Forecast at the end of the season: How will the used boat market develop?
Nils Leiterholt
· 25.09.2023
The summer of 2023 will be remembered by many sailors, albeit not fondly. On the jetties along the North Sea and Baltic coasts, conversations about days of forced breaks due to strong winds were the order of the day. And some people spent more hours in their oilskins on this year's summer cruise than they usually do in autumn. According to the precipitation statistics from the German Weather Service (DWD), some regions received over 250 per cent more rain than the average in previous years. Anyone who wanted to use this summer as a decision-making aid for a planned boat sale was confirmed in their intention.
And there is another reason why the boat market is interesting to look at. During the recent pandemic, there was a noticeable change in the market situation in the used boat sector. Many people had discovered sailing and, in particular, their own boat as a place of retreat. Almost everything that was on offer was bought. The end of the sell-off was determined by the increasingly difficult mooring situation. Are all the new owners - especially after a summer like this - interested in keeping their boat in the long term now that the coronavirus measures have been lifted?
War and inflation curb the desire to buy
So what is the current situation on the used boat market? YACHT has asked around for you.
Henry Jacobs, a yacht dealer from Hamburg, reports that the meagre supply has recovered noticeably. There are significantly more boats on the market. Although the number of offers has not yet fully returned to pre-pandemic levels, he says that we are on the way there. He believes this is due to the general economic situation. "The coronavirus wave is over. The boat boom it triggered is over and the market was on its way to normalising again. However, demand has disappeared since February and March," says the expert. "Inflation, energy prices and the war are unsettling people."
Otherwise, spring was the best time to sell sailing boats alongside the autumn business. Jacobs also draws a comparison with the global economic crisis of 2008/2009, when chandlers and charter companies were booming. Many did not want to commit themselves and preferred to charter. Furthermore, in times of crisis, people are always more inclined to invest in their property than to make large new purchases. Owners would therefore have preferred to buy new equipment rather than a new boat.
Due to the tense economic situation, demand for sailing boats is rather low at the moment" - Henry Jacobs, yacht dealer from Hamburg
The situation is different in Kappeln on the Schlei. Jens Sommerfeld from yachthandel24.de reports: "People are buying, but also selling." Sommerfeld explains that he could have sold more during the coronavirus pandemic if there hadn't been a lack of supplies. Sommerfeld attributes this to the fact that many owners who actually wanted to sell their boat for reasons of age were rather unsure about meeting interested parties and selling it during the pandemic due to the health risks. In addition, many would have continued to use their ship as a kind of holiday home while lying in the harbour.
Large yachts run in winter, small ships in spring
Sommerfeld also says that supply has not yet returned to pre-pandemic levels. He also assumes that demand would be higher if there were more berths. When asked what time is best for trading, Jens Sommerfeld replies: "The large, higher-priced ships in the €80,000-plus category sell better in the winter months, as buyers take more time to weigh up whether the ship meets their needs. On the other hand, I mainly sell the smaller boats in spring: that's when some people realise that they still need a boat for the new season." In conversation, it becomes clear that Jens Sommerfeld is quite relaxed about the future.
We also asked the owner and founder of Boat24, Martin Dotti, for an assessment. He reports that his website has seen a significant increase in adverts since October 2022. However, Dotti also says that the demand for high-quality, well-equipped sailing yachts, especially for longer breaks at sea, remains unbroken despite the increased supply on the market.
Although the used boat market has seen an increase in supply since the end of 2022, demand remains strong" - Martin Dotti, founder and owner of Boat24.com
While 2,582 sailing boats were listed on Boat24 in mid-August 2021, the number in 2022 was 2,408 sailing boats, a decrease of 6.74 per cent (174 boats). By contrast, the number increased to 2,908 sailing boats in 2023. The increase was therefore 20.76 per cent (500 boats). From 2021 to 2023, there was therefore a significant increase of 12.63 per cent (326 boats).
Martin Dotti also reports an increase in enquiries of ten to 15 per cent compared to the previous year. However, it is still too early to assess the long-term impact of the coronavirus pandemic on the used boat market.
