Hot Boat Market

I think I'm seeing inflated prices, Judy. One example is a boat that I think ought be asking at $450, selling somewhere between $400-$420... but asking is actually $550. My own analysis is from using soldboats info on sales of that model over the last two+ years, many of which actually sold for down in the $260s-270s, averaging somewhere around $337K.

I could maybe even be talked into a $420 actual sale price for that particular boat, but... given the $550 ask, I'm not even bothering.

Another model I'm tracking, sellers are routinely asking at least top dollar.. but so far we haven't found one who admits to having spent a dime on engine maintenance. In those cases, I think "top dollar" end up being an inflated asking price relative to the actual condition of the boat.

-Chris

I don't follow the used yacht market, but occasionally check the center console market. I sold my last CC nearly 10 years ago; a 2005 33' Powerplay with a pair of 250 EFIs. I paid $50k for a 150 hour boat in 2009. It was a very good deal. I sold the boat 3 years later for $75k and that was top dollar at the time. Today I was looking at the Trader and saw two 33' Powerplay CCs asking $140,000. These boats are much older and with many more hours.

Something is out of whack.

The center console market is much higher and priced like that because new center consoles are so expensive. Ever price a new 25' Boston Whaler, it's close to $200k.......so the used prices have moved up with them. A outfitted 52' Scout sells for as much as an equally outfitted Hatteras 59' GT.

Say what..?
So a new Whaler price is set by the factory and the dealers, not some black market scam. Is the MSRP for a 25’ close to $200?
Not in the market, but when I get old and grey, I may go looking for a 24-25’ CC, single engine, day boat easy and cheap right?
$200k.

Yes with most normal options, it's $200k...... A loaded 52' Scout is $3.2 million.........A 24' Caroline skiff is $60-70k these days!!!!!!!!

In the UK, due to Brexit and European travel restrictions, there are hardly any quality boats or RV's available at a decent price. The market has gone bonkers.

Since manufacturers have been swamped with orders I have to think that's where the business is coming from. Understandable that when calls are coming in to move 20 boats someone calling about one might fall through the cracks.

Without question prices are higher, at least 20% and often more.

I've been hunting motor yachts in the 55-70 foot range (mostly Hatteras 64s, Princess, Hampton, Symbol, Neptunus, and a few others) and prices are higher across the board. Tried offering premiums up to 10% more than the comps and zero interest from sellers.

Hoping it calms down soon.

One factor to consider as well is currency changes. On March 20. 2020 it took $1.0657 to buy 1 Euro. January 7, 2021, it took $1.2339. Today it's $1.20211. So the boat that cost $5,328,500 now costs $6,010,500. That's before even talking inflation.

On March 28, 2020 it took $0.1398 to buy a Chinese Yuan. Today it takes $0.1542. The boat that cost $5,592,000 now costs $6,168,000.

We received an offer last week on a new build just going through sea trials that was in US dollars, $3 million more than we paid. $2 million of that was just currency change. While we purchased in Euros, at the same time we bought Euros for the full price, so we weren't impacted by the change. We turned down the offer.

Must be nice.

I've thought about weakened dollar but in the boats I'm looking at it's hard to believe that's a real factor. Maybe it is, but I didn't think I was competing with a bunch of non-US folks.

You're in a world market and as prices rise on new, they rise on used. Just one factor. Also, don't think it only impacts European and Asian boats. Boats built in the US use a lot of foreign materials and parts.

Must be nice.

Luv big boats have no idea of the context in what you meant by the above quote. So forgive me if I am wrong. But that quote implies that someone won a lottery or inherited wealth and that acquiring wealth was due to luck. I am in no way defending OB he will do that if he wants. But for the those who I know that have done well it is not luck. It is taking risk, working your ass off, stressing about whether the “gamble” you took is going to work out. It is a lot of sacrifice that many are not ready to make. And frankly after quite a few years chasing the dollar, working saturdays and some sundays if necessary I have told my employees that we won’t work saturdays unless we absolutely have to. So in summary I find we are in a time where some of us are mad at the wealthy and think it is easy. It is anything but for most of them. Once again I don’t know the context of your quote but I have to admit I hate that saying. It may be just a saying for you with not much meaning attached.

Chip on the shoulder much?

You are reading a ridiculous amount into what was intended to be a positive response to OB's good fortune having in effect $3mm of built-in gain on a boat he's just buying. Who wouldn't think that's nice?

You know nothing of what I have, what I can afford, how hard I've worked, how much of my assets I'm willing to spend on boating, etc. Kind of surprised you would make it sound like I'm somehow being critical of someone's station in life.

In response to your second sentence, you are very, very wrong, but yes I forgive you.

Fair enough. My apologies. Enjoy your weekend

Yes the market is hot and prices are up. I just sold my 2014 PrincessV72 for $170,000 more then I paid for it 2 years ago