yacht prices dropping

Is The Boat Market Crash Here? 2024 Outlook Unveils Key Insights

The boat market has been experiencing a rollercoaster ride over the past few years. COVID-19 and other factors have caused fluctuations in sales, demand, and pricing. As we sail into 2024, many are wondering whether a boat market crash is imminent, or if the industry will continue to find stable waters.

Analyzing the current state of the market and its many implications is vital for both potential boat buyers and industry insiders looking to navigate the uncertain waters ahead.

Various factors come into play when considering if the boat market will crash or remain steady in 2024. As the world grapples with pandemic aftermath and economic recovery, boat pricing dynamics, industry supply chains, and boater behavior/preferences become critical in predicting the market's trajectory.

Furthermore, regional market considerations, financing and ownership costs, and even boat shows and industry events play crucial roles in shaping the boating industry's outlook.

Key Takeaways

• The boat market's stability in 2024 depends on multiple factors, including economic recovery and boater preferences.
• Supply chain issues and regional market dynamics also contribute to potential fluctuations in the boat market.
• Financing and ownership costs can impact boat sales and industry events, highlighting the industry's economic context.

State of the Boat Market in 2024

Current Demand and Sales Trends

In 2024, the boat market is experiencing some significant shifts in demand and sales. The bigger boat market remains strong, while the small boat market is seeing a slowdown in interest.

As mentioned on boatblurb.com , vessels under 30 feet are less popular, experiencing a cold market. The slower sales in this segment may be attributed to the economic climate, as financing rates for these are higher.

In contrast, larger boats are enjoying a booming market, with sustained high prices. According to sportfishhub.com , new boat prices increased 10% on average in 2022 and are forecasted to rise another 2-5% in 2023. Popular brands and models may see waitlists extending into 2024.

Impact of High Inflation and Interest Rates

High inflation and fluctuating interest rates are not sparing the boating industry. As mentioned in the Future of Boating Report , these factors have significantly changed the industry.

With increased production costs, boat manufacturers are transferring the expenses to the buyers, increasing the prices substantially.

Moreover, high inflation and interest rates are affecting consumer purchasing behaviors. As mentioned on thehulltruth.com , boat prices are experiencing a 10% drop in some areas, signaling a potential market stabilization by the end of 2024. This trend might be driven by less-financing options for boats older than 15 years, limiting the number of potential buyers.

Pandemic Aftermath and Economic Recovery

Effects of the COVID-19 Pandemic on Boating

The COVID-19 pandemic had a significant impact on the recreational boating industry. Demand skyrocketed as people sought outdoor activities that allowed for social distancing and a respite from lockdown restrictions. This led to a boom in boat sales during the height of the pandemic.

However, as the pandemic is gradually brought under control and the economy starts to stabilize, the outdoor-recreation boom appears to be tapering off.

A major factor contributing to this decline is the increase in interest rates in the United States, which has made financing boat purchases more expensive. This has led to a dip in boat sales as buyers reconsider their options.

Additionally, the industry faces challenges in the form of inflation and supply chain disruptions, which have increased the costs of production and put upward pressure on prices for consumers.

Comparative Analysis: Pre and Post-Pandemic Market Conditions

Before the pandemic, the recreational boating market was already growing steadily. The COVID-19 pandemic created a sudden surge in demand that exceeded pre-pandemic levels. Here's a brief comparison of some key metrics:

• Annual boat sales : During the pandemic, there was a significant increase in boat sales. However, analysts now predict that the demand will taper off in the post-pandemic market conditions.
• Consumer behavior : Prior to the pandemic, outdoor recreation and boating were popular leisure activities. The pandemic intensified this trend, as people sought safe outdoor experiences. The shift may be temporary, with the market potentially returning to its pre-pandemic trajectory once the broader economy recovers.
• Economic factors : Before the pandemic, interest rates were relatively low, making it easier for individuals to finance boat purchases. As economic conditions have evolved and interest rates have risen, this has introduced an additional hurdle for potential boat buyers.
• Supply chain and inflation : Supply chain disruptions and inflationary pressures have affected the boat industry just like other sectors of the economy. While these factors were already present before the pandemic, they have been exacerbated by global economic disruptions during the last few years.

Boat Pricing Dynamics

New Boat Price Trends

In recent years, the boat market has experienced some significant fluctuations in pricing. New boat prices saw an average increase of 10% in 2022 , and experts anticipate this trend to continue.

The projected rise for 2023 is between 2-5%, with prices expected to remain higher than pre-pandemic levels into 2024. Several factors are contributing to this upward trend:

• Supply chain disruptions : As the shipping and manufacturing industries grapple with the ongoing effects of the pandemic, the availability of boat parts and materials is hindered, leading to increased costs.
• Demand : With more people interested in boating activities as a form of recreation or escape from daily life, demand for new boats has surged, driving prices up as well.

Used Boat Market Analysis

The used boat market has also experienced price changes, though they may vary depending on various factors, such as the age and condition of the boat.

For example, a 5-year-old, 25-foot center console boat that originally sold for $100K could now fetch between $60-80K on the used market.

As for the future outlook of the used boat market , it is challenging to predict with certainty. Some predictions suggest that a decrease in prices is possible, with factors such as inventory stabilization and eventual changes in demand potentially driving this trend. However, the broader economic conditions also play a significant role in determining the price movement.

Boating Industry's Supply Chain

Inventory Management Strategies

In recent years, the boating industry has experienced significant fluctuations in supply and demand. One of the key challenges for manufacturers and dealers is to maintain an optimal inventory level to meet the evolving market.

Some proactive inventory management strategies include:

• Demand forecasting : Regularly assessing demand trends, seasonality, and market dynamics enables better prediction of future needs.
• Automated reorder points : Implementing technology to track stock levels and automatically trigger replenishment orders can help prevent stockout situations.
• Vendor partnerships : Developing strong relationships with suppliers enables better collaboration and communication, which is crucial during supply chain disruptions .

Supply Chain Issues and Resolutions

In recent years, the boating industry faced supply chain disruptions that have impacted the availability of 2023 inventory.

Limited inventory levels have led to increased prices and longer wait times for popular brands and models.

Some of the key supply chain related challenges in the boating industry include:

• Supply chain disruptions : Global events, such as the COVID-19 pandemic, have impacted the supply of raw materials and components, leading to production delays and backorders.
• Labor shortages : Skilled workforce scarcity in manufacturing plants has contributed to reduced production capacity.
• Transportation bottlenecks : Insufficient transportation capacity or delays due to port congestions may result in extended lead times.

To address these supply chain issues, manufacturers and suppliers in the boating industry have implemented various strategies. These include:

• Diversification of suppliers : Reducing dependence on a single supplier helps mitigate risks related to production delays or supplier bankruptcy.
• Regionalization of supply chains : By sourcing materials and manufacturing closer to their markets, companies can build resilient supply chains less vulnerable to global disruptions.
• Investment in digital transformation : Adopting digital tools can enable better transparency and traceability, ensuring efficient communication among supply chain partners.

Boater Behavior and Preferences

Shifts in Consumer Demand

In recent years, the boating industry has observed a shift in consumer demand towards more versatile, eco-friendly, and technologically advanced boats.

Consumers are increasingly seeking out boats with efficient fuel consumption and lower emissions, as environmental concerns become more prominent.

One popular trend is the growing interest in electric and hybrid boats, as they offer a cleaner and quieter boating experience.

Additionally, well-maintained used boats have become an attractive option for budget-conscious boaters who prioritize sustainability.

Advancements in technology have also driven changes in boater preferences.

Autonomous features such as auto docking have gained popularity, as they simplify the boating experience and make it more accessible to a wider range of consumers.

Thanks to cutting-edge sensors, GPS systems, and smart algorithms, docking has become significantly easier and safer.

Buying Behavior of Recreational Boaters

Recreational boaters have also shown a shift in their buying behavior.

With the high demand and delayed availability of new boats, many boaters are now considering the secondary market.

A key driver of this trend is the growing appreciation for well-maintained used boats that offer comparable performance to new models at a fraction of the cost.

Budget-conscious consumers are now more inclined to explore financing, leasing, or even boat-sharing options to fulfill their boating desires.

Moreover, some potential boat buyers have turned to alternative water-based activities, such as kayaking or stand-up paddleboarding, to satiate their thirst for aquatic experiences.

In response to these changes, the boating industry has had to adapt its offerings, promotions, and marketing strategies to cater to the evolving preferences of the modern boater.

Many manufacturers and dealers are now focusing on providing a seamless customer experience, offering extensive after-sales support, and forging long-lasting relationships with their clientele.

Boating Industry's Economic Context

The Role of Boating in Outdoor Recreation

The boating industry is an important component of the outdoor recreation sector, which has experienced significant growth in recent years.

Boating activities, such as fishing, cruising, or watersports , are popular among both families and individuals looking to spend time outdoors.

This increased interest in boating has had a positive impact on the recreational boating market , which is estimated to be worth around $27.32 billion in 2024.

Some of the key factors driving this growth are:

• Convenience : With advancements in technology, modern boats now offer greater convenience and ease of use, making them more appealing to a larger audience.
• Accessibility : The popularity of boat-sharing services, such as Freedom Boat Club, has contributed to greater accessibility, thus boosting participation in boating activities.
• Health and Wellness : Outdoor recreation as a whole has gained attention due to its impact on physical and mental well-being, further encouraging people to engage in activities like boating.

Economic Impact on U.S. Businesses and Jobs

The boating industry has had a significant economic impact on the U.S. economy, contributing to the growth of various industries and creating job opportunities. Some key insights regarding the boating industry's impact include:

• Boat Manufacturers and Dealers : The demand for new and used boats has led to increased production and sales, benefiting both manufacturers and dealers.
• Marinas and Boat Storage Facilities : As more people participate in boating activities, marinas and boat storage facilities have experienced higher demand, directly contributing to the local economy.
• Maintenance and Repair Services : With more boats in use, the demand for maintenance and repairs has risen, creating jobs for skilled technicians and mechanics.
• Boating-Related Businesses : The boating industry has a trickle-down effect, generating business for other industries, including equipment and accessory manufacturers, insurance companies, and marine construction companies.

Marine Technology and Sustainability

In recent years, the marine industry has witnessed significant advancements in technology aimed at promoting sustainability and reducing the environmental impact of boating activities. Some key areas of focus include innovative new products, alternative marine fuels, and novel propulsion systems that are better for our planet.

Advances in Propulsion Systems

The marine industry is seeing a steady shift towards more environmentally friendly propulsion technology innovations .

Electric and hybrid propulsion systems have become increasingly popular as boaters demand cleaner alternatives to traditional fossil fuel-powered engines.

These systems not only reduce emissions but also offer potential cost savings and a quieter boating experience .

In addition to electric propulsion, hydrogen-fueled marine engines are gaining attention.

Hydrogen, when used as a marine fuel, emits only water vapor and heat - making it an attractive option for decarbonization in the marine industry. However, challenges such as fuel production, storage, and infrastructure need to be addressed for these systems to become mainstream.

Decarbonization in the Marine Industry

One of the primary obstacles in achieving a carbon-neutral marine sector is the lack of sustainable marine fuels to replace fossil fuels currently in use.

Recent developments in this domain involve the exploration and implementation of various renewable fuel options:

• Biofuels : Produced from biological sources such as plant and animal waste, biofuels offer a more sustainable alternative to fossil fuels.
• Synthetic fuels : Created by combining hydrogen with carbon dioxide captured from the atmosphere, synthetic fuels are carbon-neutral, but their adoption is limited due to high production costs.
• Renewable natural gas : Methane emitted from organic waste can be captured and used as a renewable fuel source, reducing greenhouse gas emissions.

Another critical aspect of decarbonization in the marine industry is formulating and adhering to marine electric technology standards.

