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What the Historic Boat-Buying Surge has Meant for Buyers and Sellers
According to the National Marine Manufacturers Association, sales of new powerboats rose 12% in 2020, to a 13-year high. By all measures, boat sales sky-rocketed and are showing no immediate signs of slowing down. Much like the hottest suburban housing markets, the boating industry is seeing tremendous demand alongside historically low availability. The combination is driving up prices and is likely to ensure a strong seller’s market for the foreseeable future. “Sellers of otherwise average pre-owned listings are being rewarded with big offers and higher values than ever before,” says Bluewater Marketing Manager Blake Tice.
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You Only Live Once
Over the last year, buyers have exhibited an extreme commitment to getting a deal done. Prospective buyers that were previously on the fence, jumped all-in. Deals that had been in lingering negotiations for months, quickly firmed up. Folks who had been watching from the sideline, started pulling the trigger on in-stock boat models. The sheer determination of some buyers has been remarkable, according to Lane. For example, customers traveling hundreds of miles to purchase new or used boats before local lockdowns went into effect last spring. Many customers feel they’ve invested in a hobby and lifestyle that returns incredibly meaningful dividends to themselves personally. “If anything positive came out of the pandemic, it’s that we all had to pull the throttle back and focus on what really mattered,” says Hall. “It helped more people realize that their time is precious… family time is precious,” he adds. Indeed, the pandemic seems to have highlighted the fact that we only have so many trips around the sun to work with.
“We all had to pull the throttle back and focus on what really mattered.”
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Minefields Managed
In 2020, despite all the schedule shuffling due to COVID exposures, banks reinventing their operations and constant improvisation by state and federal governments, the Bluewater team worked through deal after deal, overcoming each challenge as they arose. For example, U.S. Coast Guard documentation and state vessel registration operations were either slowed or shut down completely for multiple stretches; a constant minefield for the Bluewater closing and documentation team to navigate. Day in and day out however, their diligence demonstrated Bluewater’s commitment to getting customers on the water and realizing their boating dreams, no matter the bureaucratic difficulties.
Over the past year, both new and used boat dealers met many new customers seeking solace in boating, and other old friends return to the water too. Boats that were unloved or under-used got fired back up again or put on the market to capitalize on the newfound demand.
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“…get on the list now.”
Lane notes that the events of the last year have resoundly proven one thing, “the recreational activity of boating or fishing really is a safe haven in a storm. It provides an escape and joy. It puts families back together one-on-one without any outside noise. People truly find comfort in being on the water and enjoying the outdoors.” Hallelujah to that.