Is the Boat Market Crash Here? (Spring 2024 Boat Market Update)
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- čas přidán 26. 07. 2024
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Captain Matt
I hope so. Prices of new boats have gone crazy.
It's not just the boat market, it's the car, truck, r v and motor home market that's in trouble.
Even mountain biking market, all the same
The recession hasn't even hit yet.
Exactly.. boats might be the worst industry to be in during a recession.
For many, it won't hit.
This has been said for YEARS lol. Literally a decade.
@@jonathantaylor6926 They said that about houses in 2007, but people keep on buying them, or try to.
Seeing reasonably priced used boats but they don't seem to be moving as quickly. Everything points to the interest rates. 8% new and 10-12% on used is holding people off from buying. If boats were still 30-50k it wouldn't be a big deal, but when you're looking at 100+ and financing for 10-20 years, that 100k boat becomes 200k. Not worth it for a lot of folks.
I want to move up to a 25' CC. But I'm not paying 200k for a 25' boat.
That sounds unreasonable.
Don't be stingy! I worked for a company that sold 26' center console cats for over 300k. Then the owner resold them for 400k
.... First I need to purchase the +75K $$$ truck to tow the boat ... then I need another 50-100K to buy a nice used outboard ... and note I do own a house w/ enough property to store the boat at already ...
friendly advice, and I mean this will good intentions, the Fed dropping rates doesn't mean anything for the interest rates we will pay on money for boats. It is up to the commercial banks on what risk they are willing to take on these loans. The reason the Fed will drop rates is that the economy is suffering (at the same time inflation says higher), therefore the banks will be seeing these loans are riskier, therefore the spread between the 2 year short term risk-free, which the Fed can "control" and the risk rate we pay will widen.
I always enjoy your insightful perspective on the boat market. I don't know anyone that does it better. I'm not in the market currently but I enjoy understanding what the market is doing. I am always happy when I see that my 2018 Boston Whaler 170 Montauk is still worth about what I paid for it 😁 . You have business savvy!
Thanks for the kind words!
really great analysis. love the way you pieced together data to support your views in a market that's not so easy to get numbers for
Much appreciated!
Boat market on the Nature Coast of Florida has been stagnant for a year, new and used and were a year round boating paradise.
I'm in Springhill.. So many dealers sitting on the same inventory they had a year ago with no room for 2024 inventory
@@flnative7553 same story in Annapolis Maryland. Dealer is selling the same blackfin from 2022. No takers on a 225k boat
great video i am a marine tech pushing 40 years in this industry
Stavros in Florida caught your video and enjoyed it, I recently sold my177kw, I will look to purchase another boat possibly this November depending if sellers are motivated, I hope to find a good 5 to 7 year boat. Again thank you for the video, Stavros.
New boats are such a rip-off
Prices are staying the same that’s it
I’ve watched boats become unattainable and it’s not going to change anytime soon
Saw this coming a mile away!!! I was building speed boats for a west coast brand 2 yrs ago and best thing I could've done was switch over to HVAC. The owner and sales manager seemed like they just wanted to scheme as much money out of suckerz before the bubble burst.
Awesome update! I live is SE Florida and am still seeing people asking what seems like 20-30% or more above JD Power retail (for what that's worth). I and many savvy buyers are not dumb enough to pay original list on a 10-15 year old boat which is still a depreciating asset last time I checked! Car and boat insurance premiums are up double digits, especially in hurricane markets which will weigh on the market. Maintenance cost and wait times is up a lot (not likely to drop back due to labor/parts cost and availability) and the stock/home market is due for a big correction. Continue to hold dry powder for the sale of a century unless something great comes along in line with "normal" pricing. 😏
I'm looking forward to an update on this video. I'm watching Cobalt and Regal, and in addition to the advertised OEM money, some dealers are getting aggressive. I'm looking forward to prices in Q4 2024. Lots of layoffs in the industry and lots of new inventory out there. I'm a cash buyer looking for a serious deal. Weren't there yet.
great video, i am in the banking industry. loan demand has really dropped
Absolutely! My brother got a 2023 New never titled and fully loaded Cobia 320 for $260k out the door. I think it was $340k previously.
