Are boats just not selling right now????

[rrhodes]

Re: Are boats just not selling right now????

When I bought my new pontoon in July I did not even try to talk the dealer down. He through in some extras, Stainless bimini hardware, cup holders and an engine upgrade from 90hp to 115hp ect. I know boat dealers are hurting and this one has been around for 30 years and they are great to work with. i was happy to buy new and support them.

I think another reason used boats aren't selling is that people owe too much to be competetive with the new boats on the market.

The high gas prices hurt but the lack of gas hurts more. If you break it down 50 gallons of gas will cost you an extra $50. The difference for me is that I don't run WOT all day/ Instead I find a nice cruising speed and enjoy.

 

[wca_tim]

Re: Are boats just not selling right now????

no doubt the econmy and combined economic uncertainty has a lot of folks keeping tighter reigns on their purse strings. I know that especially the types of boats that I like / pay the most attention to - either smaller fast set-ups with big outboards, and faster i/o set-ups are down in price - the big engine i/o's a lot more so. I'm in a position where it's just me and the kiddo and so I can arrange the budget such that I can afford to spend $100 in gas to go to the river and blast aroud on a saturday. With inflation kicking in on food prices and others while everything oil-related is much more expensive than it was a couple of years ago, a lot of the "discretionary income" in many families has dried up to cover the basic cost of living.

I'm probably going to look at a little bigger boat tomorrow, the guy says he has to get rid of it immediately... pics look good, if it runs well I'm all over it. but I wouldn't try to sell a boat right now. most people aren't in the mode of looking - unless they're looking for a (really) good deal.

we're house hunting right now... talk about a buyer's market...

I do hope you are able to sell your boat for something that you can live with. The fact of the matter is that in an economy like todays, most leisure items as well as real estate simply aren't worth what they were even a year ago... that should change at some point, but I personally doubt the trend is going to reverse in the very near future...

my two cents...

 

[gpenton]

Re: Are boats just not selling right now????

I sold a boat in less than eight hours down here in louisiana. It was an older fiberglass bowrider job that needed a LOT of work and the guys was buying if for a winter project. I also bought a boat the next day off craigslist. What is selling is going CHEAP. I bought a 16' Fisher with 1989 60 HP Evinrude for $500. The guy that owned it was obviously mechanically challenged because there were just a few minute things wrong with the engine. The carbs needed cleaning, the fuel primer bulb was in backwards, and there was a check valve on the fuel system that had just had a hose clamped to it and not the quick connect that worked with the check valve. Some tuning up and she runs great. I have spent countless hours recarpeting, otherwise, everything is great! I had it out on the back bay in Biloxi last Friday Night doing some fishing. I plan to be doing more fishing all throughout the fall. Gas for me is not an issue when I got the boat so cheap. Its paid for, it suits my needs, small time fishing in the bay and along the Gulf Coast. Occasionally there is a weekend trip to the local reservoir for tubing and barbeque.

 

[jdlough]

Re: Are boats just not selling right now????

I've been set to buy a used bowrider/deckboat for the past few months. I tried hard. I mean just itching and ready to snap one up. All overpriced early in the season, now back on craigslist in new prices I'm ready to pay. With the new economy situation, the wife now wants to wait til next spring, when there may be lots more boats at even lower prices.

Normally, the best time to buy a boat is fall. The best time to sell is spring.

However, I can't disagree with the wife. We boat buyers are thinking, 'If the economy goes the way it looks like it's going, there are going to be some desperate people trying to sell their boat at 1/3 value in a few months.'
The worst for sellers is yet to come.

At any rate, with winter coming, buyers don't need a boat right now, and a 'wait and see' attitude seems the smart way to go. An $8000 boat now may become a $6000 boat soon, without the buyer having to winterize.

