Ideally buy someone else's restored boat!
Supply ----- Demand
That's all it is in a free (relatively) market such as ours.
Prices "too high" or "too low" is all BS.
The market or approprite price for ANY item of any type at any given time does not care AT ALL about production cost, carrying or holding cost, or too much about your emotions. It is, simply,
"What a willing buyer pays a willing seller".
So if a business cannot turn a profit, they go out of business or change their methods, as the case may be. Since boat production is complex and expensive, many companies have gone out of business, downsized or merged. And when demand increases again some day, as it most certainly will, a lot of new companies, and maybe some familiar older names, will appear/reappear like magic.
Suppy and demand is a good argument but also note that demand is also "financed demand" so if there is no financing then that side of the equation is significantly reduced. I read another one of Shogren's blogs and he mentioned 97% of the deals he is doing are cash sales.
So the buyer sitting on a pile of cash is clearly in the driver's seat! It is not only the performance boat market, my brother in law is in the yacht business and the only deals getting done are cash deals. On a 4MM boat banks want 50% down with flawless credit AND solid annual income. If you have 5MM in the bank, 2MM to put down but no job you won't get financed. If you have 500K to put down, 2MM in annual income you won't get financed (on a 4MM boat). It really takes the wind out of the "sales" after the hoopla surrounding a boat show dies down.
No question used boats are going cheap if they go at all, except if bought from the dealer himself. I think most boat owners are fully aware that their values have been cut dramatically the last two years. But as new boat prices surged forward, I don't see anyone offering new boats at wholesale prices, not this year at least.
Bottom line is this. If you currently have a boat and need to sell it, you'll not get what you wish for. But if you go looking for used boats at a dealer, They will tell you all about NADA values and how much more a new one costs. One of the few times where supply of new boats has shrunk, the supply of used boats is plentiful, and the only real loser is the person that already has a a boat and wanted to sell.
The only trouble with the current market, is how to come up with new boaters that can afford to lose money in a sinking ship. No pun intended.
This is true. How many of us would love to buy a new boat but really just cannot. What helped build America, gentlemen, was INSTALLMENT BUYING. As long as loans will be difficult to get, boats will be difficult to buy. The last three boats I bought I financed myself against my own stock holdings. But how many others out there can do that? Loans were how the average guy was able to get a decent house, car, boat etc. for decades. But now its not just the "economy" but life in general that has changed radically. How many people today keep the SAME job for 5 years? My father worked for the same company for 30 years. Most of the older oil men and many other "company men" did the same. As on another thread regarding the health of print media, life is changing fast and it is not just economy related. We have an enormous number of undocumented people streaming into this country from many different countries and I don't see the banking industry loaning much money anytime soon to people who cannot be assured of the same or similiar job or address in 5 years or who don't have much personal collateral.
"With that said Scott probably needs to take some of his advice I check his website regularly and some of that stuff has been on there for years"
Those are brokerage boats...And yes the owners need to come to reality if they want them sold.
He won't let his inventory turn stagnant. Thats why you see ebay auctions from time to time.
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