The start of 2024, trends for the boat market…
All in all, we end the year on a high note, with 2024 looking more positive than expected. The US Fed announced that it plans to lower interest rates in 2024. The markets reacted very well, and this led to a jump in the CAD/USD exchange rate (from $0.73 to $0.75). The stock market is finishing higher for 2023.
But we’ll still be in a buyer’s market. Sellers will have to take this into account, so prices will be a determining factor in the sale of a boat, and above all, it will be important to ensure excellent visibility. It’s vital that the boat is highly visible, so as not to miss out on any potential buyers for your category of boat. In fact, depending on the boat, it’s important to determine the site(s) that will maximize your boat’s sales potential. We’re talking here about sites dedicated solely to boat sales (Canadian, American and, why not, European).
In short, you’ll need to be more rigorous in determining your selling price, draw up a list of good comparisons and have an excellent strategy.
As far as buyers are concerned, you’ll be in an excellent position. Supply should be plentiful. So you’ll have plenty to choose from, and negotiations should be favorable for you.
Now, new-build buyers beware: the same applies to you, by which we mean negotiation. More than ever, you need to consider after-sales service and, at the same time, the most advantageous tax treatment for you.
Taxation in Canada is particularly off-putting for the new, there’s the new luxury tax (since Sept 1, 2022) and potentially customs fees and both taxes. Perhaps sailing into American territory can be a game-changer for you. We’re talking 25% to 35% savings here, so it’s worth thinking about.
But it doesn’t have to be at the expense of after-sales service. For example, if you’re buying an Azimut, make sure you can use the after-sales service department of the only exclusive Azimut dealer in the USA, MarineMax, which doesn’t accept yachts sold by Canadian dealers.
But we, the advisors at Ita Yachts Canada and its ProprioBateau division, can overcome this constraint. Contact us and we’ll make sure that taking possession of your yacht in the U.S. goes smoothly with your brand’s after-sales service, for example, for an Azimut, it will be at MarineMax.
But we at Ita Yachts Canada and our ProprioBateau division can help. Contact us and we’ll make sure that taking possession of your yacht in the U.S. runs smoothly with your brand’s after-sales service, for example, with MarineMax for an Azimut.
At Ita Yachts Canada, we have the expertise and experience to support you in all transactions, including those outside Canada. What’s more, we’re authorized brokers with YachtWorld and members of the International Yacht Brokers Association (IYBA).
There’s no room for improvisation when buying a boat or yacht. You need a well-thought-out, methodical approach. Negotiation, deposit protection, thorough inspections, title studies, renegotiation after inspections and, of course, a successful and well-planned conclusion.
Avoid at all costs the “I SHOULD HAVE…” attitude.
The experienced brokers at Ita Yachts Canada and its ProprioBateau division are familiar with all types of transactions, including those with our American neighbors.
What’s more, if you want to sell without paying a commission and you want your boat to be present and visible on boat sites, take a look at the “sell without commission” package on the ProprioBateau website, which also includes a presence on BoatDealers.ca.
So, for a great deal, an experienced broker is the key to a great deal from start to finish.
DISCLAIMER
The article presented on this page is for information purposes only. This information is provided as editorial (i.e. opinion). The information presented in this article is presented in good faith and, while believed to be correct, is not guaranteed. Ita Yachts Canada does not warrant or assume any legal liability or responsibility for the accuracy, completeness or usefulness of the information and/or images displayed, as they do not suggest anything in relation to this article, indeed no association can be made with respect to the images and the article. All information in this article is subject to change without notice and is without warranty. It is the reader’s responsibility to verify the descriptions and statements contained in this article. The brokers at Ita Yachts Canada assume no responsibility for any conclusions the reader may draw. The purpose of this article is to promote boating in all its forms. It gives one point of view among many.
