The question, “Will boat prices go down in 2023?” is a considerably hot topic on numerous boating platforms. Based on boating industry trends in the past two years and the continuous rise of the boating market, the short answer is that boat prices are highly unlikely to go down in 2023 due to pandemic-caused supply chain disruptions and the continuing popularity of boating in general. Read on to know the exact explanation for this trend.
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What’s Behind The Rise In Boat Prices And Is It Likely To Continue Or Plateau
Most of it hinges on supply and demand as well as the manufacturing challenges being faced by the boating industry at large. In 2021 alone, roughly a year since the pandemic hit, the boating industry was already booming, and experts are expecting it to carry on for a long time due to the following reasons:
- Shortages in workers and materials to construct boats as a result of the spike in demand naturally resulted in the marked bump in prices.
- Essential boat materials like steel and aluminum are at an all-time high due to COVID supply-chain disruptions.
- The 2022 boating industry forecast points toward a hefty 2% rise in boating sales.
- It doesn’t help that marketers are continuing to innovate the way they draw new people into boating, usually through subscriptions and membership in boat clubs.
- Boat buying is mostly a word-of-mouth business, wherein almost any boat owner has a potential new prospect in his or her immediate circle.
- As long as people have disposable income, the demand for boats will stay hot. So to those asking, “When will the boat market crash?” It will most likely only come along with a major recession.
That being said, some experts are expecting the rise in prices to slow down now that the world is slowly opening up. They’re banking on the supply finally catching up with the demand as early as 2023, but even so, nothing’s ever really set in stone. Moreover, the prices may only plateau for a few years then increase again.
Unsurprisingly, Used Boats Are On High Demand
And many owners are also finding them a bit expensive. On average, a 20-foot boat can still cost as much as $15,000, after all. Comparing used boat prices in 2023 to prices for new vessels, though, you can still save well over 50% of the usual prices of the latter.
In fact, one of the most promising boating industry trends in 2023 is the rise of the used boat market. This is mostly dictated by myriad factors such as boat owners who rode the pandemic bandwagon and bought boats but are looking to sell them now with the roads slowly reopening.
There’s also a noticeable rise in demand for used boats, and for people looking to make a profit from their past vessels, there’s no better time than now to strike a terrific deal. We also have the pandemic to blame for the shortage of new boats, thereby, forcing most consumers to simply buy and refurbish used vessels.
Some Helpful Tips To Keep In Mind To Make The Most Out Of Your Money
- The best time to buy a boat is generally in September or October when many manufacturers offer substantial price cuts.
- If you’ll settle for nothing less than new boats, check out sites like this one, which shares a list of new boat prices 2022 along with noteworthy offerings you can get for a bargain.
- Regularly attend boat shows. Before you do, though, make sure you already have a set budget and stick to it.
- Be mindful of any additional costs you may have to pay once you buy a new or used boat. You may have to set aside an emergency fund if you don’t prefer marine insurance.
Consider watching this video to get more helpful boat buying tips:
Will boat prices go down in 2023? Are boat prices going to come down any time soon? Based on the facts stated here, to say yes is to shoot for the moon. Forecasts still show a continuous rise in demand and sales for this year. However, you can always opt for used boats and rely on the cost-saving tips we shared here to still manage well within your budget.
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