Is the Boat Market Crash Here? (Spring 2024 Boat Market Update)
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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.
I hope so. Prices of new boats have gone crazy.
I want to move up to a 25' CC. But I'm not paying 200k for a 25' boat.
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.
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
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.
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.
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.
great video, i am in the banking industry. loan demand has really dropped
great video i am a marine tech pushing 40 years in this industry
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.
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!
.... 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 ...
Harry well you got the house 🏠 you just have to spend enough for the other house which rolls and floats 😂
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.
I just bought a brand new 2023 Starcraft for about $15k off retail.
I have a Wellcraft 26 Excel Express Cruiser on South Florida craigslist $14.500 in very good condition.
didn't the consumer price index chart show down?
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.
Bought a new 2022 wakeboat at dealer cost, close to 100k off from msrp
I sold mine last year.. I'm just gonna party on my friends boat.
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?
@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.
Wealth effect meet inverted curve
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.
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.
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!
0:30: 🚤 Analysis of current boat market trends showing varying year-over-year declines across different boat categories. 4:23: ⛵ Boat market stability in Spring 2024 with increasing dealer inventory turnover and manufacturer rebates. 7:50: ⛵ Analysis on boat market trends, price fluctuations, and future predictions. 11:33: ⛵ Boat market remains strong despite economic struggles for some individuals. 15:14: ⛵ Analysis of boat market trends, including sales numbers, inventory, and consumer behavior. 19:29: ⛵ Significant number of 23 leftover boats in the market, leading to great savings opportunities for buyers. 23:28: ⛵ Boat dealers facing closures due to mismanagement and excessive inventory from manufacturers. Tammy AI: Get video info faster & better
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
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.
It’s impossible to have net profit decrease greater than 100%….lol…
It's gotta be.... motorcycle market crashed already.
Boat interest rate too high 7% to 8% Dealers need to come up with dealer financing to 2% to 3%
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
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.
😂😂😂 INFLATION BABY! 😂😂😂 Blame it on the WAR! 😂😂😂
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.
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
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
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
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😂
The industry has priced new boats sales for normal wage earning people out of the market and it’s been like this for years now , this will never go back just like the rising cost to just live . Most better get used to the words Oh that’s a classic “older “ and like it .. because that’s where it is now 👎
Exactly, even entry boats are stupid expensive.
It’s 20k for new 16’ Gheenoe. A Gheenoe c’mon.
@@Kevinw4040 that’s a skiff Kevin and I’m referring to something sea worthy 20 -25 ft
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
It's just a slow down. Election year BS. I got a boat for sale. 2021 Blazer Bay. Tricked out
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.
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
Boat prices haven't changed at all. I look everyday . Click bait here.
Customers screw themselves…🙄
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.
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
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
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