I have 1975 Boston Whaler Sport. Looks like new. Fresh water use. At almost 50 years old, this great little craft still does all it was made to do. Bought it with trailer and 70hp outboard for $2500. Today, these same 15 footers with motor and trailer will set you back close to 50 grand, and mine has gorgeous mahogany seats and trim. Ridiculous. The price of fun is stupid.
Love your channel. Will be buying used this year and paying cash. It seems crazy to get a 15 year loan for a depreciating asset.
The market is crashing.
I work on boats for a living and its getting really hard to get jobs.
People can't afford it anymore and they're either trying to get out of it or trying to fix it themselves.
The biggest issue is the cost of living has destroyed this market.
The only people who make money of boat work now is detailers or hull cleaners it seems.
@tristanlong7 - thanks for the comment. Where are you from?
@@BoatBuyersSecretWeapon out of southwest Florida.
Also here in Northern Indiana. No boat jobs available and they are laying off.
You are in the wrong state, they are desperate for boat repairs in South Carolina that isn’t a fortune and you can’t find anyone to paint or gel coat a boat
@@hugoglenn9741 South Carolina you say.
Hmm that would be a nice place to live tbh.
I heard the same about Florida. Turns out they need alot of repairs, but don't want to pay for the repairs.
Just out of curiosity. How is the cost of living there?
During Covid, people bought boats not even knowing what they were getting into. Now that the payments and maintenance is getting old for these people, they have to unload them. I've had boats for the last 55 years. Buying a boat is not a picnic if you don't know how to take care of them.
I wish you were right but not what I’m seeing where I live.Ive been in the market for a boat the last 2 years but I refuse to get a loan for 50k for a boat that’s 15 years old and the new models are 100k when I know damn well in my head that’s a 50k boat…Prices are so ridiculous I don’t see how anyone can afford these boats..Went to a local boat show and 40-50 boats that were over 90k had sold stickers on them I couldn’t believe it..Maybe I’m just getting old
Just getting old... everything is more expensive (trucks, houses, groceries, furniture, etc)
I have a Wellcraft 26 Excel Express Cruiser on South Florida craigslist $14.500 in very good condition.
I work in the industry and layoffs have started happening with BIG production builders. Things have gotten out of hand and it’s time for a big correction.
Boat prices are absolutely insane so hopefully so
I am Looking for 2 new boats and i have went to almost all the boat yards in my area, and the yards are runneth over with supply. and to have a boat built is just a few months from most of them.
I just bought a brand new 2023 Starcraft for about $15k off retail.
i work in the custom boat industry in lake havasu az, and yes, huge slowdown.....went from a 3 year backlog in 2020, to no sales, stock boats on hand.........bidenomics
Bidenomics, please. Tard.
a contender 24s just 3 years ago was 100k its 150k right now come on this dude isn't close to reality the boat vendors are planing on pricing themself out of the market none is signing up to pay 150k for a basic boat @ 11 %
Manufacturers will keep the prices high and pocket the additional profit from the cheaper materials..once they know we will spend x amount on y product, it never goes below that figure again
On the crystal coast (north Carolina) there are more used boats for sale than there are used cars.
Evinrude-large manufacturer of boat motors-just laid off 350 workers.
