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Is the boat market coming back?

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Old 01-13-2012, 12:34 PM
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Default Is the boat market coming back?

When i bought my cigarette two months ago lipship had four other boats for sale, since then he sold them all.
One week ago Tim had Phil list his Cig for sale and bam it has a pending sale already ( now granted it is a way cool boat )

I wouldn't be surprised if Kevin's top gun is gone soon either ( being the fastest non blown top gun makes it pretty special) plus the amazing condition

http://www.lipship.com/used_boats

Now with the Miami boat show less than a month away hopefully this will be a good year for all involved.
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Old 01-13-2012, 12:51 PM
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Financing has loosened up a bit. Key Bank is back in the game, BOA writing loans on 6 years on newer. CU are financing boats locally. This is key to selling boats.

However, did it ever really drop off for the +$200k market? From where I sit Cig, Nortech, OL don't seem to really have any issues. Their customers don't need financing, and if you want to finance $400k you need to show a bank that you don't need it, you have that liquid anyway.


In 1999 I bought a 1 year old demo Baja 29' Outlaw SST, twin 454 merc bravo boat for $55k from a dealer. I was out the door for less that $70k with tax and trailer, I did the app over the phone on a thursday and picked up my boat with ID and a signature on Friday. Wow times have changed. 3% a year from then til now makes that boat $81,000 before trailer.

I spoke with an un-named boat builder about two weeks ago. We were chewing the fat. He has the molds of a mid-level boat company that went out of business. He is excited to be putting together a 29' (with swim plat) so 27.5 single engine boat with an 8.2ho for a low low price of $159,999!!! He tried convinced me this is the market leader at that MSRP. Really?

Something has to change, the pricing on new boats has not risen with the same curve as everything else. So many mid to entry level boats are not in production. New boat sales are becoming an exclusive, like the Ferrari/Lambo club.

My prediction, if something does not change soon, the performance boats of the 90's to the 2000's will turn into the next muscle car type market, and every one will go up in value. We wreck, destroy, abuse, sink, the boats that are out there now, and new affordable ones are not being made. The total number of boats avaiable in the 50-120k range goes down every day, and they are not being replaced with new ones. Who would have thought your 10 year old 35ft speed boat could go up in value, don't look now, it just may
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Old 01-13-2012, 01:02 PM
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Originally Posted by 4bus View Post
My prediction, if something does not change soon, the performance boats of the 90's to the 2000's will turn into the next muscle car type market, and every one will go up in value.
I sure hope your right, but I just can't see it. I have nothing to base my thoughts on though.

Last edited by Baja_man; 01-13-2012 at 01:31 PM.
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Old 01-13-2012, 01:18 PM
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Two things I see:

1. The financing is loosening a little bit.

2. The performance market isn't flooded anymore. All the great deals that were floating out there have been scooped up, people are holding on to what they have and not flipping, and the manufacturers aren't pumping out the volume of 4 years ago. This shrinks the market, stabilizes values, and helps reverse (hopefully) the downward spiral.
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Old 01-13-2012, 02:21 PM
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I bought my 32' Sunny for prices less than most of the 28's out there in November, the thing had been sitting for quite a while. If things weren't so soft, I doubt I would have gotten such a deal.

To further reinforce that, I've been listing my older boat since I bought the new one and I have not had a single call in a month.

Not quite statistical evidence, but it still counts for something.
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Old 01-13-2012, 03:23 PM
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Quote:
Originally Posted by h20 toie View Post
When i bought my cigarette two months ago lipship had four other boats for sale, since then he sold them all.
One week ago Tim had Phil list his Cig for sale and bam it has a pending sale already ( now granted it is a way cool boat )

I wouldn't be surprised if Kevin's top gun is gone soon either ( being the fastest non blown top gun makes it pretty special) plus the amazing condition

http://www.lipship.com/used_boats

Now with the Miami boat show less than a month away hopefully this will be a good year for all involved.
I wouldn't generalize what is happening at Lipship Marine to the rest of the market. He's got a strong customer base.
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Old 01-13-2012, 03:54 PM
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Originally Posted by Baja_man View Post
I sure hope your right, but I just can't see it. I have nothing to base my thoughts on though.
Well you have a great boat to use as an example. My first performance boat was a 24 outlaw. After two years I decided I wanted to sell. My competition in selling the boat was the new boats, and the fact that the 25 OL was on it's way shortly. A new boat would finance longer, and have a lower interest rate. And people, when buying a house, boat, or car most times shop based on the payment number.

Now, can you imagine selling your boat now and having a buyer tell you he can buy the same boat new for less of a monthly payment? It used to happen, all the time.

Truth is there is nothing he can buy like your boat right now, and as your boat ages what will replace the 25 outlaw that could be purchased for 50k in 2004? Your very 25 outlaw will replace it, and demand will drive the price up.

The start of the muscle car craze was the end of production for muscle cars.
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Old 01-13-2012, 04:15 PM
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Interesting read, I would agree, the biggest problem with our older boats, is not the price, they are worth the money, it's non cash buyers. Banks don't want to loan money on 15 year old boats, even though the boats are in great shape and worth the money.
Kind of like the housing market, buyers can afford the payments, they just don't have the 20-30% to lay down on a house.
Just my two cents worth
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Old 01-13-2012, 04:40 PM
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Seems like "deals" are scooped up pretty quick. Lots of boats seem to be setting in the classifieds for a year or years.

Being in the market I am a bit surprised what a 10 year old boat is still being priced at. I sold my 2001 top gun almost 3 years ago and they are still asking comparable prices for 2001 Top guns 3 years later.
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Old 01-13-2012, 04:50 PM
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Quote:
Originally Posted by Von Bongo View Post
Being in the market I am a bit surprised what a 10 year old boat is still being priced at. I sold my 2001 top gun almost 3 years ago and they are still asking comparable prices for 2001 Top guns 3 years later.

I would imagine a 10 year old boat would either be:

1) Mechanically worn out and ready for a total redo (400-500 hrs)
2) Hardly ever used and mechanically in great shape (30-40 original hrs)
3) Completely redone and better than new

............or anywhere in between.
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