These standards help ensure that new products and technologies developed for sustainable marine applications conform to specific guidelines, promoting safety, efficiency, and compatibility across the sector.

Regional Market Considerations

North American Boat Market Overview

The North American boat market has shown resilience in recent years despite economic uncertainties. According to the National Marine Manufacturers Association (NMMA) , several industry trends have emerged as we enter 2024:

• New boat prices : Due to various factors, the prices of new boats are expected to remain high in 2023 and 2024, with an average increase of 2-5% in 2023.
• Waitlists : Popular brands and models may have waitlists extending into 2024, due to high demand and supply chain challenges.

The boat market's growth has been further driven by changes in consumers' preferences, with more people opting for outdoor and recreational activities. Brunswick Corp is one of the leading companies in the industry, highlighting the potential for market expansion in North America.

Market Nuances in States like Florida and New York

The boat market outlook varies across different states in North America, with Florida and New York having unique market characteristics.

• Florida: Known for its warm weather and coastline, Florida has long been a popular destination for boating enthusiasts. The state's market is heavily influenced by the demand for larger boats and yacht sales.
• New York: The boat market in New York is driven primarily by recreational boaters and fishing enthusiasts. The demand for smaller boats is more prevalent here compared to Florida.

Financing and Ownership Costs

When considering the purchase of a boat, it's essential to take into account not only the initial cost but also the ongoing expenses associated with ownership.

This includes factors such as financing and borrowing costs.

The boat market is currently experiencing a significant impact on financing options and borrowing costs.

While new boat prices increased by 10% on average in 2022 and are forecast to rise another 2-5% in 2023, consumers and dealers may face elevated borrowing costs for months to come.

This could make it more expensive for potential buyers to secure financing, affecting the overall demand for boats.

Moreover, the boat market is highly price sensitive. As a result, any increase in production costs or borrowing rates may cause potential buyers to reconsider their purchase decisions.

The sub-30-foot boat category is particularly affected, with most boats being financed and consumers being more cautious due to uncertainty in the market. This has created a buyer's market for smaller vessels.

When assessing boat ownership costs, it is crucial to consider the following expenses:

• Loan Payments : The monthly loan payments depend on the boat's price, the down payment, the interest rate, and the loan term.
• Insurance : The cost of insurance varies depending on the type, size, and value of the boat .
• Maintenance and Repairs : Routine maintenance and occasional repairs are essential to keep the boat in good condition.
• Storage : Boats need to be stored on land or in the water when not in use. Storage costs will depend on the location and the type of storage facility.
• Fuel : The cost of fuel will depend on the boat's size, engine type, and usage frequency.

Boat Shows and Industry Events

Effect of Boat Shows on Buyer Sentiment

Boat shows play a crucial role in the boating industry, particularly in shaping buyer sentiment and trends.

Major events like the Dubai International Boat Show showcase stunning superyachts and cutting-edge nautical innovations, which can directly influence consumer confidence.

These events allow potential buyers to explore various boat models, compare prices, and feel more informed before making a purchase.

In 2024, the continuing trend of high-profile boat shows is expected to maintain the enthusiasm of buyers and contribute to the healthy growth of the boating market.

For instance, the latest boat shows have displayed a variety of 2023 and some 2022 boats, indicating the strong demand and positive outlook in the industry.

Winter Boat Shows and Their Influence on Sales

Winter boat shows often hold a special importance in the industry, as they mark the beginning of a new boating season.

These events are designed to draw in consumers who are preparing for the year’s boating activities, while also introducing them to new products and innovations.

Despite the challenges faced by the industry in recent years due to supply chain disruptions and rising boat prices, boat price trends suggest that sales continue to remain strong.

Winter boat shows play a significant role in sustaining this momentum, as they entice potential buyers and maintain consumer engagement with the latest boating trends.

Visiting a winter boat show allows consumers to take advantage of purchase incentives, special offers, and expert advice.

Moreover, boat manufacturers utilize these events to showcase their newest models and innovations, capturing the attention of potential buyers.

Production and Builders' Perspectives

Challenges Facing Boat Builders

Boat builders in 2024 are confronting a variety of challenges.

Among the most significant are the lingering supply chain disruptions that have led to increased boat prices . This has strained builder resources and placed pressure on the bottom line.

Another issue faced by builders is the demand for more environmentally friendly, sustainable materials in their production processes, such as the use of fiberglass.

Additionally, current industry trends toward autonomous docking and advanced navigating features are further stretching the capabilities of many boat builders, as they must rapidly adapt to new technologies and respond to shifting market demand.

Production Adjustments and Innovations

Many boat builders are making strategic adjustments to their production process, such as investing in new technologies .

They are developing and incorporating advanced assistance systems, like Volvo Penta's Assisted Docking system and Avikus's Neuboat Dock, which utilize sensors, GPS, and algorithms to streamline docking efforts.

Boat manufacturers are also reconsidering their use of materials.

Fiberglass , for example, has long been a popular choice for boat construction, but the industry is shifting toward more environmentally friendly, sustainable alternatives.

These changes are vital to meet customer expectations and adapt to regulations, while also supporting more efficient production.

Market Projections and Future Trends

Predictions for New Powerboat Retail Sales

Experts predict that new boat prices will remain high in 2024 due to various factors affecting the industry.

New boat prices increased by an average of 10% in 2022 and are forecasted to rise by another 2-5% in 2023.

Popular brands and models may have waitlists extending into 2024, sustaining the high prices.

The small boat market , however, is experiencing a different trend.

Boats under 30 feet in size are currently in a buyer's market. This disparity is due to the majority of small boats being financed, with consumers being more cautious in response to media coverage of economic fluctuations.

Emerging Technologies and Market Disruptors

Innovations in the boating industry have the potential to reshape market trends in the coming years.

Some emerging technologies that could have an impact on the market include electric propulsion systems, renewable energy sources, and artificial intelligence for navigation and control.

Among these technologies, electric propulsion has been gaining significant traction in recent years.

With growing concerns over the environmental impact of traditional fuels, electric-powered boats are becoming more appealing to consumers.

As a result, major manufacturers are investing in the research and development of electric motors and batteries to offer more efficient and environmentally friendly options.

In addition to electric propulsion, renewable energy sources such as solar and wind power are also making their way into the boating industry.

Solar panels and wind turbines are being incorporated into the design of new boats, providing a supplemental power source while reducing the vessel's overall carbon footprint .

The integration of artificial intelligence and advanced navigation systems is another promising disruptor in the market.

Sophisticated software and sensor technologies allow for improved navigation and safety, while offering a more personalized experience for boaters.

By adopting advanced AI and automation, manufacturers can create a more accessible and enjoyable experience for all levels of boaters.

Quality of Life and Recreational Boating

Recreational boating has seen significant growth in recent years. Individuals increasingly prioritize leisure and outdoor activities to enhance their quality of life.

The recreational boating market was valued at USD 27.32 billion in 2024. It is projected to reach USD 36.78 billion by 2029, growing at a CAGR of 5.10%.

As people's interest in outdoor recreational activities rises, so does their desire to spend time on the water. Boating offers various benefits to enhance one's quality of life, such as:

• Physical activity: Engaging in water sports or simply maneuvering a boat offers a form of exercise, promoting overall health and well-being.
• Mental health: Spending time on the water can help reduce stress and anxiety, providing a calming and tranquil environment to unwind.
• Family bonding: Boating offers opportunities for families to spend quality time together, strengthening relationships and creating memorable experiences.
• Connection with nature: Being on the water allows people to connect with nature, appreciate its beauty, and foster a sense of environmental responsibility.

Even though the boat sales have cooled down in 2024 due to the post COVID-era demand surge, recreational boating remains a popular choice for outdoor activities. Various factors have driven the industry's growth, including innovations in boat designs, eco-friendly alternatives, and increased accessibility for a wider range of individuals.

Despite the overall positive outlook, potential boat owners should carefully consider the costs and responsibilities associated with owning a boat. These may include maintenance, insurance, and storage fees, as well as the impact of fluctuating fuel prices and the potential for waitlists on popular brands and models extending into 2024.

Frequently Asked Questions

How has the 2024 economic climate influenced boat sales?

The current economic climate in 2024 has led to elevated borrowing costs, which in turn has a negative impact on the sales of boats in the US market. Boat stocks have struggled to start off the year, making it more challenging for consumers and dealers to afford financing options for boat purchases.

What predictions are experts making for boat market trends in the next year?

Experts predict that new boat prices will remain high in 2024, due to various contributing factors. New boat prices increased by 10% on average in 2022 and are forecast to rise another 2-5% in 2023. The high demand for boats and extended waitlists for popular brands and models are expected to sustain these price trends into 2024.

How might regional differences, such as those in California, affect the 2024 boat market?

Regional differences, such as the unique environmental regulations and state-specific economies, can impact the boat market in various ways. While this information isn't directly available for California, be aware that local market conditions might be different from the national trends as they can be influenced by the regional economy, local regulations, and consumer preferences.

What are the potential risks for boat buyers and sellers in a volatile market?

In a volatile boat market, buyers may face higher prices coupled with limited availability of desired models, as well as fluctuating interest rates on loans. Sellers, on the other hand, may need to compete with a smaller pool of potential buyers and may experience longer wait times for selling their boats, potentially at a lower price than anticipated.

Are current financial conditions presenting a buyers' market for boats?

Despite the challenging market conditions, the boat industry appears to be resilient in the face of inflation, falling stock prices, and recession fears. This suggests that demand for boats remains high, and it might not be a traditional buyers' market. However, certain segments of the market or specific regions might experience different market dynamics.

How is the boating industry adapting to the potential market changes in 2024?

The boating industry is continuously adapting to market changes and consumer demands.

Manufacturers and dealers are working to improve efficiency, address supply chain challenges, and develop innovative products to enhance the boating experience.

As new technologies and market trends emerge, the industry is expected to respond by offering new models and services to better cater to evolving customer needs.

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Will Boat Prices Ever Come Down?

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A convergence of factors made the last few years a crazy time to buy or sell a boat. Here’s what happened – and what to know about today’s listings.

Photo: Getty

If you tried to buy a boat during the pandemic, you dove into a new type of retail environment – the quarantine market – ­featuring overwhelming demand, multiyear waitlists, soaring prices, and strong competition from other shoppers. Amid lockdowns, social distancing measures, travel restrictions, and canceled vacations, Americans turned to the water in droves. In 2020, boat sales skyrocketed to a 13-year high, reaching levels not seen since before the Great Recession of 2007 to 2009, according to data from the National Marine Manufacturers Association (NMMA) , which represents U.S.-based boat, marine engine, and accessory manufacturers.

But before that happened, most boat manufacturers were expecting another spending pullback, as occurred after the 2008 economic crash, and decided to cut or curtail manufacturing just as demand was ramping up, according to business publications that report on the recreational boating industry. Safety measures to reduce worker exposure to the infectious Covid virus further slowed production lines, and global supply-chain issues made the situation worse.

“We saw a huge spike in demand,” said Nicole Schantz, vice president of OEM & strategic partnerships for Trader Interactive, which includes Boatline.com , an online marketplace that connects consumers with new and pre-owned boats for sale across the U.S.

For every new boat sold in America, more than three pre-owned vessels are sold in a typical year, according to NMMA data. In 2020, pre-owned boat sales exceeded 1 million units for the first time since 2006, and prices surged as used boat inventory shrank.

The X-factor fueling the unexpected run on recreational boats was the flood of first-time boat buyers, according to NMMA. Boat dealers recount pandemic stories of buyers who turned the budget for a canceled family vacation into the down payment on a new boat. Data shows about 420,000 first-time boat buyers entered the market in 2020, and again in 2021 – levels not seen since 2007. In fact, first-time boat buyers accounted for 34% of new boat sales in 2021.

The frenzy is fading

If the past few years have been an extraordinarily challenging time to boat shop, are buying conditions any better now that the pandemic no longer dominates our lives? Industry insiders say the advantage is shifting toward buyers, but slowly. Overall supply has caught up with demand, and the number of boat sales appear to be falling more in line with prepandemic levels.

For example, in 2022, new powerboat retail unit sales decreased 13% year-over-year according to NMMA. But compared with 2019 (the last “normal” year for the boat market), 2022 sales were 6% lower. Pre-owned boat data shows 2022 sales down 13% year-over-year, but up 3% from 2019.

Courtney Chalmers, vice president of marketing for Boats Group , which owns several online marketplaces for both new and pre-owned vessels (including Boat Trader, YachtWorld, and Boats.com), is seeing similar trends. She attributes the dips in demand to a boat market that’s “normalizing” toward prepandemic levels combined with a rise in interest rates. Final sales figures for 2023 won’t be known for some time, but during the first six months of this year, new and used boat sales were tracking roughly the same as the first half of pre-pandemic 2019, and powerboat sales were down 4% compared to 2022.

Schantz agrees. “Around the middle of 2022, we began slowly seeing the trends normalizing to prepandemic levels. They’re still a bit higher than pre-pandemic, however, which confirms that America’s boating passion is still afloat.”

Now that there's more inventory available, there's also more room for discounting.

Nicole Schantz, Trader Interactive (Boatline.com)

While it’s still a seller’s market, boat buyers have more negotiation power now than they’ve had during the last few years.

More boats, shorter waits

Buyers who purchased new boats in 2021 were facing two- or three-year waiting lists, but manufacturers have caught up to demand and “inventory availability has begun to stabilize,” says Chalmers.

“I think we’re going to continue to see a growth in listings coming online as inventory continues to ramp back up.”

Schantz is already seeing that. “We’ve seen a substantial increase in Boatline’s used boat listings. But we’re also seeing more leads from potential buyers.” In fact, inquiries for used boat listings are about five times higher than those for new boats. She surmises that’s because a lot of people who purchased boats during the Covid-fueled buying frenzy didn’t spend a lot of time researching options  or had little choice. “They may be trading up or looking for the right lifestyle choice now that they know more. Many people didn’t know what they didn’t know or bought whatever they could get.”

JP Skov, executive director at Yacht Brokers Association of America and managing partner at Northstar Yacht Sales, based in Portsmouth, Rhode Island, also sees things on the pre-owned side starting to return to 2019 levels. However, he echoes that used-boat buyers may also end up waiting months to a year for some boat types, specifically noting high-horsepower models.

“As long as you’re below 300-hp for a single-engine boat, you’ll probably get it fairly quickly,” he says. “But if you’re looking for 300s or above, you could wait a couple of months easily for that motor.”

Ellen Bradley, senior vice president of marketing and communications for NMMA, advises new boat buyers, “There might be the odd waitlist, depending on the type of boat you’re looking for. But for the most part, those wait periods have stopped.”

Room to negotiate The pandemic and its ripple effects quickly turned boat buying into a sellers’ market. But while sales have decreased, pricing is a lagging indicator. According to NMMA data, the average retail price of a new outboard boat (including engine) increased 44% from 2019 to 2022, while pre-owned boats were up 28% over the same period.

While inflation has certainly contributed to higher new boat prices, Schantz says there remains continued demand for both new and used boats.

“While not as great as the last few years, boat prices remain higher than in pre-Covid years. But now that there’s more inventory available, there’s also more room for discounting.” She says that while it’s still a seller’s market, buyers have more negotiation power than they did.

Jack Ellis, managing director at Info-Link, a market research firm that tracks boat sales statistics in the U.S., cautions buyers that prices for new and used boats will not be returning to 2019 levels any time soon. However, he agrees there’s now more room for consumers to negotiate . “Things are definitely starting to cool off. No longer is the dealer expecting to get MSRP.”

He speculates that used boat prices should start to come down as supply and demand return to a more conventional balance.

Expert tips for selling a boat

• Put together a great ad. Schantz says the key is including great photos and a video, if possible. Also write a great description that engages the customer. “Don’t just include the spec info from the manufacturer. Help the potential buyer envision being on your boat.”
• Price it right. With changing prices, owners may be wondering what’s their boat worth today. Schantz advises doing your research and setting a realistic price. For boats valued over $75,000, Skov recommends engaging with a professional broker. Not only will they have a sense of the local market, but they’ll also have access to databases that list the actual sale price (not just the listing price).
• Manage your expectations. “Boats are very personal. I always say it’s like someone’s child,” says Skov. It can be hard to let your beloved boat go, especially for a price that seems low. If your boat has been sitting on the market, contact a broker who can act as a valuable sounding board.
• Sell for the right reasons. There are plenty of great reasons to sell a boat — upgrading, downsizing, lifestyle changes — but you may be out of luck if your goal is to make a quick profit. “Any used boat that’s kind of hanging around is either not as nice as it should be or the owner has put it on the market to capitalize on this pandemic market but, in reality, they’ve kind of missed the wave,” says Skov. — F.M.

Expert tips for buying a boat

• Know your intended use. Before beginning your search, Schantz suggests making a list of your boating needs. “Do you want to take out large groups? Go water skiing? Go fast? Toodle around the lake?” If you’re not sure where to start, Bradley recommends visiting discoverboating.com . The NMMA website has several tools including a boat-finder quiz that can help you narrow down boat types and explore brands.
• Set a realistic budget , says Schantz. “Make sure to figure in all costs” including surveys, registration, taxes, necessary repairs, and more. To help, visit BoatUS.com/Loans to access BoatU.S.’s handy boat loan calculator.
• Find a reputable dealer or broker. “There are certification and training programs for dealers and brokers,” says Chalmers. “Look for certified dealers through the Marine Retailers Association (MRAA) or Certified Professional Yacht Brokers (CPYB).”
• Research your boat options thoroughly , advises Schantz. Compare models. Make sure you have all the information possible before starting negotiations. Additionally, Bradley recommends attending boat shows . “They’re one of the best places to see all the new products, do some negotiating, and find some deals for the season.”
• Get a survey . BoatU.S. recommends hiring an accredited marine surveyor to perform a pre-purchase survey and sea trial on the boat you’re considering. This is the best way to discover any problems before it’s too late. Get recommendations for a reputable surveyor credentialed by NAMS or SAMS, and be sure your purchase agreement contains a clause that stipulates that your offer is contingent on a satisfactory survey.
• Know your financing options . There’s more than one way to apply for a boat loan . You can apply through a lending institution (like your bank or credit union), a dealer, or through a service company or finance broker. Coburn notes there are several advantages to financing your boat through a dealer, including access to “special finance programs on certain brands or models because of [the dealer’s] relationships with boat manufacturers.” — F.M.

Rates and requirements

For those looking to finance a boat, don’t expect a break on rates anytime soon.

“The prime rate is expected to remain elevated through 2024,” says Jim Coburn, owner of The Coburn Consulting Company and director and two-time past president at the National Marine Lenders Association (NMLA).

For some, it may be harder to get a loan amid tightening credit requirements, he adds. In a recent survey of members, about 40% of participating portfolio and service company lenders made criteria for loan approvals more stringent.

“Some portfolio lenders commented that they had not changed their lending policies but are now making fewer exceptions in the areas of loan-to-value ratios, collateral valuation, and/or liquidity requirements,” Coburn says.

Schantz adds that as of now, manufacturer prices aren’t coming down enough to make up for the interest rate increases.

All in all, if you missed out on the pandemic-fueled boat buying free-for-all (or chose to stay on the sidelines), there’s good news: Both the new and used markets are becoming more buyer-friendly and should at least offer a less stressful shopping experience. With improved selection, reduced waitlists, and the potential for price negotiation, you can take your time finding the right boat to get you on the water next spring.

What’s hot today

“ Pontoons , ski-wakeboats , center-consoles, bow riders — those tend to be the favorite types, particularly on Boat Trader,” says Chalmers. “Boats under 35 feet have really been driving sales because they’re good boats for first-time buyers. Also, versatile boats tended to be the most popular. A ski-wakeboat can be used for taking the family out, a center-console can be good for fishing or tubing.”

“Industry-wide sales of aluminum-hulled boats, specifically pontoons, have increased 14% year over year in June” says Schantz. She’s seen the same trend mirrored in marketplace sales on boatline.com. “Pontoons offer comfort without compromising the kind of boating you want to do. They accommodate large groups and a variety of water hobbies,” she explains.

“The outboard segment is becoming a more popular vote overall,” says Bradley. “The technology in the engines today is not only more efficient and more sustainable, it’s also a lot easier to use and can provide a better experience.” — F.M.

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Boat Price Trends

• On August 15, 2023
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The boating industry saw unprecedented growth during the COVID-19 pandemic as people sought outdoor recreational activities. This led to surging demand and rising prices for new and used boats from 2020-2022. As we move into 2023, many boat buyers wonder – will boat prices go down in 2023 or continue to rise?

Factors Impacting Boat Prices

Our forecast for 2023-2024, new boat price trends, used boat price trends, the outlook for 2024 and beyond, our final thoughts.

Several key factors will determine when or if the boat market will crash or remain high in 2023 and 2024:

• Supply Chain Issues  – Shortages of materials like fiberglass along with labor shortages have constrained production. As supply chain problems persist, boat prices will stay elevated.
• High Inflation  – With inflation at 40-year highs, the rising costs of materials, labor, transport will keep upward pressure on boat prices.
• Interest Rates  – Higher interest rates make financing more expensive, potentially dampening demand and prices.
• Consumer Demand  – Demand soared during COVID but may moderate with economic uncertainty. Still, new boat buyers entering the market could sustain demand.
• Price of Oil  – As a key component in fiberglass, rising oil prices directly impact boat production costs and prices.

Further reading that’s worth your time: The Best Place To Buy A Used Boat .

Due to the above factors, most industry experts predict new boat prices will remain high rather than decrease in 2023 and 2024. Some key new boat price trends:

• New boat prices increased 10% on average in 2022 and are forecast to rise another 2-5% in 2023.
• Popular brands and models may have waitlists extending into 2024, sustaining high prices.
• As supply chain issues ease, price growth may moderate but overall remain elevated over pre-pandemic levels.

Used boat prices are also expected to remain relatively high in 2023 and potentially 2024:

• Limited inventory has driven intense demand in the used boat market since 2020.
• This shortage of used boat inventory will persist, creating upward price pressure.
• Well-maintained used boats can sell for 50-80% of their original retail price depending on age.
• For context, a 5 year old 25-foot center console that originally sold for $100K can fetch $60-80K on the used market.

In 2024 and beyond, broader economic conditions will determine if boat prices moderate. But key factors suggest prices will remain strong:

• Pent-up demand from the pandemic has introduced many new buyers to boating who will remain in the market.
• Florida’s continuously growing population increases local demand for boats.
• Boating interest continues to grow nationally, bringing new entrants.

Barring an economic downturn, which is still in the forecast for many economists, boat prices are likely to plateau at elevated levels rather than return to pre-pandemic pricing. Savvy buyers should watch for potential sales and incentives during boat shows and end-of-season clearances to get the best deals.

But overall, boat prices will remain high compared to historical levels for the remainder of 2023.

You might also be interested in reading:

The Top 3 Boat History Report Websites Reviewed

Yacht vs Catamaran: Which Boat is Right for You?

The Top 10 Best Boat Brands

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Steve Momot

Steve is an accomplished professional photographer and marketer who specializes in the Fishing, Yacht, and Boating industry. With a strong presence as an influencer and marketing expert in the Marine Industry, he has made a significant impact in the field. Additionally, Steve is the original creator and co-founder of Sportfishtrader. Prior to his career as a marine photographer, he gained extensive experience as a licensed boat and car dealer in South Florida.

