Preowned boat sales skyrocket as shrinking inventory squeezes market
Posted: May 09, 2022 | Word Count: 669
Do you have a boat you're thinking of selling? Maybe you want to upgrade or are taking a year off. No matter your reason for selling a boat, now is the ideal time to list it, sell it quickly and make top dollar for it.
The global market analysis report from Boat Trader found the surge in consumer demand for boats that began at the start of the pandemic continued to surge through 2021. The wave continues into 2022 as more people look to get out and enjoy time on the water with friends and family.
Although there are plenty of interested buyers, boat inventory remains low, which means boats are selling much faster and for higher prices. In 2021 compared to 2020, days on the market were down globally by 100 days and by 50 days in the U.S. What's more, the overall value of sold boats skyrocketed across the globe, surpassing 2020 values by 34%.
Demand and boat values are expected to increase throughout 2022, particularly for preowned boats. Inventory constraints continue, creating a limited supply of new boats, so as more people want to get on the water, they are looking to preowned options to fill their water lust.
Many boat manufacturers have reported they are sold out of inventory for at least the upcoming season. In future years, they are hopeful supply chain issues will resolve and more inventory will be available. Additionally, some market experts expect interest rates to increase in the future, which will likely drive down the value of boats.
What does this mean if you're a boat owner thinking of selling or upgrading? Now is the time to take action so you can get the most money while demand is high and values are up.
"People can get top dollar for their preowned boats as demand continues to outpace supply," said Brian Wolf, chief operating officer, at Boat Trader, America's largest boating marketplace. "The key is to list your boat in a way that boosts appeal while providing ample information to anyone actively looking to buy."
Listing on a marketplace like Boat Trader that specializes in only boats helps target highly qualified shoppers. This trusted website has a 30-year legacy of helping people sell their boats, with advanced fraud monitoring and tools to make listing your boat simple. The site’s extensive reach to interested people around the country means more leads and the ability to list your boat for a higher price, not to mention dedicated customer service to help you at any time.
To help sell your boat faster and for top dollar, Wolf shares some insider tips: