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Old 06-04-2020, 09:05   #1
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Will boat prices fall because of Covid

Im selling a small sailing boat and have agreed to pay the asking price on a bit bigger boat an Albin vega. To me I don’t care if the value falls on my new boat Once Iv got it because I won’t be selling it anytime soon ,
but if I have sell the one I have now cheaper then that’s a bit of a problem.
I think here in the UK ���� prices will drop on the cheap boats first as these are at the bottom run of affordable boats and people buying these have less money normally . Do you think prices will be affected much ? And if so how soon ? And has anyone noticed this happening yet in there local markets ? And Is there a good indicator to refer to other than the usual market adds ?
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Old 06-04-2020, 09:10   #2
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Re: Will boat prices fall because of Covid

Ultimately they will. Timing, location and amount differentials are to be debated.
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Old 06-04-2020, 09:23   #3
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Re: Will boat prices fall because of Covid

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?
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Old 06-04-2020, 09:27   #4
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Re: Will boat prices fall because of Covid

I sold my boat in January and was in the market to replace it.


I am waiting now to see where prices fall out.


No sense paying pre-plague prices for a boat that may not command that price on a resale.
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Old 06-04-2020, 09:33   #5
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Re: Multi-year shrink wrap

You’re just going to balls up this post now �� go to home pick a subject from the many listed and then pres New thread button to create your own thread .
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Old 06-04-2020, 09:36   #6
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Re: Will boat prices fall because of Covid

Hi

I think where you are boats are notoriously expensive anyway aren’t they?
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Old 06-04-2020, 10:14   #7
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Re: Will boat prices fall because of Covid

Will prices fall? There are three possible outcomes: Prices go up, prices go down, prices stay the same. Chance of them going up is more or less zero. Being discretionary expense with fairly high monthly costs means they are very sensitive to the overall economy: as boats become less desirable to own, they simultaneously become less desirable to buy - a whack on both the supply and demand side. US has 10m out of work due to Virus. Hard to create a plausible path for prices staying the same.....
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Old 06-04-2020, 12:10   #8
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Re: Will boat prices fall because of Covid

Quote:
Originally Posted by mvweebles View Post
Will prices fall? There are three possible outcomes: Prices go up, prices go down, prices stay the same. Chance of them going up is more or less zero. Being discretionary expense with fairly high monthly costs means they are very sensitive to the overall economy: as boats become less desirable to own, they simultaneously become less desirable to buy - a whack on both the supply and demand side. US has 10m out of work due to Virus. Hard to create a plausible path for prices staying the same.....
I think it will be different in the US compared to here in the Uk
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Old 06-04-2020, 13:14   #9
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Re: Will boat prices fall because of Covid

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Originally Posted by asistephen View Post
Im selling a small sailing boat and have agreed to pay the asking price on a bit bigger boat an Albin vega. To me I donít care if the value falls on my new boat Once Iv got it because I wonít be selling it anytime soon ,
but if I have sell the one I have now cheaper then thatís a bit of a problem.
I think here in the UK ���� prices will drop on the cheap boats first as these are at the bottom run of affordable boats and people buying these have less money normally . Do you think prices will be affected much ? And if so how soon ? And has anyone noticed this happening yet in there local markets ? And Is there a good indicator to refer to other than the usual market adds ?
At present there is no ď market ď

What happens In One month is unknown



I suspect a price correction , people will not be using boats this summer
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Old 06-04-2020, 14:01   #10
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Re: Will boat prices fall because of Covid

It's the recession that follows the pandemic that will be the problem. How long people are off work and changes that come as a result of the pandemic that will partially answer your question but the real answer is no one knows. Its sorta like the stock market, if everyone believes it will recover in a shorter time frame then I doubt that the boat market will be hit as hard. Most buyers for decent cruising boats have money even now but they dont have time due to age. Buyers of cruising boats do have investments and if the market comes back it will help the boat market. There is only a small percentage of people in the USA that can afford to buy a boat and go cruising.
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Old 06-04-2020, 15:05   #11
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Re: Will boat prices fall because of Covid

If you are in cash now and can keep it for a couple of years, there should be some deals. Fuel is going to be low for a while to come and boats being sold by heirs and surviving spouses should be on the market too.
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Old 06-04-2020, 15:11   #12
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Re: Will boat prices fall because of Covid

i doubt they will change very much .. maybe. there will be bargains as usual out there but for the most part business as usual
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Old 06-04-2020, 15:28   #13
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Re: Will boat prices fall because of Covid

YES! Without a doubt, the boat market will get hit hard, very hard, I think it will take 6 to 12 months from today to really start seeing how bad things will get.

Most people have had to wait for a recession to get a slip in a popular marina, you will see lots available soon in those fully booked marinas with 2+ year waits.

I'm in tune with the high-end collector car market and now there are a lot more cars than normal coming to market and no buyers, people are wanting to sit it out other than buy at this time which is going to deepen the price declines.
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Old 06-04-2020, 16:01   #14
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Re: Will boat prices fall because of Covid

Slug's pithy answer is correct. "There is no market." I can validate this as a broker. The only sellers willing to drop prices to a fair degree now (not precipitous drops, mind you) are the sellers that were anxious for a sale before things were precarious due to the virus. I also am speaking for our area of Seattle which was hit early and has only gotten worse. Buyers are still responding to ads (what else do we have to do but look at boat porn while sitting at home!) and would like to look at boats as soon as the distancing restrictions are lifted. There have been a few low ball offers (extremely low) that were rejected by sellers immediately. Sellers with good quality used boats are not pressed to act now. Maybe that will change and move towards a buyers favor by summer. Only time can tell. However, those still with jobs - and even those that may be back to work in a couple of months, will qualify for boat loans that will be at historically low rates. I can guess there will be some buyers wanting to take advantage of that. Unfortunately, the calendar may work against us if we're still locked down during the summer. The largest impediment regardless of buyers and sellers reaching a price accord is just trying to inspect a boat right now.
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Old 06-04-2020, 17:00   #15
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Re: Will boat prices fall because of Covid

boating is down....the ones who own boats are getting older....and the insurance companys are making it difficult to get insurance.....people want to charter for a week or two and go home....ownership is hard
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