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Boat Prices in 2023: Analysis of the Market for Buyers and Sellers

Are you considering buying or selling a boat in 2023? This article will explore the market for boats in 2023, the boat prices, trends, factors affecting prices, and the best time to buy or sell a boat. Whether you’re thinking of buying or selling, take the time to understand what’s happening in the marketplace.

Table of Contents

Background to today’s boat market – the covid years.

The boating industry has witnessed significant changes in supply and demand over the past couple of years due to the CoViD pandemic. With the onset of the pandemic, many boat manufacturers faced disruptions in their production and supply chains, resulting in limited availability of new boats. This scarcity drove up prices and created a seller’s market with high demand and a low inventory of new vessels. 

A Need to Spend Leisure Time in a Safer Environment

With travel restrictions and social distancing measures in place, many individuals turned to boating as a way to safely enjoy outdoor activities and leisure time, seeking local and regional boating experiences. 

Smaller, more versatile boats suitable for day trips or weekend getaways became increasingly popular.

The Desire for More Space and a Change of Scene

The pandemic also brought about a desire for more space and a change of scenery, having been cooped up at home for weeks on end. Many people reevaluated their living situations and realised the benefits of living on the water, away from crowded urban areas. Liveaboard vessels provide an opportunity to have a cozy and self-contained living space while enjoying the tranquility of the water. 

A Shift in Remote Working

The shift in people’s ability to work from home due to the COVID-19 pandemic affected the demand for liveaboard vessels. With remote work becoming more prevalent, many individuals have sought alternative lifestyles that offer more flexibility and the ability to work from anywhere, anywhere in the world in fact! This shift in work dynamics sparked increased interest in boats designed for full-time living.

The ability to work remotely opened up opportunities for individuals to live on a boat while maintaining their professional commitments. This led to a surge in demand for liveaboard vessels.

The YouTube Effect

During the pandemic, there was a significant increase in the popularity of YouTube sailing channels. Many turned to online platforms for entertainment and inspiration as people spent more time at home. YouTube sailing channels such as Brian Paulson with SVDelos, featuring individuals or families documenting their liveaboard experiences, gained a substantial following. Viewers were captivated by the unique lifestyle, breathtaking scenery, and sense of freedom.

The impact of binge-watching YouTube sailing channels on the demand for liveaboard boats can be observed in several ways. First, the exposure to these channels sparked growing interest and curiosity among viewers about the possibility of living on a boat and embarking on their own sailing adventures. The videos provided inspiration and education to those who might not otherwise have considered it, providing insights into the liveaboard lifestyle, sailing techniques, and the joys of exploring different coastal areas.

The popularity of YouTube sailing channels also created a sense of community and connection among viewers. Comment sections and social media platforms associated with these channels became spaces for like-minded individuals to share their aspirations, seek advice, and engage in discussions. This sense of community further fueled the interest in liveaboard boats, as people found support and encouragement from others who shared their passion for the liveaboard lifestyle.

As a result, the increased viewership of YouTube sailing channels contributed to a surge in demand for liveaboard boats. Many individuals who were drawn to the idea of living on the water and experiencing the freedom of sailing were motivated to pursue their dreams. They saw the potential for a fulfilling and adventurous lifestyle showcased in these videos, leading to an increased desire to own their liveaboard vessel and embark on their own sailing journeys.

These effects can be seen clearly in the trend for searching “Boat for Sale” on Google over the past few years:

The CoViD Effect on Used Boat Prices

This surge in demand for both small day boats and larger liveaboard vessels, and the constricted production of new boats, led to a shortage in the pre-owned market, and as a result, prices for used boats escalated. If you were a boat seller, this presented a favourable environment to achieve a higher price for your vessel. However, as a buyer, you needed to be patient and willing to invest time to find the right used boat at a reasonable price, as the selection was limited and competition among buyers fierce.

Boats Group carried our a comprehensive market analysis for 2022:

Factors Affecting the Market in 2023

Ongoing impact of the pandemic on new and used boat supply and demand.

We continue to see the impact of CoViD going into 2023; the pandemic motivated many people to change their lifestyle, and while some were able to make a quick and radical change due to their financial or personal circumstances, for others, it became part of a five or ten-year plan.  Some of those that made the change to a liveaboard lifestyle in 2020 are coming to the end of their liveaboard goals, returning to a less nomadic lifestyle and putting their kids back into the school system.

And with people back to a more normal working routine and less time to spend outdoors, pandemic purchases spend more time in the boatshed or on the dock.  This results in an increase in new listings to the boat market in 2023 .

The state of catch-up experienced in many boat building yards in 2021-2 as they ramped up again post CoViD to fulfill orders for new boats placed before the lockdowns have eased, and manufacturing schedules are normalising. 

The Supply vs. Demand Gap

The supply versus demand gap in the boat market depends on various factors, including the type of boat, geographical location, and prevailing market conditions. It’s important to note that the boat market’s supply and demand dynamics fluctuate and differ between new and used boats.

Although the demand-supply gap for new and used boats is felt to have been at its greatest in mid-2021, the volume of boat registrations in the USA remains strong compared with pre-pandemic levels.  

With many primary boat shows reprising their activity for the first time in three years in 2023, boat builders have reported high order levels for new boats placed at Boat Shows in Europe and the USA in 2023 so far, and the Global Order Book for superyacht builds is at a higher level than any pre-CoViD year .

Brokers for second-hand vessels, however, are reporting that sales in the first quarter of 2023 are significantly down compared with the same period in 2022 .  Inventory levels are twice as high as the previous year, boats are staying on the market longer, and more price reductions are being made to make the sale.

Innovations in Design and Technology

In recent years, there have been notable design and energy innovation trends in new boats as the industry strives to incorporate more sustainable and efficient technologies. These trends are driven by a combination of environmental concerns, evolving consumer preferences, and advancements in technology. Key areas of focus include:

• Sustainable Materials

Boat manufacturers are increasingly exploring the use of sustainable materials in boat construction. This includes incorporating recycled and eco-friendly materials, such as recycled plastics, reclaimed wood, and bio-based composites. The goal is to reduce the environmental impact of boat production and improve the overall sustainability of vessels.

• Electric and Hybrid Propulsion

Energy innovation in the boating industry has seen a rise in electric and hybrid propulsion systems. Electric boats powered by lithium batteries have gained popularity due to their zero-emission operation, quietness, and ease of maintenance. Hybrid systems combine electric motors with traditional combustion engines to recharge the batteries, offering increased efficiency and reduced fuel consumption.

• Efficient Hull Designs

Boat designers continue to focus on creating hull designs that optimise fuel efficiency and performance. This involves features such as hydrodynamic shapes, improved weight distribution, and reduced drag. By minimising resistance in the water, boats can achieve higher speeds and lower fuel consumption.

• Solar Power Integration

Solar panels are being integrated into boat designs to harness renewable energy and reduce reliance on conventional power sources. Solar panels can help power onboard systems, such as lighting, electronics, and battery charging, thereby extending battery life and reducing the need for fuel or shore power.

• Smart and Connected Features

New boats increasingly incorporate features that enhance the boating experience using data and connectivity. This includes advanced navigation systems, digital displays, remote monitoring capabilities, and connectivity options for seamless integration with mobile devices. 

These innovations offer boat owners a range of benefits , including:

• Near silent cruising
• The ability to live on board for more extended periods “off-grid”
• Reduced operating costs
• Zero emissions at low boat speeds
• Responsible boating in sensitive areas

It’s interesting to see that many of the CoViD liveaboards were quick to install large lithium-ion battery banks and solar charging as soon as possible on their new vessels, ripping out propane gas systems and installing induction cooktops and household refrigerators.  Boats coming to the second-hand market without these home-from-home features are disadvantaged.

Consumer Confidence, Inflation, and Affordable Boating

Despite the slowdown in boat sales, industry analysts continue to mark the rise in participants in the boating industry , indicating that interest in water-based leisure time activities remains high.  However, with higher interest rates from the post-pandemic economic downturn, consumers find it tougher to agree on financing deals on new and used boats . They are turning instead to boat rental and other options.

Social media platforms have facilitated the rise of peer-to-peer sharing networks specific to boating. Platforms such as Boatsetter and GetMyBoat allow boat owners to rent their vessels to individuals looking for a boating experience. 

Boat clubs and groups on platforms like Facebook and Instagram have provided a platform for individuals to organize shared outings, where the costs are divided among participants. Websites such as Crewseekers facilitate matching between boat owners and prospective crew.

These sharing economy models enable boating enthusiasts to access boats without the need for ownership, reducing the costs associated with purchasing and maintaining a boat.  As these peer-to-peer platforms gain popularity , the demand for buying a new or second-hand vessel decreases.

Oil Price Fluctuations

Oil is a crucial component in the production of boats, particularly in manufacturing fiberglass hulls, resins, and other petroleum-based materials. Fluctuations in oil prices impact the cost of raw materials, transportation, and energy used in the manufacturing process. When oil prices rise, the manufacturing costs for boats increase, which is reflected in higher prices for new boats.

Oil prices directly affect the cost of fuel, which is a significant operational expense for boat owners. Higher fuel costs influence the affordability and operating costs of boats, which may indirectly impact boat demand as owners consider the long-term expenses associated with boat ownership.

Disruptions to the Supply Chain

High fuel prices and global container transportation issues linked to the war in Ukraine continue to influence the market and such disruptions can have a significant impact on boat prices. When disruptions occur, such as delays or shortages in raw materials and components, it leads to increased production costs and limited availability. Manufacturers may pass on these increased costs to consumers, resulting in higher boat prices. Additionally, delays in delivery and market uncertainty can further affect pricing dynamics. Buyers may become more cautious, reducing demand and potentially putting downward pressure on prices.

Rising Personnel Costs

It seems like the number of vacancies in the boating industry increases every week, and a walk along the boulevards of Fort Lauderdale reveals a sea of announcements staked along the sidewalks.  A deficit of trained and experienced workers continues to drive up marine industry personnel costs, which are passed down to both new and used boat prices.

New Boat Prices in 2023

Faced with continuing recruitment issues, high fuel and materials prices, and ongoing disruptions in the supply chain stemming from the pandemic and the subsequent war in Ukraine, boat manufacturers remain at lower capacity than pre-CoViD times.  Demand is high, in comparison, as customers have waited to place orders due to the uncertainties of CoViD, and the waiting lists for new build vessels can be as much as three years.

Buyers should expect the prices for a new boat to remain as they are for now.  Keen parties should put their name down with their local brand dealer to hear of boats that leave the production line where the buyer has dropped out.

Used Boat Prices in 2023

The bubble for used boat prices seen in 2020-21 has well and truly burst!  Brokers and dealers indicate a significant increase in inventory, a longer time to sell, and the need for more and greater discounting to achieve a sale.

With the end of CoViD restrictions and a return to a more normal way of living, there is less incentive to make drastic lifestyle changes.  Pandemic purchases come back on the market as people return to their pre-CoViD habits.  Consumer confidence remains uncertain as oil prices and interest rates have climbed, and the upturn in more affordable boating options will ultimately impact the demand for boat ownership.

Used boat sellers in 2023 should be aware of the increasingly competitive market and the increased interest in eco-friendly design features and energy efficiency; be prepared to lower your price expectations; things are quite different from where they were in 2021 or even 2022! 

Buyers should be patient and take time to explore options as prices for used boats continue to become more negotiable and the choice of vessels much more extensive than in recent years.

Where to Find Boat Prices Online

There are several online platforms where you can check boat prices specific to the model you’re interested in. Here are a few popular websites that provide resources for checking boat prices:

Boat Trader is a comprehensive online marketplace for buying and selling boats. It offers a wide range of listings and allows you to filter by boat type, location, price range, and other criteria to find boats that match your preferences. Boat Trader provides pricing information for both new and used boats, allowing you to compare prices and explore different options.

