A tour of several winter boat shows offers a clear picture of what today’s boating customers are looking for.
While the pool of prospective boat buyers appears smaller than in past years, contracts were still being signed at the shows we visited this season.
Attendance at the annual Charleston (S.C.) Boat Show held Jan. 23–25 surpassed expectations, and exhibitors reported sales on par with last year’s event. Marketing initiatives also seemed effective at the Dallas International Boat Show, which posted a 7 percent increase in attendance during the opening weekend, Jan. 30–Feb. 1.
So who is buying boats right now? Predominantly people with stable employment and solid credit. Some buyers are downsizing; others are seeking a vessel that better matches their lifestyle. In every case, these purchasers have prioritized boating and made it a deliberate choice despite the broader economic uncertainty.
Below is a snapshot of current buyers, what they chose, and why those models appealed to them.
Outer Reef 63
Bob and Linda Coleman, first-time boat buyers from Kingsville, Md., selected an Outer Reef 63 in January at PassageMaker magazine’s Trawler Fest in Stuart, Fla. They were searching for a comfortable boat where they could retire and easily host their large, extended family, which includes ten grandchildren.
The timing, according to Bob Coleman, 56, owner of a successful landscaping company, aligned well with their financial plans. “My wife always wanted waterfront property,” he says. “Now we can have it all the time.”
The Colemans first noticed the Outer Reef 63 at the U.S. Powerboat Show in Annapolis, Md., and later met Fred Azar of American Global Yacht Group (AGYG). As cautious first-time buyers, they researched extensively online and visited multiple shows. AGYG provided three-day passes to the Fort Lauderdale International Boat Show, where the Colemans compared several models without feeling any sales pressure.
Several practical features appealed to Bob: at 6 feet, 4 inches tall he appreciated the standup headroom in the engine room, which houses twin 503-hp Caterpillars, and he liked the family-friendly topside layout. “It felt like the boat was built for children,” he says, noting the secure arrangement that put his grandchildren’s safety first.
They signed a contract and put a down payment on the Outer Reef 63 at Trawler Fest. The negotiated price was around $2 million, and the couple says they received a meaningful discount and a fully equipped yacht—electronics, a watermaker, granite countertops, two stainless-steel anchors and full interior décor including bed linens were included. They put roughly 10 percent down.
The Colemans intentionally avoided financing the purchase, citing concerns about lending in today’s market. They are now taking boating classes through the U.S. Power Squadrons and plan to cruise south, ultimately aiming for Central America after Bob retires. He also intends to pursue a captain’s license. “We just can’t wait,” he says. “AGYG was a pleasure to work with.”
Nordic Tug 32
Doug and Lynne Stebbins of Port Washington, N.Y., purchased a new Nordic Tug 32 late last year from Wilde Yacht Sales in Essex, Conn., trading in a 25-foot Chaparral they had owned for a year.
The Chaparral, powered by a 380-hp MerCruiser I/O, could plane at higher speeds, but neither Lynne nor their 12-year-old son Gregory felt comfortable handling the boat at those speeds. With sailing backgrounds, the couple wanted something more sedate and dependable—enter the Nordic Tugs line.
The Nordic Tug 32 is powered by a 280-hp Volvo Penta diesel and, with a 205-gallon fuel capacity, provides an estimated range of roughly 700 miles, according to Lynne. Fuel efficiency and a calm, steady ride were significant advantages over their previous gas-powered boat, which typically consumed 12–13 gallons per hour.
They were also encouraged to buy by a dealer package that included three years of free fuel, dockage, storage and maintenance, plus two weeks of training on the boat—an offer the Stebbinses found hard to refuse. A coordinated sea trial in early December, when the Connecticut River still held ice, was made possible by Wilde Yacht Sales and assistance from Brewer Dauntless Shipyard. They bought the boat the same day.
List price for the Nordic Tug 32 was about $399,000, and the couple qualified easily for financing thanks to long-term stable incomes: Doug is a trial lawyer and Lynne is an insurance brokerage attorney. They negotiated a 20-year loan at 6.87 percent interest with a flexible down payment. Because they felt financially secure, purchasing the boat was a decision they were comfortable making.
“If we were worried about our financial future, we wouldn’t have done this,” Lynne says. Their purchase reflects a common profile among current buyers: established careers, good credit, and a clear, deliberate intention to make boating a part of their lifestyle.
This article originally appeared in the Mid-Atlantic Home Waters section of the May 2009 issue.