The boating industry is one of the few industries that has thrived during the pandemic. With the world downing shutters on businesses and in-person engagements, yachts served as a haven for several who chose to cruise the waters as they dealt with a world that was submerged in fear and uncertainty. The demand for new yachts was unprecedented for new boats. From putting Feadship yachts for sale to the hunt for Ferretti was unparalleled. With demand overpowering supply due to logistical disruptions, the used boats for sale industry made as much profit as the new boat marketplace did.
In a nutshell, the huge demand for boats led to a hike in boat prices.
In this context, the question is whether 2023 will be a good year for the boating industry and whether there will be a drop in boat prices this year. Let’s take a look:
Reasons for Hike in Boat Prices
If you were to look back at boat sale figures in 2021, you will see that the boating industry was booming and the demand for new and used yachts for sale in Miami had surged tremendously. The industry has seen this growth in demand sustain and experts believe it is set to continue. Here are a few interesting facts that can help you understand why boat prices saw such a sharp upward curve:
a. The hike in boat prices primarily was due to the shortage of workers and materials for construction.
b. The industry saw a massive supply-chain disruption due to COVID-19. As a result, the availability of steel and aluminum – two essential components for boat construction – became sparse.
c. There was a forecast by the boating industry that boat prices would go up by 2 percent. As a result, buyers went ahead and invested in new yachts for sale. This too contributed to the high demand.
d. Marketing campaigns that were rolled out to loop in more buyers also worked quite well.
e. High disposable income
Given all these facts, experts have predicted that there might be a gradual slowdown in boat prices as the world is slowly opening up after the pandemic. This forecast is also based on the expectations from the recuperating supply chain which is expected to get back to normal in the coming months. Looking at these factors, the forecast is that prices of new and used yachts for sale may drop and plateau for some time and then get back to their upward growth.
The Boom in the Used Boats Market
One of the most promising trends of 2023 in the boating industry is the surge in demand for used boats for sale. If you look at used boat prices in 2023 and compare them with those in the previous years, you will see that there still is a significant percentage that you can save.
One of the factors that contributed to the demand for used boats is the unavailability of new boats due to the challenges that the manufacturing sector faced and the supply chain disruption caused by the pandemic. The prices also went up because buyers were purchasing yachts for sale, piggybacking on the pandemic wave. For the remaining yacht enthusiasts, turning towards the used boat market was the only solution.
Now, with roadways opening and relaxation in COVID-19 safety regulations, several buyers are looking to sell these boats. So, if you are looking to buy a boat, this is the time to strike a great deal.
When is the Best Time to Purchase a Boat?
If you are looking for yachts for sale in Miami but are not sure when you should do so, read on:
a. The best time to purchase a yacht is between September and October. Most manufacturers offer huge discounts during these two months and hence you can find the boat of your choice at a discounted rate easily.
b. If you are insistent on buying a new boat, then reach out to the experts at the Miami International Yacht Sales who can help you with a wide range of boats and yachts. You can surf their listings and pick out a boat that fits your requirements.
c. Once you have decided on the budget, make it to some of the popular boat shows in and around your area. This will give you an idea of what the offers are around you.
d. Besides the boat’s price, there could be several other costs that could crop up during the course of the deal. It would help you if you could set aside an emergency fund to take care of these additional costs.
Need expert advice? Do not worry. Consult the experts at the Miami International Yacht Sales today!
Let Us Help You Find Your Dream Boat!
Miami International Yacht Sales has the experience and expertise to help you with the acquisition of a new boat for sale in Miami or anywhere from the top shipyards. From Feadship yachts for sale to Pershing luxury boats, we have a huge line-up of the best yachts from across the best shipyards in the world. If you want to put up a used boat for sale in Miami, we are here to help you with our expertise and network to get you the best deal. For more details, get in touch with us at +1-305-857-8939 or bob@MiamiYS.com.