Keep Your Boat Afloat During The Recession
With the severe economic impact brought on by the pandemic, many boat owners have been forced to reconsider their luxury investments. The rising costs of boat ownership and uncertain markets are starting to take their toll on a once flourishing industry, and boat owners are being placed under immense financial pressure, edging closer and closer towards having to make tough calls – but it’s not that easy.
A Market Adrift
With a boating market adrift in stagnant waters, selling your pride and joy can now be more tough than ever. With a slowing economy, the boating industry is one of the first sectors to face the punch. Prospective boat owners have found themselves placing their dream of owning a vessel on the backburner.
In March of 2020 alone, unprecedented layoffs were seen across boat manufacturers throughout the US. And following suit from the sinking manufacturing industry, this downward trend is already spilling over into the second-hand boat market.
With the unemployment rate at its highest since the Great Depression, more and more families are feeling the pinch and are looking to cut loose from non-essential expenses in order to stay afloat. Many boat owners struggling to find buyers are quite literally abandoning ship. In Florida, a growing number of boat owners, who’ve found themselves in the same bind as overstretched homeowners, have resorted to dumping their boats illegally, often filing off registry numbers to avoid the thousands of dollars required to properly dispose of them.
But with a second-hand boat market nearly dead in the water, how can boat owners still afford to keep ownership of their vessel while offsetting their running costs?
Between A Rock And A Hard Place
Tom, a retail executive in Baltimore, reluctantly placed his boat on the market in July when he heard that he’d lost his job. Since the pandemic began, the area has seen a surge in businesses bidding farewell and closing their doors permanently due to the economic impact of stay-at-home orders.
Unfortunately, with a market flooded with second-hand boats, Tom had been struggling to find a buyer. “As much as I couldn’t face the prospect of having to sell my boat, I knew I wasn’t going to have much luck finding a buyer either. And with the mounting costs of ownership and maintenance, I just couldn’t afford to hold on to it any longer. I was stuck between a rock and a hard place… There had to be another way”.
A Game Changer
The estimated annual cost of ownership for Tom’s $20,000 boat, which includes insurance, upkeep, maintenance and winter storage, is a bare minimum of $4,300. That’s around $360 a month and doesn’t include taxes, registration or even docking or mooring fees, and the final cost can end up being significantly higher.
Tom chatted about his frustration to a fellow boater, and that’s when he was introduced to BUKU’s game-changing new online hosting platform which connects boat owners and Captains with awaiting guests.
With BUKU, Tom’s been able to keep his boat and completely offset his running costs, while spending more time on the water. Since listing his boat, he’s been able to earn an income through hosting paying guests looking for safe, private and affordable water experiences.
How It Works
BUKU is building the number one boating community for water enthusiasts. Our platform offers water lovers virtually instant access to exciting water experiences. Chartering your boat with BUKU is easy, safe and hassle-free.
Now’s the time to take control of your investment and make the most of it. BUKU’s premium profile, which is now free for a limited time, includes staging, photography and drone footage. Our team of boating professionals are ready to get your vessel looking picture perfect and ready for guests. You set the rate and decide when your boat is available, and if you’ve got your hands full, you can partner with our network of BUKU-approved Captains and charter your vessel hands-free.
As we sail deeper into turbulent economic waters, it’s time you let your boat pay for itself. If you’ve been considering the financial impact of keeping your boat, BUKU is here to help so that you don’t have to give up your dream.
Sea you on the water!