YachtWorld is a leading platform for new and used boat sales, specializing in larger vessels and luxury yachts. It offers a vast selection of listings from brokers and dealers worldwide. YachtWorld provides detailed information about each boat, including specifications, pricing, and contact details for sellers or brokers.

NADAguides (JD Power) is a trusted online resource for pricing information across various industries, including boats. It offers comprehensive boat pricing data based on year, make, model, condition, and optional features. NADAguides provides both retail and wholesale pricing, allowing you to get a sense of the market value for different boats.

BUCValu is a widely used platform for appraisals and pricing information for boats. It offers a comprehensive database of boat values based on different factors such as year, make, model, and condition. BUCValu provides detailed reports with estimated values, market trends, and historical data to help you assess boat prices accurately.

Remember that while these websites can provide valuable insights into boat prices, prices can vary depending on various factors such as location, condition, equipment, and the market demand explored here. 

Best Time to Buy and Sell a Boat in 2023

Ideal selling period (february to june).

If you want to sell your boat , February and June are generally considered the best time. Many potential buyers are looking for boats to enjoy the upcoming boating season. The warmer weather and longer days create a sense of excitement and anticipation, leading to increased demand. By listing your boat for sale during this period, you can attract more potential buyers and fetch a higher price.

Favourable buying period (September to October)

On the other hand, if you are in the market to buy a boat , September to October is a favorable time. As the boating season comes to an end, sellers may be more motivated to close deals before winter arrives. This can create opportunities for buyers to negotiate better prices or find boats that have been on the market for a while. Additionally, boat dealerships and manufacturers often offer end-of-season discounts and promotions, making it an ideal time to purchase.

In 2023, new boat prices are unlikely to decrease significantly due to the ongoing market dynamics. However, you can expect those for used boats to drop.  Staying informed about the boat market, factors influencing prices, and the ideal buying and selling periods allows you to make confident decisions that align with your budget and preferences. To explore the current boat prices and listings, visit our website and embark on your boating journey today.

Is 2023 a good year to buy a boat?

If you are considering buying a boat, 2023 is a year worth considering. Despite the challenges posed by the pandemic, the boat market has shown resilience and continues to thrive. The demand for boats remains high, and while prices may be lower than in previous years, there are still opportunities to find a boat that suits your needs and budget. It’s essential to carefully research and compare prices and consider factors such as boat condition, model, and features.

Are new boats more expensive than used boats?

In general, new boats tend to be more expensive than used boats. This is because new boats come with the latest technologies, features, and warranties, contributing to higher price tags. Additionally, the demand for new boats often exceeds the supply, which can drive up their prices. On the other hand, used boats offer a more cost-effective option for buyers. They have already experienced some depreciation, making them more affordable. However, when purchasing a used boat, it’s important to consider factors such as the boat’s condition, maintenance history, and any necessary repairs or upgrades.

ABOUT THE AUTHOR

Sam Bartlett is an IIMS Surveyor, a Commercial Skipper of sailing boats, and a boat owner for over 30 years. She lives in St Martin in the Caribbean and provides yacht surveys, skippering and marine consultancy throughout the Caribbean.

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Will Boat Prices Go Back Down?

At the start of 2020, we’ve been seeing boat prices go way higher than many expected. Even today, in 2022, when this post was written, we’re still seeing boat prices at newer and higher prices.

This begs the question, will boat prices ever go back down?

The honest answer is most likely no; the prices for boats will never go back down to the prices we had before the pandemic.

Prices for boats may stagnate, but I don’t see prices going down to the “ before times “.

Why Are Boat Prices So High?

The reason boat prices are so high is that there is a lot of demand for boats and there is a low supply of them.

When the pandemic hit in 2020, many people were looking to stay home more and do more activities that didn’t require being around many people.

Boating was the perfect thing, and as the summer came in, 2020 boats were selling like crazy. Everything was fine at first as most dealerships had plenty of boats to go around from new to used.

Then as 2020 ended, the weight of the problem started to show through.

Places Where Shut Down

Many manufacturing plants and other items needed for boats were shut down during lockdown.

While everyone wanted a boat, we were slowly losing the ability to make these boats.

Then we had supply chain issues; manufacturers couldn’t get the raw materials to make boats. Just like car manufacturers were having trouble getting chips for the electronics, so were boat manufacturers.

It was so bad that many manufacturers started shipping incomplete boats to dealerships and letting them complete the boat. The dealers liked this as most of them had no inventory at all to show customers, so something was better than nothing.

Demand Created Waiting Lists

With demand so high, it created a waitlist of orders.

You would pick out the model you wanted and get in line with others to wait for your boat to come in. The dealerships had no inventory so this was the only way to buy a new boat.

It could take months or another year before you got your boat, but this was the only option for some.

Used Prices Are High, Too

When new boat prices started increasing, it drove many people to buy used.

This caused the prices of used boats to go up as the demand for them went up. And some people were willing to pay it, especially after being priced out of new models.

It got so bad that the people who bought a boat before 2020 could have sold the same boat for what they paid for, with some even making a profit. I’ve never seen anything like this in all my years in the boating industry.

Will Prices Ever Go Back Down?

I’m doubtful boat prices will go back down, but it’s possible they may stagnate for a few years before going back up again.

Inflation is usually silent through the years, but since the pandemic, people seem to have become more aware of it. Combined with supply issues, it’s the perfect storm for prices to go up.

The biggest reason I’m doubtful boat prices will go down is that they never go down. Every year, the manufacturer raises prices because of inflation. It’s rarely noticed, and some manufacturers may even skip a year for some models and eat the cost. But the price increases could not be hidden now, and people are just more aware of them.

Just to give you an idea with simple numbers, I remember the top-of-the-line jet ski costing $13,000 back in 2007. The top of the line jet ski in 2022 now cost $18,000. Boats follow the same line on the chart.

The simple truth is that boats are more expensive than people realize and will only go up in price every year just like everything else in life.

Boats Cost More Than People Realize

Before the pandemic, I would get people who were shocked at what boats cost.

From time to time, I would occasionally get people who thought they could get a 26-foot pontoon for under $15k back in 2018 but slowly realized such a boat does not exist, maybe in 1998, but not in 2018.

The best ones are the boat shows when you hear people say, “this pontoon cost as much as our house.” Yeah, it’s not uncommon for a pontoon to cost over $100k, with some even going above $200k.

Getting A Boat Under MSRP?

During the pandemic getting a boat under MSRP was quite rare; before then, it was quite common.

The markup on a lot of boats is quite large. It’s not uncommon to see a boat with an MSRP of $80k sell for $60k before the pandemic. The more expensive the boat, the more money they can play with.

Now it’s common to see a boat go for above MSRP.

Dealerships don’t do this to be greedy, but they’re affected by the supply chain issues and staffing issues too. Many manufacturers had to cut back production, so dealers have fewer boats to sell, so they need to make up the difference, or they go out of business.

There do exist some dealerships with boats that they’re willing to sell for under MSRP. There’s always one boat or one type of boat that no one wants that the dealership wants it gone.

As things taper off, we may see more people being pickier about what boat they want because they have to pay so much. So dealerships having less desirable boats they want to move may be the way you get in.

To be clear, these less desirable boats are not bad ; people are just being picky because they have to pay a lot.

What Boat Seems To Fair The Best?

Oddly enough, it’s been jet boats that seem to have faired the best through this.

Not many people know about jet boats. While everyone was more focused on the traditional bowrider, they forgot to check all their options.

Also, jet boats use jet ski engines, and they do more of those, so you have better odds of getting a jet boat. Many of the problems people were having with getting a boat was due to the engines, with many manufacturers shipping boats without them. Many boat engines are just repurposed truck and SUV engines and with auto manufacturers having supply issues this leads to problems for boat manufacturers too.

If you need a boat and find them hard to get, then you should check out jet boats.

Should You Wait To Buy?

The problem with waiting is that you can’t time the market.

Prices will not get any cheaper, and there is already a list that many manufacturers have for new customers.

So it’s best to put your name on the list and get a boat with an option to back out of your deposit.

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Brokerage report: new year invites 121% spike in price drops

Brokers seem eager to start fresh for the new year, evidenced by the generous number of price drops applied to yachts 24 metres and above in January 2024. According to the latest data from BOATPro , there were 62 price drops for the month, representing a 121.4 per cent increase from December 2023. The reductions shaved a total of €63.9 million from the market as firms looked to clear existing inventory in anticipation of new yachts being added.

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Recent Price Drop of $5,000 or More in Last 60 Days

38' Sea Ray

• Engine Qty 2
• Cabin Count 0
• Sleep Count 0
• Head Count 1
• Express Cruiser/Cruisers
• 110,500 116,500
• Cabins 0 Sleeps 0 Heads 1
• 2 Mercruiser 8.1

• Head Count 0
• Express Cruiser/Motor Yachts
• 174,000 179,000
• Cabins 0 Sleeps 0 Heads 0

29' Ranger Tugs

• Model D4-320
• Engine Qty 1
• Cabin Count 1
• 289,000 299,000
• Cabins 1 Sleeps 0 Heads 1
• 1 Volvo D4-320

32' Whiticar

• Model 6BT 5.9
• Sport Fishing
• 89,000 99,000
• 2 Cummins 6BT 5.9
• EAGLES NEST

34' Pursuit

• Model 6BTA 5.9
• Express Cruiser
• 93,000 98,000
• 2 Cummins 6BTA 5.9

51' Sea Ray

• Model QSC8.3
• Cabin Count 2
• Head Count 2
• Motor Yachts
• 625,000 639,000
• Cabins 2 Sleeps 0 Heads 2
• 2 Cummins QSC8.3
• BAYCATION 4 EVER

40' Sea Ray

• Model 7.4 MPI Horizon
• Sleep Count 6
• 90,000 99,995
• Cabins 2 Sleeps 6 Heads 1
• 2 MerCruiser 7.4 MPI Horizon

55' Valhalla Boatworks

• Model Verado
• Engine Qty 4
• Center Consoles
• 2,995,000 3,195,000
• 4 Mercury Verado

• Model Verado V8 300
• 329,000 339,000
• 2 Mercury Verado V8 300

96' Sanlorenzo

• Model 10V 200 M86
• Cabin Count 4
• Head Count 5
• 7,499,000 8,300,000
• Cabins 4 Sleeps 0 Heads 5
• 2 MTU 10V 200 M86
• Don't Tell Mom

• Model V8-300
• Bowrider/Cruisers
• 199,900 209,900
• 2 Volvo Penta V8-300

33' Boston Whaler

• Model CXXL DTS Verado FourStroke
• 264,900 274,727
• 2 Mercury CXXL DTS Verado FourStroke

44' Sea Ray

• Model 6BTA5.9
• 79,500 86,500
• Cabins 2 Sleeps 0 Heads 1
• 2 Cummins 6BTA5.9
• She Said No

• Model 4JH2E
• Cabin Count 3
• 97,500 110,000
• Cabins 3 Sleeps 6 Heads 1
• 1 Yanmar 4JH2E
• Coconut Moonshine

32' Chris-Craft

• Sleep Count 7
• 19,900 25,000
• Cabins 1 Sleeps 7 Heads 0
• Great Affordable Family Boat

28' Boston Whaler

• Model 300 L6 DTS
• 215,000 225,000
• Fresh Water Trailer Included
• 2 Mercury Verado 300 L6 DTS
• Best Opportunity

27' Sea Ray

• Model White VDO 300hp
• Bowrider/Deck Boats
• 139,950 149,950
• 1 Mercury White VDO 300hp

