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Buying A Boat During The Coronavirus Pandemic

By Rob Bowman | Posted On Mar 16, 2020
Updated On Mar 23, 2022

What if we told you that buying a boat or a yacht right now, during this coronavirus mess, is a really good idea? "You sell boats, of course you'd say that," would probably be your next thought and you know what? You're right. That's because we believe in what we do. We help people find their freedom from life's responsibilities, reconnect with their loved ones, and create memories that last through enjoyment on the water.

There isn't a boater on the planet right now that hasn't thought they were better off cruising into the ocean to "socially distance" themselves once this pandemic began. Everyone is thinking it, some have done it, and for those that don't have a boat, this is an excellent opportunity to buy one. "The number of people boating in South Florida this weekend was epic," said Peter Schmidt, Founder of United Yacht Sales. "This is what people do when bad things happen, they go boating. It soothes the soul! What better, safer way is there to have fun outdoors while socially distancing yourself?"

Despite the uncertainty, history tells us that things will soon pass and the market will recover. In the meantime, there are several factors that are making this an excellent opportunity for boat buyers to purchase.

1. There Will Never Be A Better Time To Borrow Money

yacht wtih bow

Investors are watching the markets and waiting for their opportunity to buy stock at unordinary prices. Similarly, savvy boat buyers are finding that banks are still eager to let you borrow money with some very attractive terms. With the Fed recently cutting interest rates, yacht financing rates have followed mortgage rates by dropping to very enticing levels and can be amortized as long as 20 years based on the collateral age.

Noelle Norvell, President of the Luxury Financial Group has been speaking with yacht brokers and buyers alike the last several weeks about the positive climate for financing. " the end of the day 'Cash Is King'," said Noelle. "Yacht financing gives (the buyer) the best of both worlds. They get the yacht they want and they keep their cash." 

couple enjoying their yacht

Noelle described the current rates as "LOW" in capital letters, remarking that buyers really have a lot of options in the current climate. "The long amortizations keep a client’s payments low and no pre-payment penalties also allow them the flexibility for payoffs whenever they like."

2. Social Distancing? How About Social Docking! 

Spring weather has come to many parts of the country and warmer temperatures will be here for everyone soon. In the South, boaters have already taken to the water in droves looking to escape the barrage of media reports and de-stress. Whether you are going fishing for the day, cruising to the Bahamas, or simply tied up at your marina to enjoy the view, being on a boat is just better. Not only is boating fun for everyone, it's also good for you! (We have proof!)

In his nationally acclaimed book "Blue Mind", Dr. Wallace Nichols has conducted research into how the color blue affects are mood and our health. "Lakes, rivers, oceans, bays, even creeks and swimming pools are all blue space," he says in a recent article. "We know from studies that water positively affects us auditorily, visually, and somatically. Neuroscientists can now pinpoint in your brain where your emotions manifest — it's called the amygdala. They've found that even just looking at water can trigger feelings of wellness, compassion, empathy, and happiness. We experience slower breathing, reduced heart rate, and lowered skin temperature."

It has been easy the past week to stay glued to our phones, computers, and televisions for the latest information. While important to stay informed, it is undeniably leading to greater stress. The combination of sun and saltwater may be just the solution!

3. Buying A Boat Or Yacht Helps The Economy

Yacht Builders Hire Workers

(Seen above: The United Yacht team tours the Hatteras Yachts shipyard and learn from the craftsmen building each yacht.)

Buying a yacht may seem self-indulgent on the surface, but the reality is it's a very philanthropic endeavor. Every boat and every yacht on the water today was built inside a factory that employs hundreds of people and sold through a dealer or yacht brokerage firm that is responsible for dozens of accounting, marketing, and other support team members. The ongoing maintenance, service, storage, cleaning, accessories, fuel, and all other expenses help to fuel local economies and keep workers employed. One large yacht can literally save an entire factory from going under.

Consider this: The boating and fishing industry not only contributed $38 billion to the GDP in previous years, but the entire outdoor recreation industry employs over 4.8 million people. Every boat, insurance policy, lifejacket, cooler, or fishing rod you buy helps fuel our economy in some way shape or form.

Whether you are brand new to boating or looking to move into a larger yacht, United Yacht Sales is committed to helping you achieve your passion for the water. We are also committed to our clients who have their yachts listed with us. We have not and will not stop marketing your boat for sale.

In closing, as United founder Peter Schmidt once wrote in his letter, "Why Buy A Yacht", "A yacht allows you to make memories you never dreamed possible. You cannot place a value on the look on your kid's face when he reels in his biggest fish or the uninterrupted time spent with your family outside of cell phone range, those moments are priceless."

If you aren't sure where to begin, please give our main office a call at (772) 463-3131 and we will be happy to speak with you about your boating needs.

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