US survey finds 40% of boat sellers plan to upgrade vessels
In a new survey conducted by US online boating marketplace, Boat Trader, 39 per cent of sellers on its For Sale By Owner (FSBO) platform reported that they are listing with the intention of a vessel upgrade and 18 per cent stated they expect to sell their boat for a considerable amount. [1]
The turbulent economy has most Americans (82 per cent) worried about rising inflation worsening over the next 12 months, according to a recent study by Allianz Life. [2] Boat dealers have also voiced concern about the current economic environment, the significant increase in vessel prices and how those factors will affect sales, as noted in a Pulse Report survey conducted by Baird Research. [3]
However, Boat Trader’s private seller survey results convey boaters are not necessarily leaving their on-the-water lifestyle and are less unsettled by a looming recession. According to the site, only one in 25 respondents (four per cent) said economic uncertainty was a reason for selling their vessel, while three per cent are selling due to high fuel prices.
“As we look towards the future and overall health of the boating industry, the number of boat owners expressing their desire to upgrade is a sign that we are successfully retaining boaters after the 2020 surge,” says Courtney Chalmers, vice president of marketing, Boat Trader. “Private sellers are very much aware of the current boat market conditions and it’s exciting to see their commitment to a lifestyle on the water has sustained.”
Boat values soared to a record high during the pandemic, with the average global boat value 29 per cent higher than pre-pandemic levels. [4] Despite the higher-than-expected price tag during the boating boom, three per cent of survey respondents reported selling because they could not afford their boat. Of the more than 3,500 private sellers surveyed, five per cent said they plan to downsize.
Unexpected lifestyle and health changes were also reasons for sellers to offload their vessels. Respondents also reported relocating or moving factored into their decision to sell.
The survey also found that among the 434 boat brands listed by private sellers, Bayliner, Boston Whaler, Chaparral, Sea Ray and Yamaha were the most popular, and nearly half of the boats listed were models newer than 10 years. The top five states with the most boats listed for sale by a private seller were California, Florida, Michigan, New York and Texas.
“The pandemic-driven rush to boating pushed the industry to focus on retention,” says Chalmers. “Based on our survey findings and marketplace data, high prices and inventory shortage haven’t deterred boat buyers. More private sellers are also listing their boats for sale as inventory levels begin to normalise, with listings up by 65 percent during the summer boating season compared to last year. We’re heading in the right direction, which is a positive sign for the long-term health of the boating industry.”
1 This survey was fielded in June 2022, and included 3,587 sellers ages 18+ who have listed their boat on Boat Trader’s For Sale By Owner platform.
2 2022 2Q Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life) and covered by CNBC.
3 Pulse Report survey conducted by Baird Research in conjunction with the Marine Retailers Association of the Americas and Soundings Trade Only.
4 2022 Boats Group Midyear Market Index published August 1, 2022.
