3 Things Your Boat Dealer Wants You To Know
Summer is the perfect time to get out on the water and enjoy some time with family and friends. If you're in the market for a new boat, here are three things your boat dealer wants you to know.
1. Demand is high.
Boating has always been a popular pastime, but since the pandemic, many people have rediscovered the joys of boating as a safe way to vacation and spend time with loved ones. As a result, demand for boats is high. In fact, the National Marine Manufacturer's Association states that demand for recreational boating is at a 13-year high, and sales are up 30 percent. Unfortunately, this means that boat dealers have less inventory on hand and are less likely to be able to order the specific model and specifications that you're looking for. So if you're set on a certain boat, you may have to be patient or be prepared to compromise on some of your desired features.
2. Supply chain issues are real.
The pandemic has also resulted in disruptions in the supply chain for boats and boat parts, including resin, foam, and computer chips, meaning your boat dealer will likely have limited inventory. As a result, you will have to order a new boat and patiently await its arrival. Unfortunately, many boaters wait months for their new boat to arrive. Boating Magazine states that the "boat-buying frenzy" is forcing people "to order about five to six months ahead of schedule."
In the past, would-be recreational boaters could go to their local boat dealer at the beginning of the boating season and walk out with a boat delivery scheduled. Your best bet is to order a boat now and just wait for your turn in the queue. Purchasing well in advance is the key to winning the supply chain game.
3. Financing may be better at your bank.
With interest rates just starting to creep up, your boat dealer may not be offering the interest rate on new boat loans that compares to what your bank would charge you. As a result, it's always worth checking with your bank or credit union first to see what financing options are available to you before heading to the dealership.
Shopping for a boat post-pandemic does not have to be stress-inducing. If you remember to be patient and plan well in advance, you can be out on the water soon.
Contact a boat dealer to learn more.