According to the NMMA, 96% of marine CEOs reported that business conditions were expanding or stable in Q3 of 2020. The month of August particularly, proved to be another great month for new powerboat retail sales. Sales were up eight percent year to date on a seasonally adjusted basis compared to a year ago. Although sales were slightly down from the record-breaking summer months, August still saw substantial increases across all major categories.
Sales of saltwater fishing boats, cruisers, and yachts each had double-digit growth ranging from 11% to 15%, compared to 2019. Sales of new outboard boats in August were also up 15% YTD compared to the same time last year. “2020 has been a banner year for new powerboat retail sales, and we expect that we’ll end the year with annual boat sales reaching a 13-year high,” stated Vicky Yu, NMMA director of business intelligence. With the current state of the industry, 61% of marine CEOs are expecting conditions will continue to improve in the next six months.
Now is a great time to consider purchasing a yacht, with extremely favorable interest rates in the 3.99%-4.74% range. These rates are dependent upon several factors including, buyer’s credit history, age of the vessel, down payment, finance amount, term, etc. When you finance through Galati Yachts Sales, you also benefit from no loan origination fees, no points, no prepayment penalty with most lenders (as long as you qualify), and you benefit from our many financing resources available. The business office team provides a complete array of product offerings designed to reduce cost of yacht ownership where possible. Contact us today.