Is My Boat Worth More Post Covid?

The pandemic has hugely affected the boating industry and has been a hot topic of conversation on numerous boating platforms. It seems as soon as America started to emerge back into the world, they headed straight into the boat buying business, and it has been rising steadily throughout 2022.

The boating market has been booming for a few years, and based on industry records, the trend is still expected to remain high.

Even so, it’s not surprising to learn that the boating industry has been experiencing major problems with its supply chains and experiencing manufacturing challenges since the pandemic hit, such as;

The COVID supply chain disruptions have caused a shortage of essential boat materials like steel and aluminum.
Waiting times for new boats are reaching up to a year in some cases.
With a sudden increase in demand for boats, there were shortages of both workers and materials that led to higher prices.
The boating industry is forecast to see an impressive 2% rise in sales over the next few years.

The experts are predicting that as the world continues to open up, boat prices will slow down, possibly as early as 2023, but doubtful that they will go back to the pre-covid numbers.

The demand for used boats has never been higher.

The used boat market is one of the most promising industries in boating in 2022. This trend can be attributed to many factors such as people who bought boats during the first wave of the pandemic and are now ready to sell

As the widespread global supply chain issues have caused a struggle to supply new boats, it is also raising the value of second-hand boats, as they become more sought after by customers who do not want to go on a long waiting list for a new boat and has the cash to spend.

Now used boats are a hot commodity and generating many sales in the boating industry, so it may be the right time to sell!

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The future of the global economy is still uncertain post-pandemic, and it is hard to say how long this trend in boat sales will last, but one thing is clear, it appears that more people are getting out on the water than ever before. The pandemic seems to have had a positive impact on the industry and hopefully will continue to be elevated for years to come, which is especially good for the used boat market.