Today’s boat buyer tends to have good credit, a stable job and a strong passion for boating.
Although the number of buyers overall has declined, several winter boat shows still produced sales and steady interest. The CMTA Hartford Boat and Fishing Show drew about 16,000 attendees and organizers called it a success given the economic climate. The Providence (R.I.) Boat Show in January reported roughly a 10 percent increase in attendance over its usual turnout of about 20,000. Dealers and manufacturers reported that contracts were signed and boats changed hands at these events.
“We estimate we’ve sold close to 20 boats between the Providence and the Hartford shows,” says Diane Bassett-Zable, president of Bassett Boat Co., which serves Connecticut, Massachusetts and Rhode Island. “We are very encouraged. The consumer is being reminded to go out and enjoy life again.”
So who is buying boats now? The typical buyer usually has steady employment and good credit. Some are downsizing, others are upgrading to better fit their lifestyle, but in every case these consumers are prioritizing boating and making the purchase because it matters to them.
Not every new owner wants to advertise the purchase. In tight economies, buyers sometimes feel awkward about spending while others struggle. “They are happy they bought the boat, but there was a little bit of guilt because they know others aren’t doing so well right now,” says Doug McKenzie, vice president and general manager of Boats Incorporated in Niantic, Conn. “They’re feeling some peer pressure, and I understand that and respect that.”
Below is a snapshot of buyers active in the current market, the boats they chose and why they made those decisions.
Nordic Tug 32
Doug and Lynne Stebbins of Port Washington, N.Y., traded their 25-foot Chaparral for a new Nordic Tug 32 late last year, purchasing through Wilde Yacht Sales in Essex, Conn.
“The Chaparral had a 380-hp MerCruiser I/O and went pretty fast,” says Doug Stebbins, 58. “Neither Lynne nor my son, Gregory, who is 12, felt comfortable at the helm when the boat was planing at higher speeds.”
Drawn to the Nordic Tugs line for its steady, comfortable handling, the Stebbins wanted something that matched their sailing background and a slower cruising style. The Chaparral burned about 12 to 13 gallons per hour on average, while the Nordic Tug’s 280-hp Volvo Penta diesel and 205-gallon fuel capacity give it a much longer cruising range—Lynne estimates roughly 700 miles.
The couple felt secure making the purchase because both have stable careers—Doug is a trial lawyer and Lynne works in insurance law—and they have strong credit. They also received an attractive package from the dealer that included three years of complimentary fuel, dockage, storage and maintenance, plus two weeks of hands-on training on the boat, which sealed the deal.
List price for the Nordic Tug 32 was about $399,000, according to Lynne. Wilde Yacht Sales coordinated a December sea trial, navigating icy river conditions with assistance from Brewer Dauntless Shipyard, and the Stebbins completed the purchase that same day. They negotiated a 20-year loan at 6.87 percent and declined to disclose the exact down payment.
“We’ve been married for 30 years, and we’ve always had a stable income,” Lynne explains. “If we thought we were in real trouble financially, we wouldn’t have done this.”
Skeeter ZX190
Essex resident Greg Gondek purchased a Skeeter ZX190 bass boat from Reynolds’ Garage and Marine in Lyme, Conn., at the Hartford show. The base ZX190 features a 175-hp Yamaha and is designed for serious freshwater anglers.
Gondek, 54, president of a company that provides office equipment and management services, traded in a 20.5-foot Skeeter with a Yamaha 225. With his son in college, Gondek wanted a smaller, more practical boat for his needs. He praised Reynolds for their low-pressure sales approach and genuine boating expertise—qualities he valued after unsatisfactory experiences with other dealers.
He reports the base price of the Skeeter ZX190 at roughly $48,000 and says he did not have to put money down because his trade-in held good value. Gondek is weighing financing options: he may finance roughly $10,000 if rates fall below 7 percent, otherwise he will pay cash. He also noted that fuel prices influenced boating usage last summer, but with gas stabilizing, owners may use their boats more this season.
Pursuit C 310
Michael Boudreau of Glocester, R.I., bought a Pursuit C 310 center-console in January from Striper Marine in Barrington after seeing the model at the Hartford show. His Pursuit is equipped with twin 250-hp Yamaha 4-strokes, a layout suited for serious offshore fishing and overnight trips.
Boudreau, 58, works at the State Department of Corrections and recently moved into tuna fishing, seeking a boat that could operate comfortably at night. He traded up from a 26.6 Sailfish with Yamaha outboards, which had become too small for his needs. The retail price for the Pursuit he selected was about $206,525, according to the dealer, though Boudreau declined to give the exact purchase price.
Financing was straightforward for him: a 20-year loan at 4.8 percent. He did note the bank’s underwriting standards had tightened slightly, with lenders now looking for higher credit scores—around 680 instead of 620—but he met the requirement without issue.
Boudreau emphasized the importance of boat shows as a sales channel, saying they allow buyers to compare models side by side and experience different layouts in person. “Without boat shows, the whole system would go down the tubes,” he said. For enthusiasts who love fishing and boating, the passion persists despite economic cycles: “Life’s going to go on, and we’re going to have good and bad times. This is just a tough time right now.”
This article originally appeared in the April 2009 issue.