Any drop in the economy effects luxury items first and hardest, and most of the time boats are luxury items.
Often times though prices don’t drop and this can be because sometimes money
is owed on a boat especially newer high dollar ones and they can’t sell cause they can’t cover the difference between what the boat sells for and what’s owed.
Then there are often people that just can’t bring themselves to sell the dream, I guess as long as they own it, the dream is still alive.
I’ve seen that in aircraft for decades, just sit and rot
, cause I guess the owner just has to identify themselves as an aircraft owner.
Then there is pretty much a pricing bottom, a point that it’s about as low as it’s going to go, period, and I believe sometimes emotions drive that point, so the ones that don’t have to sell, wont at a low price
, the ones that need to sell , can’t at that low price.
It’s why so many houses got repossessed in 08, so many people were upside down and couldn’t sell, so eventually the bank repossessed.
I would assume in the middle of a pandemic, nothing is selling, is it?