39' Concordia

• Model 3YM30
• Antique and Classics/Yawl
• 75,000 85,000
• 1 Yanmar 3YM30

• Cruiser-Racer/Antique and Classics
• 85,000 92,500

41' Beneteau

• 869,000 885,000
• Cabins 3 Sleeps 7 Heads 2

44' Reliance

• Model EP-40
• 65,000 80,000
• Cabins 0 Sleeps 7 Heads 1
• 1 Elco EP-40

38' Monterey

• Engine Qty 3
• 398,500 429,000
• 3 Mercury Verado

60' Stardust Cruisers

• Model 88SPL 2-Stroke Outboard Motor (No Engine Hour Meter)
• Sleep Count 5
• House Boats
• 64,900 74,900
• Cabins 2 Sleeps 5 Heads 1
• 1 Evinrude 88SPL 2-Stroke Outboard Motor (No Engine Hour Meter)
• Changes In Attitude

58' West Bay

• Motor Yachts/Pilothouse
• 824,000 849,000
• Cabins 3 Sleeps 0 Heads 2
• 2 Caterpillar 3406

• 275,000 300,000
• 1 Yanmar 3GM

45' Prestige

• 499,000 519,000
• Cabins 2 Sleeps 6 Heads 2
• 2 Volvo Penta
• Soggy Doggy II

25' Sea Hunt

• Saltwater Fishing
• 119,000 124,999
• Alternating Currents II

42' Jeanneau

• 98,500 106,500

• Model 5.7 GXi
• 43,900 49,900
• 1 Volvo 5.7 GXi

94' Monte Fino

• Model D2842LZE
• Sleep Count 8
• Motor Yachts/Long Range Cruiser
• 849,000 999,000
• Cabins 4 Sleeps 8 Heads 0
• 2 MAN D2842LZE
• Glorias Sun

57' Dean Johnson

• 1,649,500 1,750,000

33' Herreshoff

• Model 2GM20F
• Antique and Classics
• 65,000 75,000
• 1 Yanmar 2GM20F

42' Ponderosa

• 75,000 89,500

29' Shamrock

• Model 350 Horizon
• Sleep Count 3
• Walkarounds/Saltwater Fishing
• 44,999 49,999
• Cabins 1 Sleeps 3 Heads 1
• New Listing!
• 2 Mercruiser 350 Horizon
• GREAT WHITE

27' Ranger Tugs

• 149,000 162,000

• Model 300UCA
• 79,999 89,850
• 1 Yamaha 300UCA

28' Sea Fox

• Model 300XSB2
• Dual Console
• 249,727 279,727
• 2 Yamaha 300XSB2

48' Beneteau

• Model 4JH80
• 379,000 389,000
• 1 Yanmar 4JH80

• Model 6BT5.9M
• Trawlers/Motor Yachts
• 765,000 799,950
• Cabins 3 Sleeps 6 Heads 2
• 2 Cummins 6BT5.9M

66' Astondoa

• Model V8-1200
• Head Count 3
• Flybridge/Cruisers
• 2,790,000 3,250,000
• Cabins 4 Sleeps 0 Heads 3
• 2 MAN V8-1200
• Tinka Bunny

• 695,000 739,000
• 2 Cummins QSL9

30' Chris-Craft

• Model F300NCA
• Center Consoles/Saltwater Fishing
• 249,000 269,000
• 2 Yamaha F300NCA

32' Sea Ray

• Model 350 MPI Horizon
• 99,500 107,900
• 2 MerCruiser 350 MPI Horizon

• Model 30B-3
• 69,900 74,900
• 1 Westerbeke 30B-3
• Windswept Yacht Sales

30' Grady-White

• 137,000 145,000
• 2 Yamaha 300

• 199,000 209,000
• 2021 31 Robalo

38' Meridian

• 189,000 210,500
• 2 Cummins 6BT

27' Sea Hunt

• Center Consoles/Sport Fishing
• 139,900 150,000
• 2 Yamaha 200

33' Crownline

• Model 350 Mag
• Sleep Count 2
• 164,900 170,000
• Cabins 1 Sleeps 2 Heads 1
• 2 MerCruiser 350 Mag

• Model 3JH2E
• 54,999 64,999
• 1 Yanmar 3JH2E

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Will Boat Prices Go Down in 2023? – Boat Prices Trend

Written by Anthony Roberts / Fact checked by Jonathan Larson

Will boat prices go down in 2023? Though you may be disappointed with the answer, we’re going to be honest with our boating industry forecast: boat prices will most likely not drop in 2023, if not increase.

The aftermath of the pandemic has caused prices for mostly everything, not just boats, to increase rapidly in the past two years.

Let’s break down the underlying factors as to why boat prices so high and find out a solution for those who wish to own a new boat in 2023. Stay tuned!

Table of Contents

1. New boats

2. used boats, factors affecting boat prices trend, best time to buy and sell a boat, frequently asked questions, boat prices trend in 2023.

By the end of 2022, several concerns have been made regarding the sales of new boats as the lack of customer interest was reported.

When asked, 67% of the 96 dealers predicted that the new-boat retail sales would fall, whereas 21% reckon the opposite; the rest 12% suppose that the sales will level off.

Even if the demand goes down in 2023, shipyards will still fail to bring back the mass production capacities prior to the pandemic, which explains why the new boat price won’t drop in the near future.

Will new boat prices go back to normal soon? We don’t know that, but hopefully, with the global effort of overthrowing the dilemma of higher interest rates and inflation, the boat market slowing down is something worth looking forward to.

If you’re wondering whether used boat prices going up or down, here’s our used boat market forecast for 2023.

As expected, the unprecedented demand for used boats doesn’t seem to cool down in 2023. A used 20-foot fishing boat can cost up to $15,000; even though this is not a small amount, this price of used boats can still help you save up a considerable percentage compared with the initial cost of a new vessel.

The reason for this continuous surge of demand for used boats is the lack of accessibility to new boats due to COVID-19. This forced consumers to buy used boats instead, as they were the only options available.

Not to mention, some people bought boats during the pandemic and now wish to sell them as the trade is gradually opening again; additionally, some cannot afford the maintenance of the boats.

Will used boat prices go down? It appears that the used boat prices trend is forecasted to set a boom again in the upcoming year. As for 2022, the used boat sales outstripped new boats twofold.

Whether you plan to buy or sell a boat in 2023, it’s best to understand the underlying factors affecting the current boat price trends.

• The pandemic: Ever since the pandemic hit in 2019, the boat market has been flourishing as the demand for boats exceeded the supply provided.
• Supply chain: Massive supply chain disruption in 2020-2021 caused essential boating materials like aluminum and steel to become sparse. Even though the price of these components has started to stabilize, boat prices will still likely increase.
• Inflation: Inflation is an ongoing problem that, though stable in the last few months, perpetually impacts boat costs. It is said that manufacturers tend to lever out a 5-10% rate addition when making pricing decisions in 2022.
• Demand – supply gap: Though limited, the significant gap between supply and demand contributes to the price variations of vessels. Boats are not a commodity; they’re handmade regardless of size and purpose.
• Oil price: Because of the Russian war in Ukraine, oil prices witnessed a spike in 2022; currently, they seem to have leveled out but can rise unexpectedly again in these turbulent times.
• Recession: It has been predicted that a recession will occur in the fall of 2023; however, it won’t have much impact on the wholesale price of new boats.
• Personnel: The boating industry isn’t like any other business. It is a labor-dense employment and the hourly rates for personnel are rising by the day due to inflation and a change in work ethic after COVID.

The best time to sell your boat would be between February and June, whereas you can buy a boat for a good deal when fall begins – between September and October.

By now, the boat you’re seeking to buy should be available at most showrooms, so inspect it slowly and completely before writing the check. Also, look for discounts and don’t forget to negotiate. There will be savings, even as little as hundreds, to be had.

Is 2023 a Good Year to Buy a Boat?

It depends on your budget as well as the model you want, but overall, 2022 was not a good year to buy, but rather sell. From the data we collected, there was a great demand for used boats in the past two years.

Manufacturers failed to meet the demand for new boats, which meant you likely had to pay a fairly high price for the boat you wanted. The bad news is, these boating industry trends will likely continue throughout 2023.

How is the 2022 Boat Market?

Overall, the boat sales for 2022 succeeded in thriving stably the entire time, both new and used boats; it is expected to be prosperous still in 2023, with consumer interests remaining unchanged, if not increased.

Is Now a Good Time to Buy a New Boat?

If you’re not in a rush, carefully inspect your dream boat. Make sure you get to run a test drive before signing the paper; don’t make an expensive mistake that can be avoided in the first place, and don’t forget about the best time to buy a boat which we’ve mentioned in the previous part.

When you’re buying a boat, especially a used one, you’re putting yourself at a huge financial risk. Test drives are needed to ensure the vessel is in good condition.

By now, you should have the answer to the question we raised in the beginning, will boat prices go down in 2023? Boats aren’t just commodities; they’re complex crafts that require precision in every detail. Though many expect to see boat prices drop in 2023, they will most likely not go down, but rather flatten out. Check out the price of the cigarette boat and fishing boat now!

Ten years of enjoying countless trips on boats never made me love them any less! So I am here to put all those experiences into good use for other boaters who want to have a safe and fun trip with their friends and families.

Boatindustry.com

U.S. boat sales fall below pre-pandemic levels

The National Marine Manufacturer Association has published its latest sales statistics. Values are down significantly as of July 2022, although the institution is reassuring about the health of the American marine industry.

Boat sales below pre-Covid levels

The National Marine Manufacturer Association, NMMA , has released its figures for new powerboat sales in the U.S. from January 1 through July 2022. With 187,000 boats sold, the number of transactions is down 18% from 2021, but also from the pre-pandemic level of 2019, down 11%.

However, the details of the transactions show sectors that are doing better. Pontoon boats, wake boats, and yachts remain at higher levels than 2019, while being down from 2021.

The president of the NMMA makes the point, emphasizing that boating is not the only sector affected. "In the first 7 months of the year, new boat sales have plunged below the 2019 pace, demonstrating that economic uncertainty and the expectation of a return to competition for consumer interest, has begun to show its impact. This is not specific to yachting, as most industries are experiencing the pressure of inflation, a volatile financial market, and increasing evocations of a global recession."

A yachting industry better armed than during previous crises

For all that, the NMMA wants to be reassuring. The supply difficulties would paradoxically have saved the yachting industry from the risk of overproduction, it says in conclusion. " While the turmoil and ongoing supply chain challenges are far from ideal, they have kept us from overproducing as other industries have done over the past two years. Dealer inventories remain fairly stable, meaning that pipelines are still refilling, leaving the industry in a healthier position than during the last downturns in our recent history."

• Nov 2, 2022

2023 Forecast- When is the Best Time to Buy a Boat?

An update on today's complex boating industry

The immediate future of the boating industry in North America is not easy to predict. However, past performances and present economics can give us some reasonably accurate predictions. The inflation that we have witnessed over the past 20 months is a direct result of excess money chasing a limited supply of goods and services. Recent efforts to put on the economic brakes by raising interest rates, has left both the industry and boaters themselves in rough seas. In an annual report, Frank Hugelmeyer, president of the North American Marine Manufactures Association recently said: "While overall new powerboat sales decreased 11 percent compared to January through July in pre-pandemic 2019, several categories continue to outpace pre-pandemic YTD sales levels."

Does this mean that 2023 will be a good year to buy a new boat ? Perhaps understanding some of the current data on boaters and trends will help us understand the psyche of the marine business and thereby help us answer that question. Reports this month from Coast Guard and NMMA reveal some interesting data:

Wholesale shipments of new powerboats through July 2022 decreased 6% over the previous year.

Used boat sales are outpacing new boat sales by 2-to-1.

