2024 Q1 Market Insights Marine

MARINE MARKET INDUSTRY OVERVIEW

The Marine market is performing relatively well in early 2024, with upward movement in our values undoing most of the depreciation in the second half of 2023.

Looking at individual segments, the most recent 10 model years of used outboard boat values brought 8.1% more money in the March-April period than January-February, and 6.3% less than the first four months of 2023. Stern drives brought 8.2% more in the March-April period than January-February, and 14.7% less than the first four months of 2023. Inboards brought 2.6% more in the March-April period than January-February, and 17.8% less than the first four months of 2023. Personal watercraft brought 10.5% more in the March-April period than January-February, and 17.7% less than the first four months of 2023   
 
The 2024 market opened up on relatively solid footing, with traditional seasonality returning. We are probably at peak interest rates, so the remaining headwinds are negative equity and supply of new boats/watercraft in selected segments. With these factors in mind, early 2024 has unfolded somewhat more positively than we had predicted.