WHAT YOU NEED TO KNOW IF YOU’RE BUYING/SELLING A BOAT OR PONTOON IN 2022
Most may not be aware that the Marine Industry took a big hit in multiple ways during the year of 2020. One of the most surprising hits the industry took was that demand all marine products increased. The main observation on why this happened is because during when people were quarantined and could not do any of their normal summer activities, they resorted to an activity that they could do with their family and not exposed to anyone else. What better way to do that than recreational boating, fishing or just cruising around a body of water. People found there escape through the Marine Industry. Sounds good and all until the market got flooded with demand and the supply became limited.
SELL
If you’re looking to get out of your current boat or pontoon this may be the time. We have found in the last year that there has become a high demand for watercraft and there’s no sign of it slowing down. This is a good thing if you are wanting to sell as that means there is more buyers than normal wanting a product like yours. With that you better be prepared for your product to go quickly. Even though it’s a fast market right now that does not mean that the buyers are going to buy anything and everything. For your product to go quickly it must be clean, in good shape and listed at the right price. Make sure to consult with your local marine dealer for prices and opinions. They also may offer a trade in or a consignment option to help sell your product.
PREMIUM PRICING
With the high demand brings the possibility of low stock. Currently in the marine industry stock is low which means most sellers are going to hold strong to their list price. This also means that the list price may be higher than in a typical market. As a seller you could not ask for more. If you are going to sell your boat or pontoon you will probably be able to get premium price for it providing it is in good shape. Before you list make sure to do optimal research of what your products top price could be.
BUYING
LIMITED SUPPLY
As I talked about the raise in demand of product that has created a probably on the buying side. We have seen a trend that there is so much demand for product that the boat, pontoon, and motor companies are having a difficult time keeping up. The decrease in the supply has been influenced by demand but there are other factors that have been holding products to limited supply. First off, these companies are having trouble getting certain parts for there product. Some of our manufacturers that we work with have been having trouble with getting chips to getting resin for fiberglass boats. The other main factor that our manufacturers are having is that they are short of labor help. As many know since COVID-19 hit it has been very hard to keep workers and/or find workers. When you are looking for a new boat, pontoon, or motor you should make sure that you may not get the product exactly when you want to and should prepare for a delay.
HIGH DEMAND
Along with high demand for product when selling, that means when you are purchasing a product you must be prepared to compete with others. We have found that when we have a sought-after product for sale it goes fast with many other offers left in the dust. If you are considering purchasing a product you must be on the ball and ready to purchase quickly. We are in a market where the sellers are not going to wait around for the buyer to get their ducks in a row, as these sellers probably have someone in line ready to hand out cash to them for their product.
PREMIUM PRICES
As a buyer if you are looking to get a deal on a product you may want to wait until this market slows down. With all the factors I have discussed, have led product to reach its premium prices whether its new or used. Most sellers of used product are going to hold strong to their prices, along with their product may seem high price if you would compare it to being sold two years ago. As for retail sellers they have a limited supply of new product which makes them difficult to hit their sale goals. In that these retail dealers will probably not move far off their retail price. In this market as a buyer, you must be prepared to buy a product at premium price.