Demand for Used Yachts Increased Post Pandemic

When you have plans to purchase big-budget assets like luxury yachts, you can always look for used boats, as they will save time and save you money

Ever since the pandemic hit the world in the first few months of 2020, almost all industries saw a massive fluctuation, and the yacht industry was not unaffected by it. As the numbers started surging, the markets were shut down, and so were the industries.

The travel industry came to a standstill. International borders were close to containing the virus from spreading.

At the beginning of the lockdown, there was a massive influx in boat sales following the strict guidelines that allowed people to take their boats out. But, slowly, due to months of complete lockdown the world over, the economy began to go downhill, and so did the demand for luxury yachts and boats. In no time, the industry saw an absence of requirement, as people either stopped traveling or lost their jobs or had pay cuts, and some who were willing to make a purchase were preferring to save the money for an uncertain future rather than spending it on a luxury purchase. The impact of the pandemic that led to lockdown was visible in all businesses within and outside the boating industry at all levels.

By the end of 2020, situations improved in many parts of the world and because vaccinations for COVID are also distributed. However, a new problem emerged in the market: the shrinking of bank savings and making sensible use of saved money, which led people to think about buying a used boat, which is available comparatively at a much lesser cost. What does this ultimately mean for the used boat market? How does it compare to purchasing a new boat?

Challenging Market Condition for Manufacturers and Suppliers

The massive lay-off of employees and staff in manufacturers’ units to prevent the spread of COVID within the premises of manufacturing units has significantly impacted the production rate and supplies. Soon after the industry re-opened, orders took up to about six months or a little more in many cases to fulfill. There are a considerable shortage of raw materials, upholstery, resin, and boat engine supplies, resulting in lesser vessels in the inventory of brokers to keep up with the demand. The increasing demand for new boats and longer time to market have raised their prices of new vessels.

As the economy is still recovering from the impact of COVID, the sellers of new boats cannot expect their market to expand from increased prices.

What are the Advantages of Buying a Used Yacht?

The markets are slowly picking up, and everyone is eager to go back to normal. If you ave plan to spend your leisure time this summer in the middle of the water, and you don’t want to spend a considerable sum in buying a new boat, then explore your options and buy a used boat. Whether you are looking for a family-oriented vessel, cruising yacht, cabin yacht for overnight trips, or fishing yacht, there are many yachts for sale companies offering a plethora of used boat inventory for sale. There is no need to wait for six or more months for a new boat; you can always find a quality use boat that allows you to have the instant indulgence in operating the ship immediately.

You will not only save money by buying a used boat, but you will also save your time in purchasing them. Do not sacrifice this season, just waiting to buy a new boat that is yet to reach the market while the season is about to end. You can easily find a high-quality used boat with the help of a professional broker, and you can buy them at half the cost of new ones, so why waiting? Plan now, as the demand for used boats is growing every day, and embrace the freedom to sail to the destination of your choice!