat with a salvage type title would go for a lot less?

Curious because I want to learn more on this.

 

[HangOutdoors]

Also another question is, where do they sell all the boats that they repossess, and is this a way to get a better price on one like at a car Auction?

 

[biffdotorg]

Also another question is, where do they sell all the boats that they repossess, and is this a way to get a better price on one like at a car Auction?

Both great questions and the right answer is "depends" mostly on state laws.

In MN, the boat is not titled, but as stated in the auction, this one is clear. So there is no salvage based on it's registered state. And many states you can still register and title a salvaged boat, but it will be stated as such.

Cranky ape has multiple locations around the country, but this one is in the Hastings, MN location between the two of us. They let you come to the site and inspect auction items. Crashed Toys and other do as well if you are within distance.

And yes, the prices should be reflected as if they were salvage if they are listed here. But this one is such a hot ticket item, it will get traffic just from Google searches. That's why they get consignments, as they get more attention, and some folks get a bit of comfort buying from a business, rather than private. Me, I just keep asking myself, where is the damage. And do I want to gamble on an entry level boat that is far overdue to be changed in the coming years since it has had so little change since 2013.

Now with 2022's popping up as "delivered" by so many here, let alone those that don't frequent this site, this should be top dollar for this boat. No reason for it not to be. Especially for a local buyer ( not out of state) as water dropped 5 degrees this week, and school starts in MN in a couple weeks.

Most of the lakes in our regions are advising people to pull larger boats due to water levels dropping. Lots of empty lifts seen on the water this weekend.

 

[biffdotorg]

Also another question is, where do they sell all the boats that they repossess, and is this a way to get a better price on one like at a car Auction?

Technically, most of these are insurance salvage. Mostly damaged and very few repossessions. Checking bank and credit union auctions are the way to find reposessions.

 

[Ronnie]

Boat Bubble Bursting?

M2O Marine here in San Diego, CA did NOT get the memo, yet.

 

[biffdotorg]

if I do a search for Yamaha AR210 within 500 miles of me on FB Marketplace, it is literally to the point of being called "flooded" with used boats, and of course one dealer taking orders on 2022 models.

But it is to that point that when these folks decide they really want to sell them, the prices will drop. Many are insanely overpriced, but the true sellers will bubble up to the surface. It's like driving around a lake and seeing all the for sale signs on properties, of folks just fishing in a sellers market.

 

[tkeru408]

That 2017 AR210 that's five model years old and listed for $5500 over the original MSRP of $42.5K seems like a real steal!!!

Of course, the 2009 AR230 list for $1900 over MSRP (from 13 years ago!) seems like a sweet deal, too. Now that they've come down from their original asking price of $48.5K, it's like how can you not afford to buy it!

 

[HangOutdoors]

@biffdotorg Lots of fishing going on around here as well. You can see those who are like "I will just put it up for a high price and if it sells, great, if not then we boat next year". Others are motivated and their boats are selling pretty decently if the price is good.

 

[biffdotorg]

@biffdotorg Lots of fishing going on around here as well. You can see those who are like "I will just put it up for a high price and if it sells, great, if not then we boat next year". Others are motivated and their boats are selling pretty decently if the price is good.

Yup, wait till that first frost, and prices will nose dive.

I truly think these boats are going up as the lakes around our area are so low, that folks are pulling them out early. We are leaving ours in, as we can skim our channel to get to the public access. But we have a private access if all else fails. I have only pulled fishing boats and waverunners out of it, but in a pinch I could probably get my 242 on the trailer

 

[Jim_in_Delaware]

I'm about 4 months away from seriously looking for a boat, but I have been looking on line, primarily at 2019+ 190/195's. I see prices all over the place, including a few reasonably priced boats priced at or slightly above MSRP. I would expect prices to fall, some more in the Fall. I'm actually targeting a buy price about 10% below MSRP, so prices have to drop a bit more.

A wildcard would be a Scarab 195/215, although I'm not really sure how to reasonably price these boats as they are not as common and I have a concern about resale.

Jim

 

[tkeru408]

I think you're smart to wait a bit longer. October to Jan/Feb should bring some deals to be had. Once it starts warming up again (or gets close enough to warming up for people to start thinking about it), prices will drift back up. That's natural seasonality, and still holds true even during Covid.

 

[DaytonFlyer1068]

I sold my boat a couple weeks ago. Painful to watch it leave but I plan on getting a new 25 footer. I’ve seen a ton of used boats coming to the market these last couple weeks. I can’t tell if people are fishing for a high price or if things are finally starting to shift.
I believe we will start to see a shift over the next six months. I could be wrong and I’m prepared to go a summer without boating if necessary. I see a lot of people sucking it up and paying hugely inflated prices for boats, homes, and whatever else there seems to be a shortage of.
I see people on the FB forums talking about how their boats will never go down in value because Yamaha raised their new prices so high. I can’t help but laugh. Simple business practice - It’s a lot easier to lower prices during a model year than it is to raise them. Yamaha has the power when the shortages end to lower prices and offer rebates and incentives. That may leave a lot of people very upside down on their boats.
I loved my 212. I know I’ll love a 250 or 252 even more. But I pay cash for my boats and I just can’t see jumping in right now. If things take a drastic turn in six months (and trust me they can), the best place to buy a boat won’t be from a person or a dealer. It will be from a bank that took their boat back from someone who walked away from a bad purchase agreement.
Like I said, I could totally be wrong and in some ways I hope I am. I might not have a boat but I still love reading this forum each day. This is truly a fantastic place.

 

[DaytonFlyer1068]

Follow up to my previous post. I got a call from a dealer this morning asking me if I was interested in a Cobalt they have in stock. Dealer told me that in the last 30 days they’ve seen a large shift in the boat market. More than the normal September sell off. He believes next summer will be much different than the past two. Not sure what everyone else is seeing but there does seem to be a change in consumer spending. I don’t see the boat market falling apart by any means…maybe just a crash back to a normal reality.

 

[Neutron]

Gas being high and inflated prices might be keeping some new buyers away. Some hear how boats suck up fuel and might scare them now that its over 3 bucks a gallon at the pump and way over that on the water

 

[HangOutdoors]

I feel a lot of consumers are more worried about how things are going to shake out in this country, their jobs, the market, kids education, health issues, etc. Boats are a luxury that most can do without.