Over 400,000 first-time boat buyers entered the market in 2021.

An estimated 110 million North Americans go boating each year.

61% of boaters have an annual household income of less than $75,000.

Boaters come from all ages, walks of life, and areas of the country.

95% of boats sold in North America are American made.

95% of boats in the U.S. are less than 26 feet and trailerable.

Comparing unit to dollar sales for 2021 tells us prices were up considerably. This is a direct result of increased demand due to the 6% reduction in new wholesale powerboat shipments, that resulted from production material shortages.

Wholesale shipments of outboard engines increased 6 percent year over year. In addition to the outboards sold with new boats, this increase would be due to a combination of repowering existing boats and powering new units with multiple engines.

Most recreational boaters that I talk to are confused as to when and where they should look for a new boat. Over the past three years, we have seen some sharp increases in most new boat prices. The major contributing factor to this trend has been a reduction in new boats available, due to shipping delays and shortages of boat construction materials. While there are still some delays in the materials supply chain, it seems that much of this problem has been resolved. Boat buyers today and over the next two years are more concerned with the overall economic effects of inflation in North America and the growing possibility of a recession. For me to explain how I believe this will affect boat sales, I will describe what will happen and when. We have all been impacted by the recent reduction in our purchasing power, which is the definition of "inflation". We have to pay higher prices for the same product. A good example is having to pay $15 for a haircut that used to cost $10, back when you had more hair. People's reaction to this inflation, is to get a haircut less frequently. As business drops, one of the barbers gets laid off. If you are the barber that got laid off, or any other worker in the same situation, your reduced household income will make it a difficult time to purchase a high ticket recreational item, such as a boat. This leads to a spiraling decline in economic activity, which is the definition of "recession".

To predict how a recession will affect the boating industry, it is important to first understand that recessions do not affect all purchases the same way. Buying a boat is not like buying restaurant meals. You can pass on going out to a restaurant to eat and still have food by eating at home, but you can't go boating without a boat. And whether you boat for sport, cruising or fishing, most boaters find it addictive. I mean, you've spent all those years learning 'port' from 'starboard' and you want to put those skills to good use.

Answering the question, "Will next year be a good year to buy a boat?', I will first look at the used boat market . Well, that barber that lost his job and all of his buddies that a recession has placed in the same situation, may not be able to afford the upkeep of their boat. More than likely, many people finding themselves in this situation will find it a good time to sell. So the recession will increase the availability of used boats. With more boats on the used market, prices will have to be competitive. Bottom line -- if you have some discretionary savings and have been thinking of buying a boat with some hours on it, next year should present a strong opportunity.

So what can we predict about new boat sales next year? If you consider that manufacturers were handicapped last year by material supply shortages, Covid-19, and growing inflation, it is understandable that builders will be anxious to get their production numbers back to pre-pandemic levels to prevent factory shut downs, and at the same time, produce enough boats to increase their market share. To do this, they will need to offer value pricing packages to their dealers and, at the same time, encourage their dealers to offer some tantalizing deals to their retail customers. Boats on a "floor plan" will also provide some great buy opportunities. These are boats that the manufacturer has sold to dealers with financing provided for a specified time. Dealers with financed boats in their inventory will obviously want to sell them before their financing term expires and they are required to pay for them. This pressure for dealers to sell will ensure that dealers will offer good pricing to their prospective customers.

The trick for you to catching such a new boat deal will be to watch for them. There are lots of great resources that can help you on your new boat search. Tell your local dealer what type of boat you are considering and pay close attention to special offers and advertisements. A smart first step in buying any boat is to establish your own personal budget based upon your family's economic situation. A reduced budget may require passing on your desire for a "Supremo 30" with quad outboards, but if you watch closely for a boat deal that meets your budget, you should be able to find a fair price on a new boat that truly satisfies you. Whether you are interested in new or used, there will be some good deals in 2023 -- as long as you look for them. #tips

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I don't know about the best time to buy, but any year is good for selling, especially since my boat has already sailed for me, so I can sell with peace of mind. Moreover, using the prompts for amazon sellers , I will be able to sell it much faster and buy a new one in 2024, so I can upgrade for the next six or seven years. What else can I add is that you have a very cool blog, interesting topics for reflection, not just boats, but real pressing and lively topics, for which you have great respect.

People who want to boat but cannot afford to buy one will end up renting. Its actually way less expensive to rent than own. I read a report from the NMMA that boat sales are down 18% from a year ago and dealers are finally getting stock boats to sell as manufactures get caught up. Some of the dealers I spoke with in the PNW are using the early 2023 boat shows as a gauge on where the boating market is headed and will start cancelling build slots if things do not go well. I have been closely monitoring Boat Trader, Yacht world and others to monitor inventory levels. Boat Trader has over 99,000 boats listed for sale up fro…

Looking at available boats today, both new and used, it still feels like sellers are not in touch with reality. It will take another 6 or so months for people to realize the market has shifted and boats won’t fetch what they once did. That’s a bubble I’m hoping will pop in a big way.

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2023 Is Almost Over! – Will Boat Prices Go DOWN? (Ultimate Buyer’s Guide For 2024)

The heat from boat price hike in the pandemic era is still here. Is there a way to get the best deal possible this year? Will boat prices go down or continue to rise as we move into 2024? Let us find out.

What’s going on with boat prices in 2024?

So, what happens with the boat prices trends in 2024? The experts and market data have a lot to say about this. Experts suggest buyers will experience higher prices for both new and used boats compared to the pre-pandemic era. Why is that? There are several factors behind this. We will discuss them later.

Let us first find out the differences between new and used boat price trends in 2024.

New boat price trends

Average price of new boat costs rose by 10% in 2022. Experts’ prediction for 2023 was that prices would rise by another 2% to 5% in 2023. So, in 2024 you can expect this rising pattern to continue. Keeping your eye out for the popular brands and models is a good idea now. Some of these boats might have waitlists that go all the way into 2024, and their prices will remain sky-high. Will the price increase ever slow down? Yes, it could happen if the supply chain issues improve in the future. But do not get your hopes high, new prices will still be higher than pre-pandemic years levels.

Used boat price trends

What will happen to used boat prices in 2024? There was an average of 5% to 10% increase in used boat prices 2022. Prediction was that this would rise by another 5% to 10% in 2023. So in 2024? You can expect the prices to reach a high plateau. What is the reason behind the price hike? It is mainly due to a shortage of used boat inventory in the market. This creates intense demand and then high prices. Today you can sell a well-maintained used boat for 50% to 80% of its original retail price depending on its age.

Be the captain of your own boat and discover the beautiful waterways

Factors affecting boat prices in 2024

Now you have a general idea of the boat price trends in 2024. Let us explore the factors that affect them.

Economic factors

Economic conditions in the world can have a high impact on boat prices. Here are some of the key economic factors that influence boat prices.

Oil is an essential item in boat manufacturing to make fiberglass and other boat materials. So, when the oil prices hike with the economy, it will cost more to make boats. So, you will see a hike in boat selling prices too.

Inflation and interest rates

When there is a higher inflation, consumers are less likely to purchase boats. And the higher interest rates can make financing more expensive.

Consumer demand

Buyers change their mind on buying boats when they have issues with the income levels, economic confidence, disposable income, and personal preferences. So, consumer demand also affects boat prices.

Recession impact

Recession is a time people usually spend less on luxury items like boats. But a recession could also mean more used boats are for sale because people might sell them to get extra cash. So, if there is a recession, we could experience more competitive boat prices.

Technological advancements

Did you know technology can affect boat prices? Let’s find out how.

Innovation and quality

We live in an age of innovative technologies. Today boats get many technological upgrades to enhance their performance, efficiency, safety, and comfort. Who doesn’t want to have a highly advanced boat? But there is a downside to these technological advancements too. More upgrades mean expensive production, and higher sale prices.

Online platforms

There are so many new ways today to find and buy boats such as websites, apps, and social media websites. These platforms can expand the boat market and create more opportunities for people to buy and sell boats. But they also affect boat prices indirectly by increasing competition and making prices more transparent for buyers.

Environmental considerations

Today, boat buyers and sellers give first place to environmental considerations when they go to buy boats. Here’s how environmental factors affect boat prices.

Regulations and standards

Environmental rules and standards can change the supply and cost of boat materials, fuel, and emissions. 

Climate change and weather

Climate and weather changes affect the quality of waterways and the duration of the boating season. They also affect the costs to maintain and insure boats.

Supply and demand dynamics

Supply and demand dynamics directly affect boat prices. Here are how boat buyers’ and sellers’ interactions affect boat prices in the market.

Inventory levels

The availability levels of boats show the balance between supply and demand. Prices start to rise when there are a few boats for sale, and many people want to buy them. Again, prices start to fall when there are many boats for sale but few buyers. It is all about the boat inventory.

Seasonality

Aren’t the seasons the best times of the year? This could be partially true for boat buyers. Boat lovers usually go for boat buying in the spring and summer when the weather is good for boating. There is a reason you see more boats for sale in the fall and winter too. That is the time the sellers try to get rid of their inventory before the year ends. So, more boat sales.

How to buy a boat at a fair price in 2024

Buying a boat at a fair price in 2024 is not impossible. But you need to do some research and have a strategy to get the best deal possible.

Know the market.

Always keep your eye on what is happening in the boat market and boats costs. Soon you will get your right time. Have you heard about websites like BoatTEST.com or BoatBlurb.com? You can visit them to compare the prices and features of different boats.

Buy at the right time.

As we mentioned before, seasons matter. Do not buy a boat during the popular seasons like spring and summer when demand is high. Instead, you can try to buy one during the slower seasons, like fall and winter. There are more sellers willing to lower their prices during these seasons in the year.

Negotiate prices

Are you scared to bargain and propose different prices when shopping? Then you have to work on it before you go boat shopping next time. It does not matter whether your boat market knowledge is small or big, use what you know to explain why your offer is fair. Also, point out any problems or issues with the boat to learn more before you make the final decision.

Tips for buying a boat at a good price in 2024

There is no stopping the boat price hike trend in 2024, but will you need to spend a fortune to get your dream boat? No. Follow these tips to save your money when buying a boat in 2024.

How about buying a used boat?

Buying a used boat is a great deal. But you must check if the boat is in good condition and has no hidden problems before you make your move. Otherwise, you might have to pay more for those hidden issues. You can also get advice from a boat professional before you buy one. Visit websites such as BoatHistoryReport.com or Boatfax.com to learn about the past of the boat you are buying.

Be the captain of your own boat and discover the beautiful waterways across Europe

Look around for the best deal.

Do not buy your boat after checking out one place. Check out different places and compare prices to get a good price on your boat. Go to local boat dealers, boat shows, online marketplaces, classified ads, and auctions to find the best deals. Need help with your research on boat’s value and other similar models? Visit NADAguides.com.

Understand the boat’s value.

Learning a boat is real worth is one of the most important things you should do before you buy a boat. Why? You will not have to pay too much or too little if you know the value.

Do not forget the hidden costs.

Did you know there are costs you will have to bear that are not included in the boat price? Focus on following additional costs too when you are preparing your boat budget.

• Buy/rent safety equipment for your boat, like life jackets, anchors, ropes, fire extinguishers, navigation devices, etc.
• Find a place to keep your boat when you are not using it (docking).
• Get your boat ready for when winter is around the corner. You will have to drain the water system, add antifreeze, change the oil and filters, and do other things to keep it from getting damaged by the cold (winterization).

Will boat prices go down?

Inflation, rising labor, material costs, and higher demand are just a few reasons boat prices have increased over the past few years. Several factors affect the price of boats to go up. They are,

• Cost of boat materials
• Costs of fuel
• Global economy

There are no indications that the rise in boat costs will ever cease. Prices will continue to rise due to inflation, and as the world economy expands, demand for boats is only expected to rise. If we look further into the future, boat prices in 2024 would be the same or worse than in 2023. Experts show no positive signs yet.

