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#574074 - 08/08/20 11:15 AM
Current used boat market is crazy
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Joined: Jul 2004
Posts: 1,126
Waterdog
Admiral
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Admiral
Joined: Jul 2004
Posts: 1,126
Virginia
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Well folks, after nearly 9 years of being boatless, we’re looking at boats again. Kids are now 10 and 11. During a recent camping trip to a state park on a lake here in Virginia, we rented a pontoon boat and a wave runner. First time the kids have been on a boat since they were 2 and 1. They loved it. Renting a Larson 248 this coming Monday in order to teach the skids to ski, kneeboard and tube. Trying to further set the hook. (See what I did there?  ) We’ve been RVers for awhile now with several cross country adventures under our belt. But, this year is nuts. With the China virus, camping has become insanely popular. Campgrounds are full, lots of newbies that haven’t a clue (I know you have to start somewhere, but some of these people are dangerous with their new rigs), dealer inventory is nil, service appointments being scheduled 6-8 weeks out, and so on. Thought, well, let’s buy a boat and we can use during the week at one of two lakes (Smith Mountain Lake and Claytor Lake) each just an hour away. Don’t have to worry about campgrounds being full. We looked at lake property, too, but that market is even worse than RVs. Decent lots or houses are going under contract on the day they are listed. Started looking at boats online. Holy crap, Batman. Prices seem crazy. I think the Covid has infected the boat market, too. For example, we had a 2005 Four Winns 200 Horizon that we sold in 2011 with < 150 hours on it. Saw a listing on boat trader.com for the same year and model but with 460 hours. It was listed for $12,000 more than what we sold it for nine years ago! There also seems to be a trend of many under powered boats. Perhaps that is why they are for sale? I suspect there will be many barely used RVs on the market next year when people realize camping is more work than they thought. Do you think that will be the case for boats, too? Should we wait until the end of this season or maybe even next year before getting real serious about a boat? Anyone else in the market, and if so, what has your experience been? Would you be wary of a boat like this? 2009 Sea Ray
Always remember Rule #6.
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#574109 - 08/12/20 06:51 AM
Re: Current used boat market is crazy
[Re: Waterdog]
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Joined: Aug 2005
Posts: 2,594
tpenfield
Admiral
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Admiral

Joined: Aug 2005
Posts: 2,594
Cape Cod, MA
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Yes, the market for 'toys' is crazy right now. New boats are selling like I've never seen it and the inventory of used boats is probably at an all-time low. I drive by 2 boat dealers on the way to my summer house . . . a Tidewater dealer and a Boston Whaler/Robalo dealer . . . the Tidewater dealer has been cleaned out of boats for about 2 months now and there are only 2 Robalo's left at the other dealer. BW's are all gone Lots of short-term thinking going on now. So, what ever you can get in the used boat market is going to be at peak prices. I think there will be a reverse situation in 1-2 years, lots of these toys being unloaded and nobody there to buy them. (Think repossessions and short sales). Boat prices won't come down right away, because sellers typically try to hold out for the high asking prices. I think your choice is either to be part of the crowd or wait it out. Also, it is getting to be a little late in the boating season, so maybe you might find some daylight in the boat market. Right now beggars can't be choosers, sorry to say.  As far as the 2 boats you posted about . . . They are both decent boats. The Chappy, having the new in-house designed/built 4.5L from Mercruiser and the SeaRay having the traditional 350 Mag. Not sure how the new 4.5's compare in terms of performance to the traditional GM based engines, but you may be able to find some Boattest.com information to compare performance. The one advantage of the Chappy is that it is a lot newer and may have some nicer features. Either one is not a bad decision IMO, but if you are going to do skiing with a full load, then you probably want the biggest engine offered in a particular model. If you do have to 'settle' for something with less power, there is always the thought of going down a notch in the prop pitch to gain some water sports performance.
Last edited by tpenfield; 08/12/20 07:27 AM.
