Will the boating market grow in 2023?

The boating market and industry have seen significant growth in recent years, and this trend is expected to continue in 2023. Innovations in technology and design have led to increased demand for recreational boats, and a growing interest in eco-friendly options has also contributed to the market’s growth.

What happened to second-hand boats in the first quarter of 2023?

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.

How much does a used boat cost in 2024?

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.

What happened to boat prices in 2022?

However, 2022 total values remained higher than before the pandemic boating boom, totaling more than $11 billion in sales. The global average boat price was 29.5% higher than in 2019 and was comparable to 2021. According to Trident Funding, a leading marine lending company, boat loan applications were up by 80% in 2022 compared to 2021.