Over the last few years, we’ve experienced an exceptional situation that has deeply changed the market.
I’ve been in the boating business for over 30 years, and I’ve never experienced anything like that!
The end of covid has generated a considerable increase in demand for used boats worldwide, and especially in the Caribbean.
At the same time, the used boats offer was reduced:
- many boats had left the area during the covid
- Few boats had arrived in the area
- Production of new boats had been disrupted, and charters companies had interrupted their activities and bought fewer boats.
- New boat prices soared, as did delivery times
- The dollar’s exchange rate against the euro had more or less returned to parity.
This combination of very strong demand and reduced offer led to a sharp rise in selling prices, particularly on the used boats market.
SUDDEN AND UNPRECEDENTED MARKET DOWNTURN
Since the last quarter of 2022, we have seen a sharp drop in demand, followed by a collapse in the number of sales since the beginning of 2023.
Today, offer continues to increase and asking prices are not in line with the market.
THE STATE OF SUPPLY AT THE END OF AUGUST 2023 ON YACHTWORLD.COM
Let’s take the catamaran market as an example:
Over 40* boats listed, of which more than 9 are owner versions
More than 80* boats listed, of which more than 20 are owner versions
Over 65* boats listed, of which over 20 are owner versions
Over 25* boats listed, of which over 10 are owner versions
(*it may be a little less as there are duplicates)
What’s true for Lagoon catamarans is also true for other brands.
In 2021 & 2022, all these boats were rare or even unavailable, especially in owner’s versions!
Buyers were ready to bid on existing offers!
WE NEED TO FORGET THIS BUBBLE PERIOD AND RETURN TO THE MARKET AS IT WAS BEFORE 2020.
SELLING PRICES MUST BE CONSISTENT WITH BRAND NEW PRICES AND THE COMPETITION.
ONLY THE MOST BEAUTIFUL AND LESS EXPENSIVE BOAT WILL GO !
IN THE SHORT TERM, THE MARKET CANNOT ABSORB THE CURRENT OFFER AT THE LISTED PRICES!