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Navigating The Covid 19 Boat Market

Like us, I’m sure you’re all busting to escape your bubbles and get back to a normal life, however that may look. I’m looking out my window now at the beautiful calm waters of Tasman Bay and just want to get out there ASAP!

No doubt about it, our world will undergo significant change as we look to recover from this major health and subsequent economic crisis.

The big question is – what will this mean for the boat market?

From our experience navigating through the last 2008 GFC financial crisis, we saw lots of volatility. Some of it not so bad.

But I won’t sugar coat this. This unprecedented Covid 19 crisis will lead to significant upheaval. But it’s not all “doom and gloom”.

Buyers for boats will always be in the market, that won’t change. We are still fielding and answering inquiries from potential buyers during the lock-down.

Many new boat manufacturers have full order books out to 2023 in some cases.

However, for pre-loved or used boats it will definitely be a “buyers market” for some time. What does that mean?

  • Buyers will be very price conscious, well researched, looking for the perfect boat
  • Buyers will be looking at all the options available in the market place and aggressively comparing prices
  • Expect Buyers to be very hard at negotiation time and any faults or defects found in the buying process will lead to significantly reduced offer prices

So, how do sellers navigate through this?

  • No 1 priority. Make sure you engage an experienced and knowledgeable boat broker and make sure you’re both “on the same page”. Discuss your price expectations and personal situation with your broker. We’re here to help.
  • Boat presentation. Is your boat presented in A1 condition? Buyers need to be impressed. Discuss this with your broker and formulate a plan. We can appraise your boat and provide valuable feedback.
  • Any outstanding maintenance required? If so, Surveyors will only pick these up at inspection time, leading to reduced offers and possibly deals “falling over”.

As we move to Alert Level 3, our brokers are available by phone or electronically to discuss your requirements and answer any questions that you may have. Click the link below for contact details. At this stage we cannot open our offices until Level 2 commences.

In the meantime, our marketing plans and strategies continue as per normal and we remain committed to selling boats in the best possible time frame achieving the best possible prices for our clients. Stay safe and all the best.

Steve Thomas
NZ Boat Sales, Nelson, NZ

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