Pier 57’s Woods Sees Rise In Used-Boat Pricing

David Woods of Pier 57 (left) and Randy Scism of MTI.David Woods of Pier 57 (left) and Randy Scism of MTI.

The nation’s top dealer of Marine Technology, Inc. catamarans and Cigarette Racing Team V-bottoms, David Woods of Pier 57 Sales and Service in Counce, Tenn., said used performance-boat prices seem to have bottomed out and are actually beginning to rise.

“Most of the repossessed stuff has dried up and the inventory of the the guys (dealers) who went out of business has been liquidated through the pipeline,” said Woods. “That big yellow bible, the NADA guide, that comes around four times a year? In the last two issues, the prices have gone up. I’ve been selling boats for 15 years, and I’ve never seen used-boat prices go up. The guys with the used boats ought to be happy.”

While Woods said he is somewhat optimistic about the market and that Pier 57 is busy moving both new Cigarette and MTI models, consumer financing remains a challenge. In fact, he said that finding new-boat financing on anything other than a local lending institution level, is almost impossible.

“Qualified buyers are coming back, but the days of walking through the door with 10 percent down and walking out with a boat are gone, he said. “New higher-end boats are still selling, and even the lower-end stuff is going up a bit.”