The biggest complaint of our customers is that there aren’t enough used outboard boats on the market for a good deal and that prices on used inventory are too high. What we are going through is a basic supply and demand period in the boat market. This situation is predictable and understandable. Since the financial meltdown began in 2007, the marine industry had to quickly reduce its manufacturing capacity to 50% of what it was in 2006- a record year for boat sales. This means that since 2007-2008 there have been half the number of boats built, which in a normal business cycle would now be entering the market as used boats for sale. The used boats that everyone wants were not built, so they do not exist, which also happened in the 1990 financial crisis. This is where the supply and demand concept applies. In addition to that, people are keeping their boats longer, and if they really like their boat, many are repowering, upgrading electronics, and otherwise investing in maintenance items such as new canvas and upholstery – making the boat almost as good as new, but again reducing the used boat inventory.
The bottom line is that if you are shopping for a used boat and find the one you love, buy it. Put the idea of getting a great deal aside, because in this point of the economic cycle, you will become frustrated. If the boat you have now suits your boating needs well, and you like the boat, put the money into new power and other upgrades because a new boat will be substantially more expensive. Since late model boats are harder to find, and new boats are so expensive, we are seeing that buyers are willing to pay a premium for an older boat with newer power, so although you won’t recoup all your money on a repower, you will lose much less than if you try to sell a new boat in two or three years.