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Reasons why boat owners choose to sell in the current market

On Behalf of | Nov 21, 2022 | Maritime Ownership

Why sell your yacht when you and so many ocean lovers around the U.S. remain committed to the boating lifestyle? Well, as it turns out, the results of a recent survey disclose that few cite poor economic conditions for selling their boats. Actually, the opposite seems true.

According to a nationwide survey conducted by Milwaukee-based Baird Research, nearly 60% of the respondents cited that they were upgrading their boats or noted that they could obtain a great price for their current boat.

Good time to sell yachts

Large yachts provide the ideal recreation for thousands of Americans who take to the seas whether for a day trip to entertain friends and colleagues, or a lengthy trek along the coast of the Atlantic Ocean or some other waterway.

But lately, it has come to the attention of many in the boating industry that the current environment has been a good time to sell yachts. The pandemic may have played a factor as wealthy people – accustomed in the past to traveling to many destinations – found it difficult to do so. Instead, they decided to invest in a yacht.

Survey responses

Baird Research surveyed 3,500 boat sellers to find out the reasons why they chose to sell. Here are the reasons:

  • Upgrading to a new boat: 39%
  • Able to obtain a good price: 18%
  • Relocating: 13%
  • A change in lifestyle: 9%
  • Downsizing: 5%
  • Economic uncertainties: 4%
  • High gasoline prices: 3%
  • Can no longer afford the boat: 3%

As you notice, economic factors along with reasons such as high gasoline prices and affordability only accounted for a combined 10% of the survey’s responses.

A satisfied mind

In the past two years, the market has been strong for buyers and sellers of boats. There are enough sellers who wish to upgrade or downgrade to satiate the many buyers who also choose to upgrade or downgrade. There also are many reasons owners decide to sell their boats. And, regardless of their reasons, they likely will walk away with a satisfied mind.