If you need to sell your boat now, you need to lower your price drastically, or somehow make your boat stand head and shoulders above the rest. (before the market price is even lower)

I learned this selling my 3 condos in the past 2 years. With condo-selling, I bought a 1 year insurance policy for the buyer (covers HVAC, plumbing, etc).
With boat sellers, a big plus for me would be would be a signed, legitimate boat survey stating that the deck, transom, and motor were all OK. It may cost the seller $300 to get the survey, but it eases the buyer's mind (and the wife's mind) incredibly - more than you'd believe.

I made lots of money in Ocean City, MD selling condos in a dead real estate market while others are still listed, watching their listing price go down.

Jim

 

[lets_fish]

Re: Are boats just not selling right now????

Thats a good point about the insurance policy. A warranty or survey would help. Thats the reason I decided to buy new over something a few years old. the price difference between a sparkling new fully warranted boat and a few year old boat with no warranty and question marks was not enough to justify the savings of used. Around here there is a fire sale on project boats and mid 80's models but not much newer stuff for sale and if there is the prices are still around blue book.

 

[ckone0814]

Re: Are boats just not selling right now????

With boat sellers, a big plus for me would be would be a signed, legitimate boat survey stating that the deck, transom, and motor were all OK. It may cost the seller $300 to get the survey, but it eases the buyer's mind (and the wife's mind) incredibly - more than you'd believe.
Jim

EXCELLENT idea. It would sure influence me - I'd even pay more. I think there are a lot of people looking that have the $ but are not comfortable inspecting used boats and let's face it, how many people have a buddy who knows boats they can look to for help if you need to - like a used car? You'd think that if you bought a boat from a dealer it would be checked-out but how different are boat dealers from used car lots? Not very. I know how toys are, there are some real gems for sale by people who have really cared for and babied them - I'd love to find one and help a person out rather than buy new or from a dealer.

 

[lets_fish]

Re: Are boats just not selling right now????

True. I looked at a Sea Doo sportster at a dealer.They wanted about 3k over what i could buy it for from a private seller. I asked about a warranty and they said there is a DOA warranty,basically if i put it in the water after i bought it and had a problem they would cover it.But no long term warranty.So whats the advantage from buying from a dealer? Also they were not near any water for a test run. Neddless to say i beat feet from there.

 

[rndn]

Re: Are boats just not selling right now????

Although the economy is bad and it's hard to sell a boat in the fall, anything will sell if it's priced correctly. Don't expect to make top dollar and be prepared to take one in the shorts, but if you really want (need) to sell your boat keep dropping the price until it sells.
My cousin ended up trading his on a new truck and got a good price for it. They are really trying to get the trucks off the lot and decided they would rather have a boat then another truck to sell. If you're thinking about buying a vehicle or camper, you may want to explore this option.
What ever you decide to do, realize you will not get a good price for your rig.

 

[fishingdan]

Re: Are boats just not selling right now????

All that has been said about simple economics is 100% accurate. It is simple supply and demand. Lots of supply and low demand = low price points. Good for the buyers and bad for the sellers.

The other issue is that a lot of people do a poor job at marketing their boat. The ad needs to be detailed, include lots of good pictures and be honest (but positive) about the condition of the boat. Think about the questions that you would ask as a pontential buyer and answer them with the information in your ad. The other aspect is obviously setting the price. You really need to look objectively at prices of recent sales for similar boats in your area. eBay is a useful resource for this. Monitoring Craigslist is another.

My suggestion for recreational boaters is to look for used boats that are in good condition. When you find one, carefully check it out and offer a fair price (based on what you see happening in the market). Most of all, pay cash for it. No offense to anyone, but I don't understand those that buy boats with 12, 18 or 22 year loans. Particularly with boats, I have personally never felt the need for the latest and greatest boat. There are too many well cared for used boats for sale all of the time.

 

[NelsonQ]

Re: Are boats just not selling right now????

What I see is that the over all value of boats is going down pretty fast and people are shocked to find their $10,000 boat is worth half that in todays market.

Talking to dealers in Canada, part of the problem in boat asking prices here is that when folks bought them a few years back, the Canada dollar was weak.

Since then, it has seen its strength match and pass the US dollars for an extended period. Dealers were buying from their suppliers in the US and with the strength of the $$$, they were getting the same boats as 3-4 years prior at costs of $4-6K on the entry level boats.

