The Best Time to Sell Your Boat is Now
In regular times, seasonality is purely what drives supply and demand.
In a normal year we’d easily tell you that the best time to sell your boat, on average—as with all our posts, your location may affect the [advice] we post, ahem Southeast—is between the months of February to July—from the second people start dreaming of being in the water to those sales that finally closed a few weeks into the summer season. Think about it—you’re pulling your boat out of storage. It’s cleaned up, likely fresh from a post-season maintenance, and ready to go. Boats sell 30% faster during this time. While there is more competition in the market, there are more buyers. Boats are an emotional purchase and mostly for entertainment. No one really wants to buy a boat at the end of August when it’s time to take it out of the water and prep it for storage. But this unprecedented last year has flipped this notion upside down.
The market has never been hotter
Since boating is an outdoor family activity, and the quickest way to a staycation vibe, sales have surged over the past year.
The pandemic has significantly impacted boat sales. The industry skyrocketed in 2020, with a 9% overall increase in boats and boating accessories from the previous year. Powerboats were up 12% and wake boats were up a whopping 20%! And the trend shows no signs of slowing down. Dealers are struggling to keep inventory in stock, with some buyers are waiting for six to eight months to get their boats rather than the few weeks it used to take. Currently, manufacturers are currently expanding production capacity. But right now, demand is as high as it’s been in a long time.
The majority of boat buyers are first-time buyers
Many people are realizing that boat ownership is as affordable as it is exciting, and first-time buyers are more likely to get their feet wet buying a used boat.
61% of buyers have household incomes of $75,000 or less. And as one person buys a boat and invites their “bubble” to a day on the water, their friends decide to become boaters, too. The trend to work from home and spend more time with family outside the home only promises to perpetuate the trend, which is also seeing first time buyer age trend lower. There are more buyers out there for the average recreational used boat we sell at BoatsForSale.com than ever. If you’ve got plans to sell soon, we suggest you get started with one of our free listings.
The pandemic has yielded a younger group of first-time buyers who are influencing friends and family to also get into the boating life.
Personal Watercraft and accessories are also in demand
As you can imagine, as boat sales go up, so does demand for parts and accessories.
Maybe you’re wanting to hold onto your boat for the summer but have some navigation tools or water toys you can stand to part with. Or maybe it’s time to get a great ROI on those extra wakeboards or jetskis. All are going for top dollar right now, and you can list your PWCs right here at BoatsForSale.
Personal watercraft and accessories are also in high demand as everyone is excited to get out of the house without venturing too far.
The time is now if you need or want to sell.
If you’ve got a boat you’ve been wanting to sell, sell it now and get a great price for it. If you want to enjoy the summer with it, unlike in years before, chances are you’ll still be able to get a great offer because there is such low supply. If you want to make some quick cash, capitalize on selling PWC and accessories. Just be sure you’ve got your next boat on lock, because if you sell first it might be months before you get the keys to the new one.