I think we can all acknowledge that the current economic scenario is not the same as 2008. In 2008, it wasn't only the lack or credit, but there were legitimate fears that there would be a collapse in the financial markets.
I think we need to remember that the boat market is comprised on many, many niches. No two niches will necessarily react the same way during a recession.
In reality, the sale of any boat is a one-on-one deal between the seller and the buyer. If the seller of a boat (or the bank if a repo.) wants/needs to sell a boat the opportunity to do so will be prefaced by the price that potential owners want to pay. IF these do not sync up, there will be no sale.
Repossessed boats are not always just the crap boats. In the latter part of the mid-1980's my dad bought a 2 1/2 year old Hunter 28.5 sailboat from the bank. The original owner bought the boat at the Houston boat show, took delivery and lightly sailed her for 1 1/2 seasons. When the Texas oil bust happened in late 1986, the owner stopped making payments and the bank took back the boat and Dad purchased it for 1/2 the price of a new boat.
I think the biggest price changes will be in 5 - 20 year old production (relatively large volume for a specific model) boats. There are several niches of both powerboats and sailboats that I have been watching. I have already begun to see some changes (10%) in 'asking' prices for some of these boats, something that I don't usually see this time of year. Interestingly, the changes so far, have mainly been with the production sailboats (which generally hold there value better than production powerboats.)
Jim
I think we need to remember that the boat market is comprised on many, many niches. No two niches will necessarily react the same way during a recession.
In reality, the sale of any boat is a one-on-one deal between the seller and the buyer. If the seller of a boat (or the bank if a repo.) wants/needs to sell a boat the opportunity to do so will be prefaced by the price that potential owners want to pay. IF these do not sync up, there will be no sale.
Repossessed boats are not always just the crap boats. In the latter part of the mid-1980's my dad bought a 2 1/2 year old Hunter 28.5 sailboat from the bank. The original owner bought the boat at the Houston boat show, took delivery and lightly sailed her for 1 1/2 seasons. When the Texas oil bust happened in late 1986, the owner stopped making payments and the bank took back the boat and Dad purchased it for 1/2 the price of a new boat.
I think the biggest price changes will be in 5 - 20 year old production (relatively large volume for a specific model) boats. There are several niches of both powerboats and sailboats that I have been watching. I have already begun to see some changes (10%) in 'asking' prices for some of these boats, something that I don't usually see this time of year. Interestingly, the changes so far, have mainly been with the production sailboats (which generally hold there value better than production powerboats.)
Jim