- Boat prices have increased 10% this year as demand increases.
- Demand increased during the pandemic as boats were seen as a safe way to spend time outdoors.
- The same
expeditionindustry woes are to blame for shortages of other commodities such as wood and furniture.
Boats are increasingly expensive and harder to find in the United States, from small ships to large yachts.
Boat prices are on the rise and customers are waiting months longer than expected for their purchases. In Michigan, which is a hub for boaters due to the surrounding Great Lakes, a dealership is posting signs warning potential customers to “Buy Now Before They Go.” WXYZ Detroit reported.
The state’s largest pontoon dealership has only one new pontoon for sale, and the sales manager told WXYZ of “running out of stock”. The dealership also promotes trade-ins and ‘money for the boats’, similar to the ongoing used car race that has price increases at the fastest rates ever. Boat prices have increased by around 10% over the past year, the sales manager said.
For customers looking to buy new, wait times start at three to six months, or even longer for specialized or unusual orders.
Even the rich are not immune to shortages as yachts in particular become more difficult to find. “People just don’t put their boats up for sale,” Charles Cbbishley of RCR Yachts told Rochester First. He says buyers of new boats are on waiting lists until 2023.
Like many shortages going on right now, a few causes have converged to make buying boats difficult. Boating experienced an increase in demand at the start of the pandemic which has continued since, The New York Times reported. In 2020, more and more people are spending their money on socially distant activities that feel safe, like furniture improvements and even new homes. Boats are also a way for people to enjoy the outdoors and spend time with their families without interacting too closely with strangers.
Along with new demand, boaters faced the same supply chain disruptions that shocked the rest of the global market. As Rachel Premack explained for Insider, some factories closed at the start of the pandemic, slowing production of almost everything. Then came a shipping container
Getting a boat is difficult, and keeping it in good condition is no easier. Parts for maintenance and repairs are impacted by the same shortages as the boats themselves.
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