Against all odds considering the COVID19 situation, the second hand boat market was exceptional in 2020. All sales records were beaten. Compared to 2019, the sales of second hand sailing boats increased by more then 40%. The segment of sailing boats between 10 to 12 meter made a +50 % progress ! In 2021, the demand for second hand boats has not showed any sign of shrinking.
The main reason for this enthusiasm for second hand boats was the possibility to spend holidays and enjoy time off with a leisure that had not really been impacted by the COVID19 restrictions. On top of that boat factories had almost stopped their production lines between March and September 2020. The boat manufacturers could not ensure all their deliveries, therefore numerous clients turned to the second hand boat market.
Sailing is a leisure that attracts more and more people in full ownership .
If you're on the market for a used sailboat, you might notice how many cheap ones there are. Is there something wrong with them? Not necessarily - it's more surprising.
Why are used sailboats so cheap? Some sailboats need a lot of work. Others are cheap because their owner needs to get rid of them, for example, when they're in financial distress. Boats cost money, even when not in use, which increases the urgency to sell. Also, there are a lot of used sailboats available, making it a buyer's market.
They say that free boats will eventually cost you more in maintenance than buying a fairly priced one. If you have a good eye and know what you're looking for, you might get away with it. If you know how to maintain and fix her up yourself, that might work too. But for most people, it's a lot less headache to find something reasonable.
Now let's take a closer look at those reasons.
# She's a Project
Some boats are just not worth it, and their price reflects it. Some boat owners don't know how to maintain a boat, or don't want to maintain it, letting her wither away slowly on the driveway or in the marina. You want to avoid these boats, because they will end up being expensive.
Boats that require some maintenance are fine, but once a boat has been neglected long enough, you can't really get her back up to par, whatever you put into it.
The best advice on avoiding these boats is looking at the seller. Does he/she know what she's talking about? If they do, they will be upfront about any maintenance that needs to be done. If they don't, they will probably shrug and say it's fine.
# Small Boats Depreciate
Beautiful yachts that are well-maintained may cost a fortune and retain their value pretty well. However, there are plenty of beginner sailboats available, suppressing the price. Another important factor here is that people who buy small beginner sailboats are probably trying to not break the bank, so there's a good chance they only spend what's necessary on maintenance. Also, they're beginners, so they probably will make mistakes or forget things.
# Buyer's Market
There are SO MANY boat owners who later on decide it's not for them. And there are so many small boats produced new each year. Thousands of news sailboats are sold each year which means they have to be produced too. Sailboat manufacturers that produce small, mass-produced entry-level sailboats produce hundreds of new sailboats each year.
With so many new boats and so many people trying it out and deciding it's not for them, it's a buyer's market. There is more offer than demand in the entry-level segment, suppressing the price of sailboats across the board.
So no, not all cheap sailboats are bad deals.
# Boats Cost Money
The reason people want to get rid of there boat quickly is really simple. Boats cost you money to store or dock. If you don't use them, they get behind on maintenance, decreasing there value further. They also require work to maintain, which, if you're getting rid of yours, is not what you want to spend your time on in my opinion.
# People Need the Money
Boats are luxury products - you buy one when you're ahead financially. Then, when disaster strikes and you have some sort of financial trouble, the first thing to go is the boat. It's not essential, and it eats away your monthly budget.
Sailboats are not like cars - you don't need it to get to work (although sometimes I wonder whether the world would be a better place if we sailed everywhere!). Sailing is a hobby for most people, and a relatively expensive one if you don't actively do it.
Those are the most important reasons people sell their boats cheaply all the time. That leads us to some good, and some bad news for you.
# In Conclusion
Good news: you can find a bargain boat
Sometimes. That's not to say that there aren't any good small beginner sailboats out there. No, in contrast, there are loads of good deals. The fact that there is so much on offer suppresses the price for ALL small beginner sailboats. That means that people who buy a modest sailboat, maintain it properly, and then sell it off, also have to lower there price.
There are really good boats out there for a couple of grand, right on the sweet spot of the lower segment, but with proper maintenance.
Bad news: you could be one of those owners in a couple of years
It's recommended people who want to get into sailing to do their due diligence. You can have all kinds of sailing experiences without owning a boat. It pays off to find out what you like and dislike. When you own it, you've got to take care of it. Better make sure you like her, or you will come to hate her soon enough.
To get started, SAIL GLOBAL recommend joining a sailing club first. Only paying for the memberships, a small sum of money, it saves all the troubles of mooring ,maintenance and so on but pure pleasure.
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