Buying a Boat after CV19 Lockdown

[RoonDog]

Hi all, I am new to boating and in the market for my first boat. With the current Macro Economic Environment in some turmoil does any of you more experienced members have an opinion on how the Motor Boat Market will fair? Is this a good time to bag a bargain? any tips much appreciated.

 

[chrisharris]

It will be very interesting to see what happens when movement restrictions are lifted (and I suspect it will be a slow and gradual lifting over a period of time), will folk go back to old ways, cheap flights, many trips abroad each year, or will people be more inclined to stay local or at least in this country. Some will be financially driven decisions, other people may just not want to do the being in crowded places for a while......if they are even allowed to do so. Boat values are supply Vs demand so as much about what people want to do as what they can afford to buy or run. Having said all that if you are considering buying a boat I suspect there will be bargains to be had, especially either stock boats at dealers or those boats that have been listed for a while already pre Covid.

 

[chrisharris]

Another thing worth mentioning, a 'cheap' boat may not be a bargain if it requires significant work to get to a good condition. A well used, well maintained and upgraded boat at a fair price is the best bet for most.

 

[RoonDog]

thanks Chris. I appreciate the advice.

It will be very interesting to see what happens when movement restrictions are lifted (and I suspect it will be a slow and gradual lifting over a period of time), will folk go back to old ways, cheap flights, many trips abroad each year, or will people be more inclined to stay local or at least in this country. Some will be financially driven decisions, other people may just not want to do the being in crowded places for a while......if they are even allowed to do so. Boat values are supply Vs demand so as much about what people want to do as what they can afford to buy or run. Having said all that if you are considering buying a boat I suspect there will be bargains to be had, especially either stock boats at dealers or those boats that have been listed for a while already pre Covid.

 

[RoonDog]

Another thing worth mentioning, a 'cheap' boat may not be a bargain if it requires significant work to get to a good condition. A well used, well maintained and upgraded boat at a fair price is the best bet for most.

Agreed. Also I will be paying cash with no timelines for finance. Seems the Dealer Stock Boat is the best option to go for rather than a private owner who is in no rush to sell.

 

[Momac]

 

[wombat88]

I too am thinking about buying a specific boat (used, private sale etc) as soon as I am able. I suspect that the lockdown won't have that much of an effect on the price if any, it is all down to good old fashioned face to face discussion with the owner..

 

[Bouba]

This is not the first enquiry into buying a boat after the lockdown. Perhaps, if we can extrapolate that into the population as a whole, the market could be buoyant

 

[oldgit]

Agreed. Also I will be paying cash with no timelines for finance. Seems the Dealer Stock Boat is the best option to go for rather than a private owner who is in no rush to sell.

A very apt photograph.
Depends what you are looking for ?
If you are looking to buy a nice fairly new modern boat in good condition then doubt that you are going to have lot of luck with silly offers as owners are likely to sit out the summer, while bleating on here about marina berthing extortion.
If on the other hand you are looking at the bottom end of the market,there is already a fatberg of old boats which have gone nowhere for years and unlikely to move in the future. Owners simply cannot be bothered to sell simply because they know the boats are virtually worthless. There is no market for them, probably at any price.
Very few boats will be dealer stock unless at top end of the market, most will be via brokers who will obviously have their commision included in asking price.

In the middle are perfectly good well mantained craft with owners/boats of certain age , most built in the 1980s (the boats) . Many of the skippers will remember paying 40p a GALLON for fuel.
If they could be bothered to market the boat and got a better than insulting offer they would rip your arm off and get out of boating .
The real glut of boats onto the market will be when those owners finally accept that its going to be white from here on in.

 

[Sneds]

I don't agree that white will force a plethora of fire sales, most of us spend a load more on marina fees than diesel
The way some folk use their boat may change though

 

[Sneds]

From the All Star fuel card site for DERV today

Diesel	115.6 p

 

[oldgit]

I don't agree that white will force a plethora of fire sales, most of us spend a load more on marina fees than diesel
The way some folk use their boat may change though

The loss of the derogation will be the last straw in the 35-40ft mid 1980s Fly/Command bridge market. The market was moribund before flu took hold and fuel will finish it, once all this C19 is over and fuel prices return to former levels .
If you have a 2 or 3 year old boat which burns 15-20 gallons an hour you can probably afford to use it and will.
The owner in his 70s or 80s with his 40 year old boat, retired years ago and will probably have already decided that being thrown about does nothing for his arthritis and as for his wife

 

[Momac]

The owner in his 70s or 80s with his 40 year old boat, retired years ago and will probably have already decided that being thrown about does nothing for his arthritis and as for his wife

Maybe a new wife could help ease that problem?

 

[Assassin]

With dwindling finances many are rationalising their assets and selling unnecessary items, gold being one example of liquidating their assets.

I foresee many people looking to sell their boats quickly as discounted prices while brokers will be wanting to keep the prices up to increase their percentage fees so I say rule nothing out and ensure any checks you do are very thorough.

 

[oldgit]

A good time to buy...a bad time to sell ?
Trading up .
Wonder what will happen in the P/X market. Will it grind to halt or will Boats.com etc want to shift stock to get some in cash flow ?
Did have a quick look at something that has been on the market for some time with a view to sounding out the seller...been Sold.

 

[ari]

I don't agree that white will force a plethora of fire sales, most of us spend a load more on marina fees than diesel
The way some folk use their boat may change though

It won't. There were the exact same arguments during the last Red Diesel tax changes, a few hopeful souls arguing desperately that prices would halve, last straw etc. I recall one chap came up with a fantastic calculation, something to do with interest rates and money in the bank and how much interest you'd earn on the extra diesel money if it were still in the bank or something.

It made zero difference simply because fuel is a relatively small proportion of total annual running costs, and is the one cost easily mitigated (go a bit slower, a bit less far etc). If you think about how most of us use our boats and work out the proportion of time spent on board charging along on the plane, it's pretty small, and very easy to reduce if it's that much of an issue.

 

[RoonDog]

With dwindling finances many are rationalising their assets and selling unnecessary items, gold being one example of liquidating their assets.

I foresee many people looking to sell their boats quickly as discounted prices while brokers will be wanting to keep the prices up to increase their percentage fees so I say rule nothing out and ensure any checks you do are very thorough.

Thanks for the comment. also I think the length of the Marina lock down will have a bearing on price. The longer into the season some dealers will be in need to liquidate some assets.

 

[oldgit]

For many the boat will be LAST thing to go, well after the wife, kids, granny and those Blue Suede Shoes. ?

 

[RoonDog]

It is important to get priorities right after all.

For many the boat will be LAST thing to go, well after the wife, kids, granny and those Blue Suede Shoes. ?

 

[bobtooke]

For many the boat will be LAST thing to go, well after the wife, kids, granny and those Blue Suede Shoes. ?

After the wife and kids have gone, you'll be needing somewhere to live.