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Here’s Why Boats Are Getting More EXPENSIVE
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Aug 14, 2024
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View Video Transcript
0:00
Mark Dime, boating industry will price themselves out of business
0:06
Maybe. I mean, honestly, I kind of look at it like this
0:11
where like, so we're at the Miami Boat Show, and I'm going to do a video on this that talks more about these numbers
0:16
but I surveyed, not really surveyed, but documented 280 boats at the convention center
0:24
And I'll tell you right now that the average price of a brand new boat
0:29
was $299,000. So and also, not to mention that, out of the 280 boats that I looked at
0:37
80% of them were over 100 grand. So only 20% of the boats at the boat show were under 100 grand
0:46
So the days of the average Joe and the middle, you know, middle class kind of guy
0:52
buying a brand new boat, it doesn't. Like they have literally, I mean
0:58
inflation and economics and everything else, a whole different political discussion that we're not going to get into
1:05
but just in general as talking about the prices, the price of a brand new boat
1:12
yeah, you've priced most of the middle people out, and I get it
1:17
I mean, you know, stuff costs money to make. Shipping stuff, manufacturing stuff
1:22
getting products, assembly, you know, the whole nine yards, everything is astronomically higher
1:28
But, yeah, the average person, if you're a middle class person, you can't buy a brand new boat
1:35
Like let just face it you can afford new You got to buy old You got to buy used which I mean I would consider myself middle class and I never bought anything new in my life I never had a new car new house none of that stuff
1:46
So new boat, no different. I buy them for $1,000 and put $4,000 in them and make them, you know, usable
1:56
So the day of going to the boat show for the average guy and buying a brand new boat is
2:04
as of right now, it doesn't exist. You have to have over 100 grand
2:10
And I think a lot of it has to do with financing and everybody financing everything
2:15
So if you can get a 20, 30, 40 year loan on a boat, I mean, that's what people do
2:22
They make the payments and then they get rid of it. So, you know, I think part of that plays into that where people see the option of just taking financing and making payments to where you want to
2:36
buy a new boat. Okay. So you plan on holding this boat for, let's say, four or five years
2:42
So you say, okay, I can buy this boat. It's going to cost me $250, $300 a month. So I'll buy a boat
2:51
It's going to cost me $300 a month. That's going to cost me $3,600 a year. And over five years
2:58
this is what it's going to cost me to buy this boat. So that's what people look at. They just make the payment
3:04
and then they get rid of it and they don't care about the depreciation, the value, the longevity
3:10
or any of the other stuff. And then also one of the things that I noticed on most of the new boats is that everything decked out like fully decked out Most of the boats come with so much stuff that there isn really
3:31
the market has kind of shifted to where people want more stuff in them
3:36
They want the cushions. They want, you know, the tackle centers, the live wells
3:40
They want the washdown systems, the shower systems, the brackets, the Eurotransms
3:46
the cushions in the back, the seat. the side doors going out to side, you know, four displays on the front, everything, digital
3:53
switching. Like the market is like asking for everything and you can't really find a boat that is like
4:01
stripped down. Like, you know, obviously you can build your own custom boat. Like if you go to CV
4:07
you can get whatever you want. You want to buy a hall. Great. You want to buy, you know, fully stripped
4:12
down with nothing in it. You can do that. So there are brands that will work with you like that
4:16
but, you know, those brands like CV, they're not selling anybody anything
4:22
Like, you know, they don't sell their product. Like, they just supply
4:27
It's a distribution center. Like they are a dispensary. It's kind of like, you know, drugs, like people buy that kind of stuff because they're addicted and they want it
4:38
So like, you know, CV isn't out trying to sell boats because people want them
4:45
The product is so good that people, you know, they want it
4:49
So, like, you know, they're just there to give people what they want, and they're a dispensary of the boat
4:55
So, you know, kind of a little tangent there. But yeah I think that they are kind of pricing you know being able to buy a new boat you can really do that anymore It astronomically high and the boats are coming with so much stuff that the like average guy
5:15
that just wants to go out and get yellowtail, you know, you just go out, bottom fish for a little
5:19
bit, get some Mahi, come back in, and that's it. You don't want the radar and the 5K transducers and the autopilot and, you know
5:29
lights every every inch of the boat the underwater lights the joystick piloting the um you know the spotlights
5:37
the floodlight like all this stuff the sound system like there's a lot of people that don't want
5:43
all that stuff all they want to do you know they're happy with two speakers in a head unit and
5:48
you know a decent GPS that's it like you know they'll put a cooler in the back they'll have a
5:55
little tackle center and that's it you're kind of set up you get out you go out
5:59
you catch yellow tail you come back and those boats there's not many companies making boats like
6:05
that anymore i mean seeing that the average boat was over a hundred grand most of them it's that
6:12
25 to 30 foot range or even up into the 35 i want to say like 40% of the boats were over 30 feet
6:21
so having a market where the consumers are buying 35 foot boats like it is
6:29
you know, there's no money in building a 20-foot boat because no one buys it
6:35
And so, you know, it's a hard topic, but you know, you let us know what you think in the
6:40
comment section below. So if you like this clip, you can watch the full podcast over here or watch another one over here
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