The yachting world is one area of the economy that's taken it's share of knocks, when banks won't loan on homes, they usually won't loan on something as trivial as pleasure vessels, so what steps are being taken to try and weather the storm? Some unique and common sense practices are being taken to stem the tide of a volatile market, some you might find surprising. Most coastal towns and marina's need the dollars pleasure boating brings in, brokers and dealers depend on those affluent clients spending their money on something not deemed a necessity.
From the sale of the vessel, taxes, slip fees and maintenance all bring precious dollars to local, county and state revenues, all of which rely on dollars spent by those in the yachting community.
The biggest change since the economy tanked is legislation taken by some coastal states to cap the luxury tax or make the taxable purchase of a luxury yacht seem more reasonable by limiting the amount the states take in when a new vessel is purchased. In Florida for instance an 18,000 dollar tax cap was put on the purchase of a new vessel regardless of it's cost, that's a huge savings when talking about high end yachts.
States like Florida in past years have let the luxury tax make most potential yacht owners stop and think twice about taxes involved in their purchase, now, those fees are spelled out in detail and limited to a certain amount without exception, all in an effort to rekindle the yachting business.
Brokers and Marina owners are getting in on the act as well by lowering fees, making discounts for repeat customers and in some instances taking every precaution to limit the amount of additional fees normally assessed to a vessel when purchased or slipped.
Actually, within reason, now is the best time to buy a vessel if you have the disposable income, why? The cost of luxury yachts have came down significantly, cost of slipping the vessel as well has taken a dip, all aspects of yachting has shown some sign of relenting to a more reasonable respectable cost that when taken as a whole means more affordable boating.