I've seen numerous 04/05 boats that guys are trying to get rid of the financial burden but they try to sell to cover the outstanding balance which is some cases after 4 years is $1000 less than new. It's helping the new boat sales, but hurting resale on used (good thing as a buyer, horrible as a seller)

 

[SnappingTurtle]

Re: Are boats just not selling right now????

U.S.'s biggest Chevy dealer just closed all it's dealerships.

Sales in all big ticket items are taking a hit, in Europe and America.

“Bill Heard Enterprises Inc., the biggest Chevrolet dealer in the country, said Wednesday it is closing its 13 remaining dealerships, unable to survive in a weak economy with high gas prices and an inventory heavy on trucks and SUVs.

The Columbus-based company said in a statement it tried to avoid the closures, which will affect about 2,700 employees.

"However, the conditions necessary to sustain the business through the current challenges were not present," the statement said.

The difficult sales environment was made worse by the ongoing banking and financial crisis, it said. GMAC Financial Services last month discontinued credit for new inventory for some of the company's dealerships.

Late last month, the Governor's Office of Consumer Affairs said in a court filing in Georgia's Fulton County that the company has participated in deceptive and misleading business practices.”​

Doesn't look good.

 

[Just for fun]

Re: Are boats just not selling right now????

I've dealt with Bill Heard. They definately used deceptive and misleading tactics. Many complaints filed locally. That being said, I still feel bad for all those 2700 employees.

 

[tashasdaddy]

Re: Are boats just not selling right now????

i just sold my 3rd one in 10 days.

 

[SoFloStone]

Re: Are boats just not selling right now????

i just sold my 3rd one in 10 days.

Boats are definitely selling, but as everyone has said, the price needs to be realistic.

I drove from four hours to purchase a boat 4 weeks ago, and saved $4K versus the same exact boat locally.

Been hovering for a while, time I joined the crew with my first post.

 

[tashasdaddy]

Re: Are boats just not selling right now????

welcome to iboats.

 

[bamafutbal]

Re: Are boats just not selling right now????

sold our 2006 caddy srx today, but was for 2900 less than we owe

 

[wca_tim]

Re: Are boats just not selling right now????

sorry to hear that...

 

[ezmobee]

Re: Are boats just not selling right now????

sold our 2006 caddy srx today, but was for 2900 less than we owe

I feel your pain. We just did the same thing to get out of our '04 Pacifica. 16-18MPG is for the birds. Thank god for 2.9 financing which takes some of the sting out of it.

 

[mike176]

Re: Are boats just not selling right now????

My boat has not been in the water since April, but I went back to school full time for the summer. It would cost me $140 to fill the thing up thats almost my monthly boat payment. It also hurt to renew the insurence policy last month when I don't even put the boat in the water.

 

[The Famous Grouse]

Re: Are boats just not selling right now????

As other members have said, I think it's similar to the housing market. Sellers just cannot accept the bitter reality of what's happened.

Things are only worth what a buyer is willing to pay RIGHT NOW. What it cost when it was new, what it was "appraised for" 3 years ago, none of that matters now.

Early this spring I helped my sister look for a house. I guess she's one of the lucky ones, she had a good job, but she is careful with her money and never felt she could afford a house in the go-go-go years when prices were going up 20% a year.

Well we looked, and looked, and looked and the sellers still were pricing their properties within a few % of the high water mark in the 2006-07. They just could not mentally accept that it wasn't just everyone else's property that had gone done in value and they would not budge on the price.

Honestly, it got so annoying that I laughed out loud at a seller's agent that told me there was no way they'd go any lower on price after we made what was a very fair offer. That property is still on the market after 16 months, now priced below what I offered. I'll bet they wish they had accepted reality 6 months ago.

It's the same with boats. Sellers have to accept the reality that when times were good, people didn't pay close attention to what they were spending. Now the boat better be clean, prime, and priced far less than it would have sold for 2 years ago. Reality bites.

Grouse