Stavros in Florida add on to last comment I believe in September a lot more used boats will be offered for sale...
didn't the consumer price index chart show down?
end of 2024 market will be when these greedy dealers and manufactures take the biggest hit. like I said on your last video... local dealers are refusing deliveries on 2024 stock with rebates. Went to a boat show a year ago. I told the sales man straight up it wont be long before the manufacturer has to issue rebates for boats sittings. I just looked at a 23 parker the boat looked like it had been sitting on the lot for years with all the dirt and scum all over this new boat. and it was a left over 2023! I have no sympathy for these clowns. they were first to gouge customers now they can sit on their inventory till its pennies on the dollar then Ill pay cash! and if you buy right now I got some land to sell you in the Everglades
The used boat market is definitely coming down. Some sellers are in denial but I’m seeing boats that were $28k 2 years ago going for $14k now. If interest rates would drop I would buy
Yes
One has to think that there was a huge influx of new boaters and a lot of people stretched themselves as well and will not be able to stomach those big payments much longer. It’s going to crash hard…
Wealth effect meet inverted curve
so producer price index has dropped to before covid level...yet the boats remain 60k plus more then precovid level!.. please make this make sense!
Hey thanks for the video. Reference 16:50 used boats for sale. I also thought boat trader was where to go and we are dead wrong! I went to market place and the inventory is getting huge for average runabouts.... You might want to do an update.
Cool, thanks for the suggestion. Will be working on a summer update soon and add that too
If boats are in a recession then why did the average price for a 1st generation Hinckley 36 picnic go from $200K 5 years ago to $300K now. They are only 5 years older and 50% higher with more hours on the engines. Doesn’t make sense to me, I believe a price reset is coming.
With the interest rates on boats being so high, something has to give. Many boat manufacturers have laid-off staff, that can't be good.
They are cutting production now is smart because 2025 orders from their dealer networks are going to be fairly low based on current 2023/2024 model year inventory levels.
Definitely best ever made keeps getting better. Crazy high fuel costs and a ton of innovation definitely pressuring the Industry excepting Boston Whaler and Sea Ray which never really seem to go down in value. Great report.
Don’t ever confuse classic Whaler and newer Whaler boats built by Brunswick marine. The older one can on occasion retain value, no so much with the newer ones
There are many other modern boats made better than Whaler nowadays. Grady White and Scout come to mind. In South Carolina and North Carolina no one ever considers Boston Whaler
@hugoglenn9741 my home marina in North Carolina is all Boston Whaler and they sell them. I have a 250 outrage the boat is an absolute Rock
Just getting around to your channel but appreciate the knowledge. I am looking to buy in a few months and will be using it around the space coast in FL. Was looking into Key West 203fs or 219fs. Are these good options for that area? Will be my first boat. I fish a lot! Ha
Good fit for sure
Boat prices haven't changed at all. I look everyday . Click bait here.
Bought a boat on marketplace for 400 bucks a year ago about to have a turnkey brand new 1970 speed boat with most of the tricks from 2024 including a new motor. I’ll be in the boat for 10 grand by the time I’m done and I’ve had offers for 25 grand. My boat will do nothing but make me money.
Compare average income increase over the last 25 years to average boat and truck prices. Way higher increases in truck and boat prices than in income increases.
I just sold my hatteras for 98k more than I paid for it. We closed last October. Now I just purchased a cirrus vision jet new for a broke back mountain price!
I’m now seeing a lot of used boats coming on the market down here in the upper Florida Keys. A lot of them are clearly FSBOs.
Good info, thanks. Maybe you can talk about real interest rates on new and used boats. Ex: What would the lender loan on a 5 year old boat? Are rebates possible from manufacturers? Also, JD Power bought NADA and Kelly BB? How does a boat seller value new and used boats? Lots of moving parts...
I've got some info on loan default rates, may add rate update video as well
@@BoatBuyersSecretWeapon Excellent!
Boat interest rate too high 7% to 8% Dealers need to come up with dealer financing to 2% to 3%
Would love to trade or sell my 2011 Blue Wave 2400pb for an newer model Key West 250br or an Everglades 243 but rates and prices are just insane. I’m not taking a 20 year loan and paying double the sales price in interest.
Bought a new 2022 wakeboat at dealer cost, close to 100k off from msrp
The fact that you were able to get 100k off msrp shows how bad they’ve been ripping people off
I sold mine last year.. I'm just gonna party on my friends boat.
You're a smart man! Me, not so much.. 😢
It needs to crash and reset in realistic ranges just like the truck marked. Greed has lead to these enormous prices and they started way before COVID hit.
