New boat sales down 18% compared to 2021 and 11% compared to 2019

[Bruce]

I believe we all expected the market to return to prepandemic levels and are finally seeing it. Hopefully supply chain issues will improve leading to more reasonable pricing.

https://boatingindustry.com/news/2022/10/13/nmma-reports-new-boat-sales-levels-are-down-through-july/

 

[Jim_in_Delaware]

I'm also hoping some of the used boats return to pre-covid pricing. I see some videos from 2019/2020 of boats for sale and the pre-covid pricing. There seems to be more of these older (non-jet) boats for sale, but the pricing seems to lag in returning to normal.

Jim

 

[Brad_Ct]

I’m not surprised at this at all, with the cost of financing increasing and with the price of fuel people are backing away from buying toys.

 

[Tex72]

As far as desirable & reasonably priced Yamaha jet boats (in my area), I am not seeing it yet.

Only noticeable thing I’ve seen, are in stock new models popping up at dealerships, where that wasn’t happening before (when I was shopping). They’re still disappearing though, and I think that still shows they are moving, considering this is the off-season.

Used boat pricing still seems pretty high (on Craigslist & BT), and availability for desirable late model versions are few. The ones that do pop up are priced high, and manage to disappear after a month or so…not sure if that means they are sold or seller gave up, but they’re no longer on Craigslist or Boat Trader. The ones that are left, are priced too high for what they are IMO.

Note: I’m not checking other sources (I.e Facebook Marketplace etc), so there may be good deals that I’m not seeing.

 

[HangOutdoors]

Come on up to the Michigan, Yamaha's are all over the place for sale, as well as other brands, some very nicely used and at great prices. Everyweek people are marking them down. I figure they will bottom out at realistic pricing and what they should of been without the pandemic. Still a few hold outs though..... If I had the means and cash, I see boats I would be working on going into the winter.....

 

[Tex72]

I know it’s coming, but it doesn’t seem like it’s hit yet (down here).
High-end home sales have dropped off the map, so the toys are next I guess.
I’m sure what’s coming will be worse than ‘08.

 

[HangOutdoors]

I don't think it will be worse per say, but alot of realized dollars during the pandemic are going to evaporate I think.

 

[Jim_in_Delaware]

I know it’s coming, but it doesn’t seem like it’s hit yet (down here).
High-end home sales have dropped off the map, so the toys are next I guess.
I’m sure what’s coming will be worse than ‘08.

Respectfully, I don’t think it will be anything like 2008. Back then we came close to the economy crashing, this
time it will be a more normal downturn in the economy.

Jim

 

[ripler]

Hopefully consumers remember all of the dealerships that were trying to screw them over during the pandemic.

 

[Tex72]

Respectfully, I don’t think it will be anything like 2008. Back then we came close to the economy crashing, this
time it will be a more normal downturn in the economy.

Jim

No offense taken…& I hope you’re right.

 

[Ohio]

Respectfully, I don’t think it will be anything like 2008. Back then we came close to the economy crashing, this
time it will be a more normal downturn in the economy.

Jim

Agree. We typically learn from our really dumb mistakes.

 

[jmargo]

Same with the RV market here. Hopefully Yamaha fixes their quality issues that got worse from 2020 on.

 

[Epsmith19]

Just my opinion, but I think insane 20yr loans prop up the boat industry. Has those rate rise the industry will fall. To me its that simple

 

[jmargo]

Just my opinion, but I think insane 20yr loans prop up the boat industry. Has those rate rise the industry will fall. To me its that simple

Thats how people pay for those $175,000 wake boats and $250,000 RV's.

 

[Epsmith19]

Thats how people pay for those $175,000 wake boats and $250,000 RV's.

Yep. Those markets wouldn't exist w/o 20 yr loans

 

[Quad]

Same with the RV market here. Hopefully Yamaha fixes their quality issues that got worse from 2020 on.

I consider myself extremely lucky to have picked up a boat with a February 2020 production date.

 

[HangOutdoors]

Long term loans are not an issue and are really not a failure point.

I consider myself extremely lucky to have picked up a boat with a February 2020 production date.

Right On. My has January 2020 Production date. And except for the steering cable seizing up, no other issues really.

 

[FSH 210 Sport]

So, after reading the article, and unless I’m missing something here, it appears that sales are on an upward trend, even compared to pre virus levels. And, any reference to sales during the period “fear of missing out” FOMO are really non sequitur as demand was increasing while supply was dropping off.

 

[Jim_in_Delaware]

So, after reading the article, and unless I’m missing something here, it appears that sales are on an upward trend, even compared to pre virus levels. And, any reference to sales during the period “fear of missing out” FOMO are really non sequitur as demand was increasing while supply was dropping off.

I read the article that boat sales are dropping off, except for a few niche markets.

From the article,

"Through July, new powerboat categories outpacing YTD sales compared to pre-pandemic levels included:

• New pontoon unit sales were down 13% YTD compared to the same period in 2021, while 3% above pre-pandemic Jan.-July 2019.
• Unit sales of new wake sport boats were down 11% YTD compared to the same period in 2021, while 16% above pre-pandemic Jan.-July 2019.
• New yacht unit sales YTD were flat with the same period in 2021, while 16% above pre-pandemic Jan.-July 2019.

Data tracked on a rolling 12-month basis in NMMA’s latest New Powerboat Registrations Report through July 2022 includes:

• New powerboat sales were down 16.7% (R12M YOY) compared to the previous 12 months.
• All new powerboat categories saw sales decline on a R12M basis through July."

The yacht sales don't surprise me as these boats have a longer delivery time and customers are likely more immune to interest rate hikes.

My guess is that boat manufacturers had another banner year for 2022 and sales will be down (but still healthy) for 2023. Boats are coming back into dealer inventory and some manufacturers (not Yamaha) are beginning to offer discounts off MSRP again.

Jim

 

[Neutron]

Seems to be in the same trend as the Housing market, down roughly 11% since last year this time.
Interest rates i am sure are a factor.