Keeping you up-to-date on the new and used yacht market.
There is an expression that boaters often use: the two best days of a boater’s life are the day they buy a boat and the day they sell it … hopefully for a bigger boat. We strive to make those days in-between just as happy with our renowned service, events and rendezvous, and overall customer experience. With this in mind, we think it’s important to keep our owners up-to-date on the state of the new and used yachts market.
Year-over-year through August 31, used yacht sales continue to be driven by the lack of available, high quality pre-owned inventory. In Florida, the number of pre-owned boats sold declined by 8%; yet the average price of the yachts sold was up by 10%. This is according to information in YachtWorld’s and Boat Trader’s SoldBoats database. So, while less used yachts are being sold, the prices are higher.
For mega yachts over 24 m, twenty-two vessels closed in September.
“This is really a reflection of the used yacht pipeline,” says Darren Plymale, Galati Yacht Sales Vice-President. “In the last economic downturn, boat manufacturers produced less product thus there are less used boats on the market. The boats that are available are demanding higher prices.” If you are thinking of selling and trading up now is a great time to contact your Galati sales professional for a Comparative Market Analysis
New boat sales rose 3.1 percent overall in September compared to the prior year according to Statistical Surveys, the Michigan firm that tracks boat registrations. Sales of new yachts in the 41-65 foot range increased by 5%. Semi-custom yachts over 65’ saw a decrease of 30% for the month, but only 0.8% for the year.
Lenders are still forecasting a 10% growth in new boat sales for the year due to several factors – GDP acceleration, interest rates rising (but still historically low), a housing market in good shape, and tight labor market.