Prices are getting out of site !It's crazy!people are trying to get rich quick!
I missed a deal on a brand new 2023 cobia 220 cc with a price drop of 31k 😢
I’ve also found a new 2022 blackfin 222cc for 94k
It's gotta be.... motorcycle market crashed already.
Nope, it heating up!!
Just bought a used Tritoon for such a deal, that even if the boat market does crash, I'm still gonna make money on the boat years from now.
Details?
Me too... But new 2022 in Feb.
Where? Dealer?
Where? Dealer?
@bac9815 I'm in Washington state near Portland, OR (pontoons are more expensive around here). It was a private party sale on Marketplace. 2014 Bennington, 24' Tritoon, 200hp outboard, 150 hours. Great condition, original owners, and they had a bunch of aftermarket work done (multi battery amp switch, upgraded sound system). Got it for $30k. They were asking $42k for it which was a fair price already.
I gave up on Dealers, non would negotiate any prices. I've recently had some dealers message me willing to negotiate now. Keep in mind, I actively searched as a serious buyer for a boat for about 3 months before coming across this one. But I am noticing better deals, used is the way to go. I think dealers are stuck in high priced boats that just aren't worth that price anymore.
Boat prices are out of control. Small runabouts are almost 30k. No thanks
I don’t think there is a boat crash and I’ll tell you why. I found a 2009 Monterey 234 FS bow rider on FB Marketplace for 23k, including trailer. Instead of this being a private party, potential purchase, it was a broker representing this vessel. Right off the bat, she tells me that their is a pending offer that came in Sunday. The idea from this broker came up that if I pay full listing, it might become available as no deposit from the first bidder arrived. I agreed, willing to pay if no deposit from first bidder. A day or so goes by to check to see if I could see this vessel….yes, maybe because they are going to bring boat and trailer to their store. Another day goes by, and the trailer needs 3k worth of repair, for an additional 1500, they can get me a new trailer. That was certainly a goal post moving moment and I backed out right away. Original offer 23k that would entail plus-plus-plus would nudge me past 25k according to my calculations. So right now, boat less for the time being and steering clear of the sales folks. Why, I used to be a car salesperson right after the Navy back in the days 😃
I'm working for a dealer that expanded too quickly and to 4 locations that is about to go out of business. I'm in West Florida
Marine max?
When mass produced SeaRays are more expensive than custom built boats the manufacturers have over stepped the price. Add in interest rates making money more expensive yeah drops are coming
in l;ast 3 years iv watched the boat american beauty two on craigslist from a price of 56 thousand dollar to present price of 20 grand,,lol i got my eye on a 110 grand boat.. waiting for same shit to happen to its price for next year or two.. boats in florida are not selling...last year all off grid sailboat 35 thousand , now just a year later 15 thousand price tag.. for a tatin 30ish .. nice solar but all held up by nasty ass plumbers galvanized pipe.. it be rusted thru in 3 more years.. thats my experience in watching boat prices drop
I would love to see a recap on this data…January is not a great month to build a trend.
I’ve been doing these updates for over 2 years
What type of discount (percentage off) would be reasonable for a 2022 new/non current model? Looking at 17’ aluminum fish/ski models.
Depends what number you’re starting with… msrp? Nationally advertised price? Discounted price?
@@BoatBuyersSecretWeapon The MSRP for a 2024 same model is 42k, they’re asking price for this 2022 is 34k.
@@BoatBuyersSecretWeapon Is they’re an industry black book for boats to base retail and resale? I’ve tried using the JD Power but not sure how accurate that can be. Would be nice if I could enter a HIN and options to calculate a rough estimate. Appreciate the insights and expertise!
