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Are used boat prices falling back to normal?


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 I see a few here that are still expensive, like 10-20 years old asking what they paid new.

I just hope used snowmobile prices hold up because as soon as my new one shows up I have a good used one for sale.

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1 hour ago, Toronto_Angler said:

With gas prices this high it’s only a matter of time before prices come down. It’s insane what it costs to run a boat these days

I spend probably 5X the amount in the truck as I do in the boat.  If you're zipping around at 70mph from spot to spot in a glitter boat maybe?  

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The newer boats with more efficient motors will hold their value but the older glass boats that are gas hogs will drop.

The older RV's that eat a lot of gas will drop in value.

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My i/o Mercruiser laid an egg in my Wilker, and I have been looking for a similar boat...everything I'm seeing is either half the boat for the same price I paid, or twice the price for a similar boat. For reference I paid $7500 for a '99 Wilker Galaxie 17 with a brand new 9.9 kicker and panther controls, 2 years ago in May of 2020. I'd say I was only slightly ahead of the "stupid" market, as this was still early Covid days.

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My little fishing boat is my 33ft Sea Ray with twin 454s.  Total fuel is 850L.  It gets about 1mpg at 30mph.  Much better idling on one engine when trolling for salmon and lake trout.  I won't be doing any long runs out in Georgian Bay this year.  But I will use it.  Life's too short to live it trying to save money all the time.  I have a 10ft dinghy with a Yamaha 8hp that will get a lot more use this summer for sure though.

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I feel for the guys running charters on the Great Lakes this summer...it was tough to turn a profit before, most were doing it just to be out on the water anyway. This year...jeez...they'll have to take out a second mortgage to make a run out to the blue zone and back in a 40 footer

 

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I have been looking at some many boats. I have seen many that look good,click on it and then see a motor that should be in a museum or it,s way under power for the boat. Then there are those like said,20 years old and want today's prices.  I needed to pass on the boat I wanted due to truck repairs, but I am sure something will come. I plan on buying for next season now.

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There are three main issues driving up the cost of new boats. That, in turn, is driving up the cost of used ones.

First, supply chain issues remain a huge problem for pretty well every boat builder on the planet. Semiconductors, aluminum, plywood, stainless steel, resin, gelcoat, foam for seat cushions, and a whole bunch of other parts and pieces remain in tight supply. As a result, the cost of components and raw materials has skyrocketed.

Shipping costs have also increased massively. The cost to ship a container of parts here from China is now 10x what it cost in 2019. Part of that is higher fuel costs, part of it is higher demand, and a big part of it is extra safety protocols to satisfy covid measures in ports, which are all government controlled. 

Finally, demand for boats since 2020 has gone through the roof. Dealers have very little inventory, pretty well all boat builders sold out their entire 2022 production runs long ago, and most of them are now well into 2023 meaning if you buy your boat today, it will be some time next summer before you see it. No one wants to wait, so that is driving up the cost of used boats.

I don't see prices coming down. The reality is that we're going to see a lot of new, wealthy buyers coming into the market over the next several years as aging baby boomers die off and leave their assets to their kids. In the US, they're expecting millennials to inherit more than US$68 trillion from their baby boomer parents over the next 20 years. Canada's economy is around 1/10th of the US, so reasonable to think that here we're talking about $6.8 trillion changing hands over the same period. Even if only a fraction of these suddenly wealthy millennials become boat buyers, it's still going to be a huge number, and that will hold prices high.

Edited by craigdritchie
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I watch the boat market very closely. I think the idea of new boat prices dropping is a pipe dream. Until supply chain issues clear the prices will remain high.

 

however what we are seeing right now this spring…I can’t stress enough this is within the past three months, there is a pause of sorts occurring in the used boat market. Not that boats that are priced “fairly” ( I say that word very lightly ) but boats that aren’t asking astronomical prices are finally in a price freeze of sorts. 
 

guys that ask for that top covid dollar for their boats are not getting it. Which is all fine and dandy because the a “good price” right now is still astronomically high. Especially for used boats from the first decade of the 2000’s they are nearly selling for their new prices still if only slightly less.

 

heck I got an incredible deal in the fall (still haven’t found an equivalent boat as cheap since November watching the market) and I still only paid $8 k less than the new price for it and it’s an 06!

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I think they are starting to dip.  I’ve had my eye on a particular model of Starcraft tiller boat, and I saw my first dealer reduction in pricing on an in stock new boat today.  I’ve also noticed Corona boats aren’t selling and I’ve marked a number of rigs on kijiji and almost all of them have had price reductions unless they where a smoking deal already. Facts are facts, and people are starting to notice they have less disposable income, and rates rising means a lot of people are less inclined to slap a boat on their HELOC or other credit vehicle.  I wouldn’t either, as a matter of fact if I had any debt other than a mortgage or car payment I’d be looking to clean it up ASAP. There is an air of hesitation from a lot of people, many wondering what their finances will look like in the next couple of years.  

Edited by porkpie
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Those house interest rates spike, you are going to see a pile of rona boats on the market with guys that aren’t so fond of the payment owed now that their wives aren’t letting them go boating more than 1 weekend a summer.

 

the used market is certainly dipping without a doubt

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13 hours ago, Dara said:

Could be next year with mortgage rates hitting 10% toys will be for sale for whatever the owner owes on them

If mortgage rates hit 10% there will be waaay more than toys on the market! Many will see their mortgages more than double. We have had too many years of ultra low interest rates and many have forgotten the real estate blood bath of the early 80's?

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