2022 VS 2023 Model Year - What is a Better Buy?
2022 VS 2023 Model Year - What is a Better Buy?
Just about every boater wants a new boat at some level, whether it’s new-to-them or brand new right off the showroom. Introduction of new model year products for 2023 are well underway so the idea of getting the latest and greatest the boating industry has to offer can be tempting, but the price tag that comes with it can often be less affordable than purchasing a 2022. We know that when you’re making an investment as sizable as a boat you want to do it in the most thought out way possible. There are a variety of factors that need to be considered when buying a new boat.
Important Factors to Consider -
The state of the market
When new models are introduced
Seasonality - Where you live and the time of year you can go boating
Your budget
Market Horizon
Even with surging prices at the pump, strong customer demand continues to move boat inventory quicker than before the pandemic. We know the pandemic-driven rush in 2020 called more first time boat buyers contributing to the low-level of available inventory due to production issues. Boat values began to sore to a record high during the pandemic, with the average global boat value 29% higher than pre-pandemic levels.
As price and inventory levels begin to normalize again, boats are becoming more available. However, the time of year you buy may depend on when you will actually see it, as production is still behind. Buying a boat in the fall guarantees your Spring delivery, so no need to worry if your boat will be delivered on time.
Model Year Introduction
New model year boats typically begin to start showing up in dealerships at the very end of summer but aren’t often introduced until the boat show late fall to early spring. If you’re looking for the latest and greatest and less concerned with price the boat show will be a good time to look at ordering a new 2023 model year.
Seasonality & Budget
Spring is naturally a busy time for boat dealerships, especially in parts of the country where the winters have freezing temperatures and snow. It’s the time of year everyone is ready to enjoy the sun and warm temps again so the rush to the water begins. Dealerships are busy summerizing storage boats, and delivering boat show orders so it may take longer for them to rig and deliver a new boat sale then it would at other times of the year.
Summer is arguably the best boating season so naturally more people are out buying boats, and driving demand. Increased competition for boats gives you less options to choose from and in some cases increases pricing. Traditionally manufactures raised MSRP annually but since Covid-19 it has changed to quarterly, you can expect to pay 8-12% more.
If you’re someone that wants to get the biggest bang for your buck, buying a boat in the fall is going to be your smartest move. Demand begins to decline as boaters start to spend less time on the water. Dealerships are looking to move current year models out of the showroom to make space for the next year’s models to take their place, making it a buyers market. The prices of the current year models are now at their lowest price and you’ll have a better buying experience with the dealer. In addition to the superior pricing, if you buy a boat in the fall you can use the entire off-season to install equipment and customs accessories like upgraded sound systems.
BEST TIME
The truth is, there is never a bad time to buy a boat. The best time is when you’re ready and feel comfortable doing so! If you want more information contact Wayzata Marine today. We’ll help you make a confident decision on your next boat purchase!