Nope, JD Powers is the best we have and its not great on new boats. Too small of sample sizes and segmented collection points
Do you have the Boat Buyer's Academy and Magic Money Saving Method? boaterssecretweapon.com/pages/first-time-academy
Check it out
Bottom Line... The chickens have come home to roost at most boat Stealerships!!!...😂😂😂... Everything I said that was going to happen at the beginning of covid has happened😊... It ain't rocket science. Dwight Bernheimer Good Seamaritan Rescue since 1958😊 If you find a dealer that treats you fairly... Hold on to that dealer for dear life😂
😂😂😂 INFLATION BABY! 😂😂😂
Blame it on the WAR! 😂😂😂
It’s impossible to have net profit decrease greater than 100%….lol…
Are you sure. If you had a $100K profit last year and $50K loss this year, isn’t that $150K difference. Isn’t 150K, 150% of 100K
It's not dropping I wasnt' able to negotiate on my key west...
Bryan, some dealers are putting their rock-bottom sometimes losing money price out there the very start and so they won’t negotiate from that point.
I wonder if that’s what happened on the Key West .
Do you mind sharing the model the price and when you bought it?
is it worth it to wait on buying a Wakeboarding/surf boat then? Looking at Malibu or Tige but have a hard time justifying 150k or more for a new one and I just don't trust many people selling their used ones for 90-100k+.
If you don’t mind missing this season you could save a few extra thousand but don’t expect prices to go down 25% or anything
@@BoatBuyersSecretWeapon I have a question for you if you can give some input. What’s your opinion on the longevity of the 360HP Monsoon M5Di engine on the Malibu LSV? How many hours do these handle before a rebuild is needed? 1000 - 1500? Somebody in my area is selling a gorgeous 2021 Malibu 22’ LSV for $89,900 and when I checked the engine hours it has 780hrs on it. Also is there generally an engine wakeboard/surf boats use that is more reliable than others?
When going for a used boat I know you want to see it has been used and not been sitting around, but this seems like an incredibly high price with such high hours if an engine rebuild is in the near future. Just trying to get a gauge on price to hours in a sense. I know there are other factors as well. Thank you for your time as always!
I live in Oklahoma. I hear Blue Wave boats may went bankrupt. Sad
Oh WOW! Blue Wave CCs and Silver Wave pontoons
Just stumbled on this channel. I had no idea that people were paying such insane money for a money incinerator but I guess the same morons that buy 100k f150s are also buying boats😂
I bought a very nice 21ft open bow with a cracked block. I’m in the middle of stuffing a 5.3 in it and when I’m done I’ll have a boat for about 3k that people are apparently paying 70-90 for. Unreal.
There's a lot of people doing very well for them selves especially people with government jobs guaranteed wages prices went up during the pandemic because of supply and demand and they blamed it on the cost of everything clearly it was gouging and the price never came down from that point they kept blaming it on material cost as an excuse anybody that brought a boat then Lost a fortune On d valuation it's a depreciating asset just like a car or a motorhome
If you think this is bad look at the lumber market. It has dumped.
If you have to finance a boat, you should not do it. With gas possibly going up this year due to current world events, it’s wise to keep your household ahead of the infatuation
I work at a dealership and boats are selling and so are motors
That’s fantastic… where are you located and what types of boats do you sell?
Hopefully not.. closing on a boat this week..
2019 Crest ii 240 Cpt Dlx with 200 merc. 42k.... hope that's safe..
You should stop the closing!! Boat prices will collapse in 2-3 months a good 30-40%. I know since I am a broker!
@@sailorman8590hope so
It's just a slow down. Election year BS. I got a boat for sale. 2021 Blazer Bay. Tricked out
High prices will just make a market for Japanese and Chinese competition. And they'll do it better.
