Used market softness or all market?

[Max20]

For what it’s worth, I bought in April of 2020 and did get a pretty good deal IMO but I’m not asking more that what it could have been purchased new at the time with the options it has. MSRP at the time was $120k-ish. Today the MSRP is $140k and you could buy a new one in the $120k range if i had to guess. The fact remains, my boat is the lowest listed price on the market for this model and I’ve only seen 2 axis 24’s in my research that are similarly priced. Everything else is listed higher. Point is I’m on only inboards, boattrader and boats.com and haven’t gotten a sniff or a low ball offer. Everyone else with boats for sale (including dealers) must be feeling the same. I feel like I have the right options, low hours and colors that “should not” be turning noses up. It may have to sit till spring and that’s ok. I’m not ready to give it away nor do I need to financially. I am pointing out that the market must be softening a bit OR maybe I’m just too early in my sale to think so.

[Yzfguy06]

For what it’s worth, I bought in April of 2020 and did get a pretty good deal IMO but I’m not asking more that what it could have been purchased new at the time with the options it has. MSRP at the time was $120k-ish. Today the MSRP is $140k and you could buy a new one in the $120k range if i had to guess. The fact remains, my boat is the lowest listed price on the market for this model and I’ve only seen 2 axis 24’s in my research that are similarly priced. Everything else is listed higher. Point is I’m on only inboards, boattrader and boats.com and haven’t gotten a sniff or a low ball offer. Everyone else with boats for sale (including dealers) must be feeling the same. I feel like I have the right options, low hours and colors that “should not” be turning noses up. It may have to sit till spring and that’s ok. I’m not ready to give it away nor do I need to financially. I am pointing out that the market must be softening a bit OR maybe I’m just too early in my sale to think so.

Imo I think your market assessment is correct. It is starting to soften and slide a bit. It was weird you haven’t even had a low ball offer.

[cucv]

https://www.boattrader.com/boat/2019...makai-9016410/

We didn’t use the boat as much as we had hoped the last 2 seasons and have decided to sell. Maybe not the best time of year to sell but I’ve been listed on onlyinboards for 2 weeks and not even 1 inquiry. I just went the boat trader route today.

What do you guys think of the price??

No doubt the market is softening but I've been waiting for a deal like yours for a long time. Had I not bought a 23 this summer, I would have been calling you. Your boat will sell, it may just take a bit longer than expected.

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[mgswake]

I wonder how many dealers were telling people over the last couple years you could buy a boat and sell it at cost or a profit. I could see people using that as a selling point. "how well these boats hold their value". I saw a lot of posts on forums and FB where people were so happy about their boat investment. A lot of boats were selling used for equal or greater than their original purchase price. Hopefully there aren't a lot of owners out there expecting to get there money back on resale.

To the OP, I think you have the boat priced aggressively compared to the market and other boats. Hang in there, like mentioned above, only need the one right offer.

[MJHSupra]

. Hopefully there aren't a lot of owners out there expecting to get there money back on resale.

Yes - for probably some new boat buyers into the market- not new boats necessarily. Wishful thinking. Some rode the wave for a few years, but just like most things, it gets back to normal. People realize toys vs investments.

I'm betting dealers did not really know or anticipate what they boat market was going to do on prices and the crazy COVID times.

I had someone tell me this, as they phrased it as boat investment:
1st boat was 50K - put some money down and sold later.
2nd boat was 100K - put extra money down and also put the $ from Boat #1
3rd boat was 150K - put extra money down and also put the $ from Boat #2
etc. So, their 'investment' was putting in extra money and taking money from the Used Boats they purchased over the years to build to a bigger new boat with a smaller loan.

[sandm]

People realize toys vs investments.

something that I bet is going on in the camper/rv world as well. anyone who thought this craziness would last is living in fantasyland.
we were thankful that we bought new in '20 and sold in early '21 for over 10k in profit but we didn't do it again as we knew it wouldn't last and you never want to be standing when the music stops...

my gut says a whole lotta 2024's leftover next year unless builders are all scaling back. there's currently over 2200 2023's on OI and that seems like a lot for both new/used.

[Mxmark4]

Tommysi is doing their offer the owner event again this year. Last year I made a rediculous offer on an Axis A22 and they accepted it. It includes all their used inventory from all ove rthe country including some 23 models. If you are comfortable with making a super lowball offer and repairing some stuff yourself, you can definitely score a deal from them.

[MJHSupra]

my gut says a whole lotta 2024's leftover next year unless builders are all scaling back. there's currently over 2200 2023's on OI and that seems like a lot for both new/used.

MC and BU have already scaled back, are you thinking they will scale back more? From what I read in the news when MC had their layoffs, they went from 20 to 10 boats per day. Pretty big cut if that is true.

There was a guy that posted some OI numbers on social media in the past, I was going to search for new numbers if I get time.

[sandm]

MC and BU have already scaled back, are you thinking they will scale back more? From what I read in the news when MC had their layoffs, they went from 20 to 10 boats per day. Pretty big cut if that is true.

so true. 50% of their current volume at MC is a decent cut. haven't seen anything on 'bu on what they actually cut back.
more interested in whether or not sc/mb/nautty/centurion/supreme/sanger are feeling the same. in a normal market you want some leftovers in any industry but a quick glance at oi shows 5000+ listings and 40% are 2023's. that seems like a lot. dealers and builders start offering big discounts to move inventory and keep the lights on will impact and start softening the used market.

as mentioned earlier, guessing we would be seeing more sales if interest rates weren't where they are at. 150k note at 15 years- moving from 4.5 to 8% is around $300/month. not a deal breaker on a 1000+ payment but it is likely making a few slow down and think.

[MJHSupra]

so true. 50% of their current volume at MC is a decent cut. haven't seen anything on 'bu on what they actually cut back.
more interested in whether or not sc/mb/nautty/centurion/supreme/sanger are feeling the same. in a normal market you want some leftovers in any industry but a quick glance at oi shows 5000+ listings and 40% are 2023's. that seems like a lot. dealers and builders start offering big discounts to move inventory and keep the lights on will impact and start softening the used market.

as mentioned earlier, guessing we would be seeing more sales if interest rates weren't where they are at. 150k note at 15 years- moving from 4.5 to 8% is around $300/month. not a deal breaker on a 1000+ payment but it is likely making a few slow down and think.

That 50% number was from the local news, so even if they are slowing down production to get the inventory off dealer lots and dealers are not looking to take boats and sit over the winter months, they will probably pick up production once boat show season starts and the market outlook MIGHT be better known. Based on their recent earnings release, they are conservative and think sales could be done 15% year-year. I think they build around 3,700 boats per year.

Sorting through those financial statements are wonky - they have record net sales and earnings, great financial numbers on paper, stock buy-backs, executives get bonuses, but outlook does not look good.

What I did gleam:
40-50% of their sales are in the 4th quarter (most recent quarter), but that number was down 15% year-over-year.
40-50% of sales come from the top-10 dealers. I'm guessing they take care of those top 10 pretty good.
Price increases expected back to pre-covid levels.