Let us take a look at the analytics

What is more fun than buying a boat and enjoying a boat trip with your family and friends, right?

According to analytics, in 2021, first-time boat buyers spent 56.7 billion dollars on marine gear. But according to the same analysts, from January through July this year, new powerboat sales fell by 18% compared to the same period in 2021.

Noticeably used boat prices high demand

The need for used boats has grown in tandem with the rise in new boat prices. This is because many people want to own boats but can’t due to the high cost of new boats. The expansion of the used boat market is among the boating industry’s most encouraging trends for 2022.

Why is that?

With COVID-19 restrictions slowly fading, people who bought during the pandemic are trying to sell their boats.  

Is 2023 a good year for the boating industry?

More into analyzing, dealers expressed that as demand decreased and supply-chain bottlenecks loosened, they anticipated that their stockpiles would return to normalized levels in early or mid-2023. Dealers expect retail to be at 2019 levels, a -10 % decline from 2022.

Dealers are apprehensive about 2023 due to rising rates, the market for secondhand boats, boat-sharing clubs versus ownership, and the possibility that the market would pull demand forward during the pandemic. Do boats go up in value? Experts predict that the supply will begin to catch up with demand by early 2023.

When should you buy a boat?

Do you wish to buy a boat?

Unlike other industries, you can buy boats in specific months of the year to enjoy lower prices. So, what is the cheapest month to buy a boat?

It is September and October, the fall months. In these months the majority of manufacturers start to give discounts. Dealers frequently offer incentives to customers through discounts and significant price reductions when demand starts to fall.

How much does a yacht/boat rental cost per person in 2024?

Demand for boats is getting lower with the COVID-19 restrictions being released, and people are looking into the road more often. However, analysts report that in 2023, we can see a higher demand and profit increase from the boating industry. Will boat prices go down? As the world’s efforts to grow out of the difficulties of higher interest rates and inflation continue to succeed, boat prices could go down. Yet, it is not confirmed.

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Tesla’s 2Q profit falls 45% to $1.48 billion as sales drop despite price cuts and low-interest loans

FILE - The Tesla logo appears on an unsold 2020 Model X at a dealership, Feb. 2, 2020, in Littleton, Colo. Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing. (AP Photo/David Zalubowski, File)

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DETROIT (AP) — Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.

The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in the same period of 2023. It was Tesla’s second-straight quarterly net income decline.

Second quarter revenue rose 2% to $25.5 billion, beating Wall Street estimates of $24.54 billion, according to FactSet. Excluding one time items, Tesla made 52 cents per share, below analyst expectations of 61 cents.

Shares of Tesla fell about 8% in trading after Tuesday’s closing bell. The shares had been down more than 40% earlier in the year, but have since recovered most of the losses.

Earlier this month Tesla said it sold 443,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago . Although the sales were were better than the 436,000 that analysts had expected, they still were a sign of weakening demand for the company’s aging product lineup.

For the first half of the year, Tesla has sold about 831,000 vehicles worldwide, far short of the more than 1.8 million for the full year that CEO Elon Musk has predicted.

The company’s widely watched gross profit margin, the percentage of revenue it gets to keep after expenses, fell once again to 18%. A year ago it was 18.2%, and it peaked at 29.1% in the first quarter of 2022.

Tesla said it posted record quarterly revenue “despite a difficult operating environment.” The company’s energy-storage business took in just over $3 billion in revenue, double the amount in the same period last year.

CEO Elon Musk, who has tried to portray Tesla as an autonomous vehicle, robotics and artificial-intelligence company, told analysts on a conference call that the company’s “Full Self Driving” system should be able to run without human supervision by the end of this year, although he acknowledged that his predictions “have been overly optimistic in the past.”

At present, “Full Self Driving” is being tested on public roads by some Tesla owners. The company says it cannot drive itself and human drivers must be ready to intervene at all times.

For many years Musk has said the system will allow a fleet of robotaxis to generate income for the company and Tesla owners, making use of the electric vehicles when they would have been parked. Musk has been touting self-driving vehicles as a growth catalyst for Tesla since “Full Self Driving” hardware went on sale late in 2015.

But in investigative documents, the U.S. National Highway Traffic Safety Administration said it found 75 crashes and one death involving “Full Self Driving.” It’s not clear whether the system was at fault.

Later, Musk said he did not think approval by government regulators would be a limiting factor in deploying robotaxis. “If you’ve got billions of miles that show that in the future, unsupervised FSD is safer than humans, what regulator could really stand in the way of that?” he asked.

Musk told analysts he postponed the company’s August robotaxi unveil until Oct. 10 to make changes to improve the vehicle. He also said Tesla will show off a “couple of other things” at the event.

Musk said he expects Tesla to begin limited production of the Optimus humanoid robot early next year for use by Tesla. The robot already is doing work at a factory. In 2026, production would ramp up more to send robots to outside customers, he said.

Musk also said the company is on track to deliver its new more affordable vehicle in the first half of next year.

The company, he said, wants to wait until after the U.S. presidential election before deciding whether to build a new factory in Mexico. Republican nominee Donald Trump has threatened to slap tariffs on autos made in Mexico, so it wouldn’t make sense to build there in that case, Musk said. Musk has endorsed Trump.

Morningstar analyst Seth Goldstein attributed the large stock drop to Tesla giving little new specific information on vehicles or tangible financial targets. “Maybe some investors are saying ’you know, we didn’t get more details from management,’” Goldstein said.

Although the next scheduled catalyst that could move the stock is now the robotaxi event in October, Goldstein said Musk could share details of new products on X, his social media platform. “Elon Musk could share details of Tesla’s progress,” he said. “That could be a catalyst for the stock on any given day.”

During the quarter, Tesla’s revenue from regulatory credits purchased by other automakers who can’t meet government emissions targets hit $890 million for the quarter, double Tesla’s amount of most previous quarters.

The company reported $622 million in “restructuring and other” expenses for the quarter, when it laid off over 10% of its workforce.

Tesla said in a note to investors that it’s between two major growth waves, with the next one coming through advances in autonomous vehicles and new models. But the company reiterated caution that its sales growth “may be notably lower than the growth rate achieved in 2023.”

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camps beginner windsurfing & sailing

Beginner Windsurfing and Sailing Camp

In this hands-on week of camp, kids and teens (ages 9-15) are grouped into small teams and introduced to the fundamentals of these challenging, and cerebrally-stimulating watersports.

As activities that can be performed over a lifetime, both produce a sense of accomplishment and fulfillment in kids. And, to ensure campers get the most out of these activities, Shoreline’s experienced and well-qualified instructors provide a supportive learning environment covering water safety, board and boat handling basics, rigging and de-rigging as well as knot tying.

At the start of their week-long session, windsurfers practice first on a land simulator in order to understand wind direction and board handling before heading out on their own.

Subsequently, additional topics (that also delve into sailing) are covered, including jibing, tacking, upwind sailing, helmsmanship, docking, and setting a basic sailing course. Then daily, on-the-water sailing exercises progressively develop each essential skill.

With regard to sailing specifically, campers alternate skipper and crew duties with their sailing partners to learn both positions. Finally, at the end of session, to give each camper an objective idea of their progress, an individualized skills assessment is issued.

You’ll learn the following skills:

• • Safety – Life Jackets, Buddy system, Dock Etiquette, Tying Knots
• • Fundamentals – Nomenclature, Wind Direction, Sail Theory, Rigging & Derigging
• • Basic Rig Handling – Sail Carrying, Balancing, Self Rescue
• • Boat Orientation – Crew Responsibilities, Basic Steering, Tacking, Jibing, Sail Trim
• • Capsizing, Cleating, Docking, Man Overboard, Course Selection, and more...

To Keep in Mind: Campers should be comfortable swimming and treading water, be able to submerge their heads under water, behave prudently if a capsize occurs, and be in adequate physical shape to engage in the Camp’s activities. If in doubt, please contact your doctor. In addition Campers and/or parents must notify a staff member regarding any medical condition of which the instructor should be made aware. Although you may provide your own, Shoreline does provide PFDs (life vests) and wetsuits.

A lunch catered by the American Bistro is included with this camp. Lunch selections vary by day and include a vegetarian option each day.

What To Bring

Every day Campers should bring a towel, bathing suit and two sets of dry, comfortable clothes (They will get WET – in the morning and again in the afternoon.). In addition, they should also bring a jacket or fleece, lots of sun protection, a bottle of water, and non-skid/non-marking shoes or booties to wear while on the boats and in the water (Tennis shoes or aqua socks work great!). No flip-flops allowed .

Hats and sunglasses are recommended but not required. If wearing glasses, Campers should bring a lanyard to secure glasses around their head. It is also a good idea to send along some additional money or a snack with your Camper to carry him/her throughout the day, as well as for locker tokens – cost $2 and are recommended for securing valuables

Important: On the first day of camp, please arrive 15-20 minutes before the start time to register and sign-in.

Please Note: Also, parents, no pets, including dogs, may enter the park, even if they are inside a vehicle when dropping off and picking up campers.

Weekend Sessions

Extended Care is not available for weekend programs.

Week-long summer sessions

Shoreline Lake will be open July 4th and all camps will meet according to their regular schedule.

Register Now Register -->

Directions to Our Facility

Want to purchase as a gift? Or, to have a pre-paid option available? Shoreline offers gift cards that can be used any time. Just contact the Boathouse (at [email protected] or 650.965.7474 ), and we’ll get you set up.

Windsurfing and Sailing Camp: Level II

Step up the performance for a week of refining your windsurfing and sailing skills! Challenge yourself, as wind conditions will be stronger for this level. Learn faster tacks, pivot jibes, more freestyle moves, advanced safety skills, and in-depth upwind sailing with our team of certified advanced level instructors. Students continue to hone their skills through intensive on-the-water instruction. Topics covered include refining sail trim, heel control and sail shape controls. Capsize, self-rescue and man overboard drills are practiced. Sail a windward/leeward racecourse! Timed racing starts and roll tacks will be covered. Class includes intensive sailing drills and informal racing. End of session evaluation tests skills learned. Prerequisite: Level I Windsurfing and Sailing or its equivalent

Students should be comfortable swimming and treading water. Students should bring comfortable clothes, a bathing suit, a jacket or fleece, a towel, lots of sun protection, a lanyard to secure their glasses around their heads, a bottle of water, and non-skid/non-marking shoes to wear while on the boats and boards (they will get WET - tennis shoes, aqua socks, or Teva sandals work great!). No flip-flops allowed.

*Parents, please note that no pets including dogs may enter the park, even if they are inside a vehicle when dropping off and picking up campers.

Sailing Camp: Level III

Hands-on course whereby students are broken into small teams and introduced to the fundamentals of both fulfilling and rewarding lifetime sports. Our talented and well-qualified instructors will provide a supportive learning environment covering water safety, board and boat handling basics, rigging and de-rigging as well as knot tying. Windsurfers will practice first on a land simulator in order to understand wind direction and board handling before heading out on their own. Additional topics covered include jibing, tacking, upwind sailing, helmsmanship, docking, and setting a basic sailing course. Daily on-the-water sailing exercises progressively develop each essential skill. Students alternate skipper and crew duties with their sailing partners to learn both positions. End of session skills assessment is issued. This is perfect for kids 9 to 15 years old.

Prerequisites: Level II Windsurfing and Sailing. Campers must be approved by Shoreline Aquatic Center's sailing instructors to enroll in Level III.

Due to the strict requirements for admittance to this camp, we are not currently accepting online registrations for Sailing Level III. Shoreline's staff will be contacting candidates for this camp. If you believe your camper is ready to advance to Sailing Level III, please contact us by email .