Not sure if that will happen in boats over 16’ but we’ll see
Yeah with 10.5% and 14% interest rates thats with a 750 credit score
The big boat loan places are expecting around 20% down on used boat loans. I understand that something needs to be put as a down payment, but one I was offered was needing 30% down on a 23k boat. That's ludicrous. That's why we're getting loans and not paying cash. Again, an unsecured loan, but still ... Used inventory is sitting until the dealer discounts it so much that the customers find a way to make it happen
@tomjahn6896 oh yeah 20% down for 8 years at 10.5% on 40k loan I have a boat not in the best shape but I'll keep it at those rates
@tomjahn6896 the other screwed up part is if you have a credit score under 720 you get a better interest rate
@@aaroncarmichael5548 I haven't seen that. Then they ask for more down. The rate is the same. Not great. It's some weird game right now
I heard you mention that cars were not like boats due to supply chain issues holding up sales. Car production and shipments from the manufacturers were absolutely being affected by component shortages far worse than boats. Remember the computer chip shortages? Manufacturers had hundreds if not thousands of almost finished vehicles that could drive, but didn't have windshield wipers which were legally required in order to sell. The new Ford bronco had all sorts of supply chain issues up on launch, like the MIC hard top that suppliers couldn't supply, people either had to wait or change to a soft top. Also, while the current commodity pricing has dropped from 2020 levels, the manufacturers and suppliers need to use up components purchased previously before the new lower cost items can be used and savings passed on to consumers. So it can take a while before the costs are reduced , and even then, will they really lower prices? Just less gouging that was going on a couple of years ago. I'm in the supply chain industry as a Buyer, so I've seen it all.
This channel always spins info to make the boat market sound better than it is. Used Boats are selling for half of what they are listed at.
Thanks for the comment
Greed is sending us right into a depression! It's on it's way!
The stimulus well is running dry....and recreational spending which spiked during the plandemic lockdowns is reversing.
Remember when you couldn't find a boat to buy (reasonably priced)???? All those buyers are ready to sell. Same w/ Real Estate, RV's, bikes, motorcycles, golf clubs, et al.
Gonna be great for anyone able to retire and ready to buy going into 2025... This downturn will last 15 to 20 years or until the last Boomer is 80.
Roflmao…. Only wealthy people buy boats? So I assume they all pay cash? Wealthy people don’t take out 30 year loans on a $50k boat. Boats are going to sink faster than RVs and Motorcycles as the recession and financial crash happens.
About 60% of people buying boats right now are paying cash and default rates are only slightly up... stay tuned for that video coming soon!
@@BoatBuyersSecretWeapon right now… because assuming a crap ton of lenders already pulled out…. And break it down by price points.
The wealthy people I know don’t own boats (depreciating assets) they rent. Only middle of the road individuals own boats or the $10Billion+ crowd just to throw money away so the government doesn’t get it
Biden did that 😂 2:00
Used boats are still
Way overpriced.
Customers screw themselves…🙄
Talk about first world problems.
What’s the sales by age? That will tell a lot. Boomers are all about toys right now.
Interesting thought… I’ll post my channel analytics by age but no industry data on sales by age that I’m aware of
I think the biggest crash is going to be the dude bro CC with 5 engines strapped on the back will see the biggest crash. Never seen such flexing, ever...look at me america! Lol
The interest rate sucks! Vote trump 2024 so we can afford fuel
Fuel is projected to hit $8 a gallon where I live in California this summer. Fuel costs definitely will have an impact on how many trips I make this year
💯percent agree
Vote for the convicted felon, adjudicated rapist, insurrectionist, serial liar, racist, life long conman because gas prices??? 10 year gas price average is $3.99. The U.S. is currently the largest oil producer in the world.
Bidenomics...
Manufacturers will keep the prices high and pocket the additional profit from the cheaper materials..once they know we will spend x amount on y product, it never goes below that figure again
$100,000 for a 23 foot boat they can keep it the quality of the workmanship is horrific it's amazing that these boats even float
Or.. they are needing to get as much saved as possible for when the ax falls and pure 100% communism takes over.
@@fishydubsfishing6516 the $100K boats that are 23 foot nowadays don’t have wood in them but for years Robalo and most others put wood in their boats (I had a 1977). So what workmanship is more horrific and boat with wood transom or not?
Based on the data shared in this video materials have not gotten any cheaper, materials just aren’t exploding in price like they were a few years ago.