A Tale of Two Budgets

The most common question I get is “How is the boating market?”. It is a bit like asking “How is the weather in the United States?” Well, it depends on where you are, what are the big influences like the jet stream and ocean currents along with local impacts of geography etc. etc. You get the point-the market depends on where you are and minor specifics of your particular market niche. However there is one common trend I am hearing about which is affecting buying decisions. We all know that boating is not the cheapest of hobbies and requires a commitment of time and money. We have discussed this more than once in previous blogs. The change in conversation I am hearing is switching from, “Gee boats are expensive” to “ Wow, it costs a lot to keep a boat!” The focus has switched from the boat buying budget to the boat keeping budget. The marine industry has not been immune to the inflation we have all experienced in the past few years. Moorage, maintenance, financing and insurance have all gone up in varying degrees. (I still think insurance is crazy cheap considering what we are asking of it).   Moorage and maintenance are the most common ones I hear about which makes sense as they feel like they have seen the biggest increases. They are impacted by a multitude of different factors and a little increase in each area starts to add up. However, THERE IS A SOLUTION! When you are trying to figure out which boat to buy and whether can you afford it, dial it back a bit. You wanted that 55’ pilothouse? Maybe you can get achieve your goals in a 45’ sedan. Looking to cross the oceans in 20 years? Maybe buy a boat for the inland cruising you are going to be doing for the next 15 years and worry about the oceans later. Want a brand new or newer boat? Maybe give a look at something a bit older that has been loved and coddled and has many years of cruising left. If the goal is to be on the water, modify your expectations and get there.  I think 2026 is going to be full of opportunities for buyers, and adjusting your expectations will allow you to grab one as it floats by.