By Mark Romanack
If you’re a first-time boat buyer or haven’t bought a boat in a few years, you’ll want to read on. Since the chaotic COVID years, the marine industry has been turned upside down. New boats, used boats, and virtually every accessory associated with fishing boats experienced record sales and then record shortages from 2021 to 2023. Economics 101 teaches us that when demand goes up, so do prices. Then, when available inventory falls short, prices skyrocket again.
That is pretty much what happened to the marine industry from 2021 to 2023. Boat sales reached record levels, followed by shortages of raw materials, which pushed boat prices to unprecedented levels. Despite increasing prices and in the face of COVID-19, an equally unprecedented number of individuals decided to stop saving so much money and start spending some of it!
“Back in 2019, we were very content with our annual sales,” says Steve Huber, the Marketing Coordinator for SmokerCraft Inc., the largest independent boat builder in the United States. “Then COVID hit, and before we knew it, demand started climbing to numbers we could never have predicted. In an effort to keep up with demand, we pivoted by hiring more people and even built a new manufacturing facility. Our plants turned out boats nearly 24/7, and when the dust finally settled in late 2023, our sales were double compared to 2019!” Other major marine manufacturers experienced nearly identical sales spikes.
They say that what goes up must come down, and in 2024, the marine industry started to look more like 2020. Demand has finally dropped, and dealers now have plenty of products available. Boat prices have even declined a little, especially used boat prices. The problem is that interest levels have not come down, and most individuals who buy a used or new fishing boat borrow money for the purchase.
While all this economic mumbo jumbo may sound like a lot of gloom and doom, boat and marine accessory sales are recovering. It’s often said that the fishing and marine industries are recession-proof, and this is partly true. Individuals who enjoy fishing will participate even in the face of economic challenges. The recession of 2007-2010 proved this convincingly.
What boat sales in 2025 will look like is still a bit of a mystery, but it’s a foregone conclusion that people will fish, boats will be bought and sold, and the recreational value that fishing provides will continue to enrich our lives.
WHAT KIND OF BOAT IS THAT?
Boats suitable for fishing come in all shapes, sizes and price points. From modest “car-topper” skiffs and kayaks to blue water twin screws, fishing boats are different things to different people. The first step in approaching the boat-buying market is figuring out what kind of boat would suit your fishing preferences best. Because no single boat can perfectly perform all manners of fishing in all bodies of water, some degree of compromise must be considered.
For example, a flat-bottomed jet sled designed for steelhead fishing and navigating shallow rivers is not going to perform as well as a Great Lakes big water troller. By the same token, that deep V Great Lakes troller isn’t going to be the best choice if you primarily target bass and panfish on smaller inland waters.
The best approach is to search for a boat that is well suited to the types of fishing you expect to participate in the most. If bass and panfish are your thing, one of the many modified V aluminum boats or fiberglass bass boats might be the ideal choice.
On the other hand, if you want to tap into the world-class walleye fishing found in the Great Lakes state, a V-hull with a multi-species design would be a good starting point. A larger and more seaworthy deep V model might be the best option if targeting Great Lakes trout and salmon is your primary goal.
Considering that the average boat buyer will finance this purchase for 10 years or more, it’s important to consider the type of boat being selected.
RESEARCH, RESEARCH, RESEARCH
No matter if you’re thinking about a used or new fishing boat, researching the marketplace to find out who sells what, how much product is on the market, and the typical prices these boat packages are selling for is a good starting point. Before visiting a dealer or responding to a sales ad, it’s best to know a ballpark number for what a boat, motor and trailer package is selling for.
Advertised pricing for similar boat packages can be misleading and sometimes confusing. Some manufacturers like Tracker/Nitro offer nationally advertised package prices that are the same regardless of the dealer. Other manufacturers allow their dealer network some flexibility in the pricing structure.
When comparing prices between brands and models, try to compare apples to apples as much as possible. The boat only represents about half the cost of a water-ready fishing boat. The outboard motor and trailer represent the other half. Common hidden costs include the electric motor, electronics, prop and rigging fees, which can quickly add thousands to the bottom line.
FORUM PAGES
While researching a fishing boat, it would be a good idea to talk with other boat owners about specific boat brands, models, and the level of service provided by the respective marine dealers. If you can wade through the bad information and nonsense often associated with these sites, Online forums can be a good source of information. Everyone has an opinion, but the degree of expertise that opinion is based upon is up for discussion. Using forum sites as an indicator but not absolute gospel is probably wise. Even the most well-meaning individuals can and do pass on information that’s not exactly factual on forum sites.
