Used Boat Market

[HangOutdoors]

Wow, I have never seen so many Yamaha's for sale. Facebook, forums, local ads, around the lakes here, etc. By the pricing it appears people are seeing the writing on the wall and trying to sell their boats before the prices go down even more. I absolutely have no doubt we are moving into a buyers market again.

 

[drewkaree]

I'm guessing people bought with that 15-year loan, thinking the good times would be forever and ever, and are starting to run into the possibility that just making the mortgage might be getting more difficult, much less a boat payment

 

[FSH 210 Sport]

I'm guessing people bought with that 15-year loan, thinking the good times would be forever and ever, and are starting to run into the possibility that just making the mortgage might be getting more difficult, much less a boat payment

Totally agree with your assessment!

 

[FSH 210 Sport]

Wow, I have never seen so many Yamaha's for sale. Facebook, forums, local ads, around the lakes here, etc. By the pricing it appears people are seeing the writing on the wall and trying to sell their boats before the prices go down even more. I absolutely have no doubt we are moving into a buyers market again.

And how are the prices?

 

[drewkaree]

And how are the prices?

I can verify that used car prices are coming back in line with my expectations - $1/mile for what I'm looking for, it's between $1.25-1.50/mile, where it used to be $2+

 

[jEt_jAk]

Yup it’s true. I picked the wrong time to try to sell mine Lots of used inventory out there right now.

 

[HangOutdoors]

I'm guessing people bought with that 15-year loan, thinking the good times would be forever and ever, and are starting to run into the possibility that just making the mortgage might be getting more difficult, much less a boat payment

I think a big part of it too, is that they keep seeing in the boat in the driveway and it isn't getting used as much as they thought it would. Especially here in the Midwest.

 

[HangOutdoors]

And how are the prices?

You can see some holdouts trying to get premium pricing, but other are sliding down substantially. Figure the fall and winter should shake all hope of getting what people paid for it out of their system. Or the "I don't need to sell it so I won't take less than this" people. ROFL........ I feel bad for those whom jumped on the MSRP ++++ purchases.

Anyhow, I am seeing used, low hour, newer yamaha's being listed for between 10%-15% less than they were not too long ago.

I have no doubt we would see some MFG/Dealer incentives come back on new boats by the spring if not earlier. The Jan./Feb. Big boat events/shows around here should be interesting. We have a pretty sizeable boat show coming up Sept. 14-17 at the Metropark on Lake St. Clair. I go every year, hoping to catch some of the newer models, but will also be interested in seeing the trend on incentives and pricing.

Metro Boat Show – Boat Michigan

Facebook

 

[2kwik4u]

I think a big part of it too, is that they keep seeing in the boat in the driveway and it isn't getting used as much as they thought it would. Especially here in the Midwest.

I've met a ton of people this way. Bought it after a few days on the water with friends. Then realizing the amount of work it takes just to get on the water, much less use it. THEN add in fuel prices jumping up, and they suddenly realize you have to WANT to use a boat. It's not something super easy to do on a whim like many other hobbies.

Still cheaper to run the boat for a day with the family than to attend a water park!

 

[2kwik4u]

I can verify that used car prices are coming back in line with my expectations - $1/mile for what I'm looking for, it's between $1.25-1.50/mile, where it used to be $2+

Been watching used truck prices as well. They're definitely on the downswing, much closer to what I would expect to see. Haven't seen an MSRP+ used truck in awhile now. Most are getting acceptable pricing for clean used examples.

Doesn't help my trade value though

 

[HangOutdoors]

Been watching used truck prices as well. They're definitely on the downswing, much closer to what I would expect to see. Haven't seen an MSRP+ used truck in awhile now. Most are getting acceptable pricing for clean used examples.

Doesn't help my trade value though

Seeing the same thing. I keep kicking the tires on Newer/New SUV's and also F-150's. Every time I am up there the sales guys say "Prices are going up... blah blah blah". I walked over the lot a couple days ago and they are still coming down. Even Leases are looking better. Sooner or later the will crank up the residual value on the vehicles for lease purposes and the payments will look alot better.