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#574112 - 08/12/20 10:30 AM
Re: Current used boat market is crazy
[Re: tpenfield]
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Joined: Jul 2004
Posts: 1,126
Waterdog
Admiral
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Admiral
Joined: Jul 2004
Posts: 1,126
Virginia
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Yes, the market for 'toys' is crazy right now. New boats are selling like I've never seen it and the inventory of used boats is probably at an all-time low. I drive by 2 boat dealers on the way to my summer house . . . a Tidewater dealer and a Boston Whaler/Robalo dealer . . . the Tidewater dealer has been cleaned out of boats for about 2 months now and there are only 2 Robalo's left at the other dealer. BW's are all gone Lots of short-term thinking going on now. So, what ever you can get in the used boat market is going to be at peak prices. I think there will be a reverse situation in 1-2 years, lots of these toys being unloaded and nobody there to buy them. (Think repossessions and short sales). Boat prices won't come down right away, because sellers typically try to hold out for the high asking prices. I think your choice is either to be part of the crowd or wait it out. Also, it is getting to be a little late in the boating season, so maybe you might find some daylight in the boat market. Right now beggars can't be choosers, sorry to say.  As far as the 2 boats you posted about . . . They are both decent boats. The Chappy, having the new in-house designed/built 4.5L from Mercruiser and the SeaRay having the traditional 350 Mag. Not sure how the new 4.5's compare in terms of performance to the traditional GM based engines, but you may be able to find some Boattest.com information to compare performance. The one advantage of the Chappy is that it is a lot newer and may have some nicer features. Either one is not a bad decision IMO, but if you are going to do skiing with a full load, then you probably want the biggest engine offered in a particular model. If you do have to 'settle' for something with less power, there is always the thought of going down a notch in the prop pitch to gain some water sports performance. Thanks for your review of those two boats. Based upon the premium prices, we have decided to wait until things shake out over the next 6 months or so. I agree that there will be, just like in the RV market, lots of used boats about this time next year. That is if we are able to return to normal, not a "new normal". I think people will start to realize, wow, this is a lot more work/maintenance than they originally thought, at least for RVs. I don't know what is going to happen with lake properties, but we're sitting on the sidelines now just watching that, too. We have a great RV (2019 Grand Design with bunkhouse for the kids), but due to rapid growth of our kids, we were looking at 2020/2021 rigs with larger bunks back in March. Inventory went to zero in May and dealers were less inclined to discount. So, we put the brakes on that, too. Same with a new tow vehicle - inventory is non-existent in trim level I want. Our boat rental for Monday of this week fell through, so we didn't get the opportunity to teach the kids to ski. This is the second time our boat rental reservation has been cancelled due to inexperienced operators damaging the boats. The first time was due to someone not tilting/trimming down the outdrive and burning up the lower unit on a Chappy. That boat is still out of commission. This week, the boat we had reserved (Larson 248) was returned on Sunday with a damaged duoprop. They had to limp in to the dock. The props are beyond repair and have to be replaced. Probably some damage to the lower unit, too. Problem is, according to the rental company owner, there are no replacement props available right now. Another boat rental company on a different lake has posted on their website not to call them anymore because they are booked for the remainder of the season, there is no availability and their waiting list is full. We have their only ski boat reserved for Sep 11. We booked that date back in early June. We'll be camping at the state park on the lake that week. We did take advantage of the craziness in the RV market back in June. We sold a 2013 camper for more than we paid for it. We had bought it for my wife to use since she manages music festivals and needed something smaller to tow behind her Tacoma, but since all festivals were cancelled this year, we decided to sell. Had people calling from as far away as Maine. I am restoring a 1966 Shasta Astroflyte. Wish I could finish that thing soon as we could probably get twice what it would have been worth at this time last year. But, my one year cosmetic restoration has turned into a 5-year and counting, skin-off complete rebuild/restoration. 
Always remember Rule #6.
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