BOAT SHOWS
Boat shows typically held in the winter months are an excellent place to make comparisons between different boat brands and models. With so many different brands and dealers under one roof, the consumer has the luxury of looking at many different products without extensive travel. In just one afternoon, a serious boat buyer can look at several potential models and get firm price quotes for comparison.
While boat shows are set up to sell new boats, most dealers will have on hand a listing of their used inventory. This is a good opportunity to compare costs between buying a new boat with a lower interest rate and a used boat, which generally requires a higher interest rate.
TRADE-INS
Like the auto industry, many marine dealers will purchase your used boat as a down payment on buying a new boat. This can be a slippery slope for the consumer because the dealer is going to offer a wholesale value to the boat. The dealer must, in turn, inspect the boat, make necessary repairs or maintenance, and sell the boat at a retail price to make a profit. Generally speaking, it’s better to sell your used boat outright and use the cash as a down payment than to accept a dealer’s lower trade-in offer.
CASH IS KING
While most boat buyers are not going to purchase a new boat with cash, many used boat buyers will be able to pay in one lump sum. The beauty of paying with cash is that it gives the buyer the greatest leverage in negotiating the final price. This is true when buying a used boat from a dealer and also when purchasing a used boat from an individual.
As they say, cash is king when it comes to buying almost anything, and that certainly holds true for used boat purchases.
CONDITION MATTERS
Used boat sales will often come down to the boat’s condition. A boat stored indoors will be more desirable than one stored outside. Weather can quickly take a toll on any fishing boat. Items that degrade quickly include the carpet or vinyl flooring, upholstery, wiring connections, switches, pumps, etc.
A good indicator that a boat was rigged professionally and with care can be determined by simply looking at the batteries to see if the wiring harnesses are organized, labeled and routed cleanly. If the electrical connections in a boat are a mess, that is a strong indication the boat will need considerable investment to make it dependable on the water.
FINANCING HURDLES
While cash is king, most boat buyers will finance at least part of the purchase price. Most respected marine dealers work closely with a trusted lending institution that offers competitive interest rates. It’s important, however, to remember that you can also use your bank or credit union to finance a boat purchase. In general, banks are typically a little more user-friendly when borrowing money for a recreational item compared to credit unions.
TEST RIDES
If you were going to buy a new or used truck, chances are a test ride would be part of the process. Interestingly enough, very few boat buyers are treated to a test ride before purchasing. This is partly because most boats, especially new ones, are sold in the winter when a test ride isn’t practical. Also, new boats appearing in the showroom are not rigged and water-ready. The boat is only made water-ready after the purchase is completed.
Getting a test ride may be challenging, but it’s not impossible. Say you’ve picked out a select boat, motor and trailer package, but the dealer doesn’t have a fully rigged boat available for test rides. Inquire if the dealer has sold a similar boat recently and ask if that individual would be willing to provide a test ride. Often, dealers have pro staffers who are more than willing to provide test rides to support new and used boat purchases.
In the case of used boats, getting a test ride is generally easier to coordinate. If a dealer has a used boat and isn’t willing to provide a test ride, this could be a red flag. If purchasing from an individual and a test ride is not an option, the next step would be to line up a respected dealer to inspect the boat before the purchase price is agreed upon.
Any reputable dealer can thoroughly inspect a used boat, including confirming the engine hours, maintenance schedule, condition of accessories and batteries and identifying potential wear and tear areas. Buying a used boat can be a game of Russian roulette without this inspection or the benefit of a test ride. Any boat owner unwilling to let the boat be inspected is likely hiding something.
REPOWERING
In the used boat world, the boat itself generally outlasts the motor. It’s very common for an individual to purchase a used boat and then have it repowered. This option provides the consumer with a trustworthy boat at a fraction of the cost of a new boat.
Typically, when repowering a fishing boat, this would also be a logical time to upgrade the batteries, wiring harnesses and perhaps other accessories, such as sonar or electric motors. Having a reputable dealer do these tasks costs money, but ultimately the peace of mind is worth more than the cost of repowering.
FINAL THOUGHTS
They say the two happiest days for a boat owner are the day he buys the boat and the day he sells it! Perhaps there is some truth in this popular adage, but fishing boats can also provide almost unlimited access to fishing and recreational enjoyment. Michigan, of course, boasts one of the highest boat registration levels in the United States. That stated, there are no shortages of either new or used fishing boats to pick from. Picking just one forever boat requires a bit of soul searching, but the fun that follows more than makes up for narrowing down the field.
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