I figure on my Expedition I could of gotten 4-5k more if I sold it 6+ months ago.
On my boat, I know I could of gotten 7-8k more easily if I sold it last winter.
But with prices coming down on new and used it all works itself out, since I would have to replace vehicle and/or boat if I sold either one.

 

[BigAbe75]

I think a big part of it too, is that they keep seeing in the boat in the driveway and it isn't getting used as much as they thought it would. Especially here in the Midwest.

I’ve been out 4 times this year. Dismal. (Well, 3 out of those 4 were multi day boating trips.)

Kids are getting to the ages where they are keeping us too busy for boating. I just wish I could keep it stored indoors. It’s still sitting out in the sun next to the house.

 

[Beachbummer]

No shame in selling if you won't user it for a few years. You can then get back in the game with something else that fits your needs better when you are ready. Specially if it's weathering away.

 

[BigN8]

Interesting article about savings and discretionary income. I think the music was playing very loud thru the pandemic and post pandemic and now Americans have burned thru those savings and combined with inflation and high interest rates are pulling the reins back very hard starting mid Q2 and will increase pulling back on spending Q3 and Q4. I'm no financial guru, but it just makes common sense that this will happen. This is why I have been sitting on the fence lurking at boat prices. I check Yacht Broker, Boattrader, and Marine Max often and many of the Searays I have been watching have been sitting there for sale for many Months.

https://www.frbsf.org/our-district/about/sf-fed-blog/excess-no-more-dwindling-pandemic-savings/

 

[HangOutdoors]

I’ve been out 4 times this year. Dismal. (Well, 3 out of those 4 were multi day boating trips.)

Kids are getting to the ages where they are keeping us too busy for boating. I just wish I could keep it stored indoors. It’s still sitting out in the sun next to the house.

I have been out now 4 times this year now. Hopefully will go out this weekend but for sure next week to do some more fishing. I don't have a problem with it sitting, knowing it is there for me to use at any time. Of course my purchase point was low and payment on it is in the low $200's., which I can spend on a dinner easily with family and their friends. If I had one of those high loan amounts and payment that was a lot more I may consider differently, some do whom bought and premium pricing and larger/nicer boats.

Also having it sit in my drive forces me to think about going out and relaxing. If it wasn't there I am sure I could spend more time doing things like working, etc, which would create an unbalance.

 

[Speciulboy]

To the analogy above, the music has been slowing for some time. Folks had FOMO, and I have never seen the type of spending I've seen in the past 2.5 years. Luxury watches/goods, boats/toys, and high end cars/trucks all went nuts. Keep in mind, this wasn't just the super rich that were making these moves, these are average corporate middle management types that just had to have it. Now that the tempo is slowing, tech is getting hammered, people are being laid off, and all of sudden, borrowing money isn't cheap. The pendulum is swinging back as it always does, and folks are re-prioritizing.

I suspect prices will come back down - perhaps not to pre-pandemic levels, but likely they'll come down. Couple this with boating season coming to an end, and you should see some corrections. I will say this however, there are still a ton of Americans out there who made an absolute killing in the last 3 years, and have high disposable income. I believe these folks are carrying a lot of the spend and keeping the bottom from falling out per se.

 

[HangOutdoors]

I will say this however, there are still a ton of Americans out there who made an absolute killing in the last 3 years, and have high disposable income.

But the trend is they are keeping it and their spending is actually is diminishing at a much faster rate.

 

[jocolo21]

I use mine every weekend. Took a bud out and he purchased one he probably has use it 5 time and he has lake acess

 

[El Burro Verde]

It does always surprise me when people buy boats and RVs, spend a ton of money on these toys and then never use them. How often do we see boats with crazy low hours and RVs with low miles! I guess people have really high hopes to get out and do stuff, and the pandemic really exaggerated that. Then reality hit again. My family’s activities are boating from May until September and camping from November until March. It takes a ton of work but it’s worth it. All those people who bought during the pandemic are finally admitting it wasn’t for them.

 

[HangOutdoors]

The pandemic pushed me over the edge to get off my ass and finally buy one. We cancelled Disney and other trips in 2020, and got a boat instead. Mind you I have always wanted to get another boat, but life seemed to give me excuses why not to. Glad I did, and I can see being a boat owner till I am too old to use it.