Is Boating Back in Vogue?

One of the hardest hit industries during the current economic crisis (after, of course, the housing market and the automotive industry) has been the boating industry. People that don’t have jobs don’t buy boats, and those that do have jobs are much less likely to add the expense of a boat loan payment (not to mention the additional cost of boat insurance premiums) when they’re not sure whether they are going to have a paycheck next week.

2009 was an especially rough year in the boating world. Many manufacturers halted production, and tons of retailers went out of business. According to one industry journal, as many as half of retail boat dealers may have disappeared over the past few years.

Still, there may be good news. There are many folks that are optimistic that the rebound that’s taken place in 2010 in the auto industry may spread. There are already signs that the motor home industry is coming back, signaling that consumers are more willing to spend money on recreation than they have been in the past few years.

Take, for example, Wilson Marine in Brighton, Michigan. Its owner claims that boat sales are up by about 20 to 30 percent this year over this time last year.

Of course, some of this news is regional. Boat dealers in the Gulf states, which have been so focused in recent weeks on the BP oil spill, probably aren’t seeing the same kinds of positive results.

One trend worth noting is that more and more consumers are moving toward all-purpose crafts. Ski boats and cruisers aren’t selling all that well, but pontoon boats are moving very well. Pontoon boats serve not only as floating party barges, but as portable craft for swimming, fishing or just enjoying a trip down a river.

Another noticeable change from the past is that boat financing seems to be increasing in popularity. There are marine lenders offering 10 year terms, and interest rates comparable to car loan rates.

Whether the buying trend continues remains to be seen. For those of us who enjoy our water sports, more interest means more choices in the marketplace, so it can really only be seen as a good thing.

Photo via Joãomagagnin

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