Economic Downturn Puts A Leak In The Boating Community

You may have noticed the line to be a bit smaller when you were registering your boat this year. You might have even noticed it when you were in chatting with your boat insurance agent. Fact, the rough economy has hurt the boating industry as well. Here are just a few areas hit by a bad economy.

Fewer boats being sold

People have become weary of making bigger purchases. With high unemployment, a shaky stock market, people are more cautious now than they ever were before. Purchasing a luxury items, like a boat, are one of the first things people cut.

Potential boat buyers face new obstacles as well. Lending institutions are not as willing to lend out money to new boat buyers. Even if a buyer is a prime candidate, the hassle of getting lending is turning people off.

The hardest boats hit are yachts. Not only has the economy down turn pushed potential buyers away. However, a 10% luxury tax that now rides on these floating marvels is like slapping a purchaser twice in the face.

More docking spaces are available

Another area hit by the downturn is port. Some ports used to see upwards of ten to twelve new boats a year. Now increasingly docking slips remain empty. The biggest people to skip out on docking their boat are the middle class.

The working class consisted of people driving boats in the 20

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