The pandemic fueled a frantic yacht-buying spree for people wanting to get a little distance between themselves and possible COVID infections. Now that the pandemic is cooling, a buyer’s market is flourishing. Here’s why:
Buyer’s remorse
A full-time boating lifestyle is not for everyone. Pandemic-fueled impulse buys were made without first determining if life on a yacht was really as carefree and lazy as it appears in glossy magazines.
For others, the dream of working remotely from the deck of their yacht did not pan out. While it’s certainly possible to work or run a business from a boat, there are necessary adjustments and sacrifices that can wear down people not fully committed to the lifestyle.
Owners who are returning to life on dry land are unloading their sea homes, creating a windfall of used yachts for sale. However, buying a used yacht has dizzying pros and cons. Approach this endeavor carefully.
Overflowing inventory
The demand spike early in the pandemic sparked an increase in yacht production. The lag between the market cooling and manufacturer production corrections means we are now enjoying a period of high inventory.
This situation will rebalance soon enough, but for now there is excess inventory across the yachting market, meaning attractive deals abound to move those boats.
Economic woes fueling used yacht sales
The rollercoaster economy in 2022 has affected some yacht owners more than others. For those forced to cut expenses, their pleasure boats were among the first things to go. Highly motivated sellers mean great deals for buyers. Again, use caution when buying a used yacht.
Avoid the pitfalls of buying a yacht
Even if you’ve determined beyond a doubt that a pleasure or full-time yachting lifestyle is for you, there are still plenty of factors to navigate when buying a yacht. It’s a complicated and sometimes lengthy transaction, depending on your circumstances. The DIY spirit has sunk many a yacht buyer. Do yourself a favor and consult a professional.
