2023 Q3 Marine Market Insights Report
MARINE MARKET INDUSTRY OVERVIEW
Marine market conditions cooled in the second half of 2023, reflecting tougher trade equity and higher interest rates. Looking at individual segments, the most recent 10 model years of used outboard boat values averaged 9.5% lower in the first 10 months of 2023 compared to the same period of 2022, while stern drives averaged 17.3% lower.
Inboards averaged 6.0% lower in the first 10 months of 2023 compared to the same period of 2022, and personal watercraft averaged 15.4% lower.
As is typical in a macroeconomic correction, the lower end of the price spectrum is impacted first. As such, the pullback in personal watercraft values is not surprising. For other segments, higher finance rates and tougher equity positions make late 2023 feel more like 2019 than 2021. Experienced dealers know how to manage these factors and are going back to basics to earn each sale.