Should I Sell My Viking Yacht? An Analysis Of Today’s Resale Market Conditions
As the leaders in sales of Viking Yachts, staying on top of market conditions is of utmost importance and is how we successfully guide our clients into purchasing the right yacht or selling their existing one. In a previous Viking market analysis, we showed statistically how between 2008 and 2015 no other sportfishing or center-console brand sold more boats over 40' in the U.S. than Viking Yachts. Since the market can change drastically from year to year, here is the latest analysis on the current Viking Yachts Market:
Overall Market Conditions : With more than 60 new and used Viking Yachts sold by HMY in the last 6 months, including several 92 Convertibles and 80 Convertibles, the current Viking market conditions are very strong. During the recession from 2008-2012, many boat manufacturers simply stopped building boats. Although Viking Yachts did not stop production, the volume of boats produced was not what it was previously in the decade. As a result of the slowdown during this period, there are not as many late-model, desirable pre-owned Vikings on the market today. Only 49 pre-owned Vikings that were built in 2010 and newer are listed for sale on Yachtworld.com in the U.S. today and HMY has more of those listings than any other brokerage firm.
What Viking Models Are Hot? : Searches for Viking Yachts on HMY.com are up over 50% and the sales activity is reflective of that statistic. Choosing a specific model that is more popular than any other is difficult since variations in the boats like open or enclosed bridge, engine packages, gyro or no gyro, can affect the demand for that specific boat. The entire pre-owned Viking market from 2000 through 2015 is fairly hot. Pre-Owned Viking 52's, 54's, and 56's built from 2002 through 2008 are selling before they hit the market as we have buyers waiting for those specific models. Pre-Owned 45's, 48's, 50's, 60's, 64's, 65's, 68's and 74's are also in strong demand providing that they are properly priced, are in decent condition, and have a reasonable number of hours. If you currently have a Viking Yacht that is in good shape and is priced competitively in the market, the activity is there and it will sell in a timely manner.
Are Prices Going Up Or Down? : Buying a yacht is generally not thought of as a financial investment, but rather an investment in spending time on the water with one's family and friends. Viking and HMY are changing that status quo. HMY is currently seeing a trend with our clients who purchased a desirable, pre-owned Viking 2-3 years ago and have kept it in top condition. Many of these Viking owners are able to sell their boats for more money today. There really has never been a better time to list your used Viking Yacht for sale on the market. Much of this goes back to the fact that there were so few boats built between 2008 and 2012, as well as the cost of similar new boats at today's prices.
There Is Very Little Competition : In the 1980's, 1990's, and early 2000's, there was a lot of competition in the sportfish market for Viking Yachts. While the custom sportfish companies always built one or two boats per year, the main competition during this time came from Hatteras Yachts and Bertram Yachts. Over the past several years, Bertram Yachts has become a non-entity, only recently opening a factory in Florida focusing on building a 35'. They have likely lost most of their client base. Hatteras Yachts now only builds roughly 20 boats per year with a majority of these being motor yachts. Most of the Hatteras sportfish client base has also disintegrated because of this change in direction. The biggest competition facing Viking Yachts today is the Custom Sportfishing Boat market where production is relatively limited. Only 20 or so Custom Sportfish are introduced to the market each year. Of the approximately 100 sportfishing yachts built worldwide yearly, Viking Yachts is responsible for 70%.