Despite the ups and downs of the nautical market in the wake of the pandemic, Fjord has consolidated its position as a safe bet.
At the beginning of 2022, we published our biannual summary (2020-2021) of the Fjord brand’s second-hand market in the midst of the post-COVID-19 hangover. In the wake of the effects that followed the pandemic, which we detailed at the time, we present our analysis of the second-hand market from 2022 to 2025, including both years.
THE CHAMPAGNE EFFECT
After four years of euphoria, the so-called champagne effect finally manifested itself in 2025. This long-awaited effect, coupled with the US administration’s tariff war, has finally caused a slowdown in sales of new and used boats.
In 2021, we saw how used boats filled the void left by the lack of availability of new boats. This transfer between the used and new boat markets continued the following year, but in reverse. In 2022, only three used boat transactions were signed, compared to 23 the previous year. This sharp decline (-87%) in a single year contrasts with the rise in new boat sales.
And since 2023, both markets have experienced a downward adjustment, returning to pre-pandemic figures. The graph below shows these developments, with both markets appearing to converge in 2025.
DEPRECIATION OF FJORD BOATS IN THE SECOND-HAND MARKET
With regard to the analysis of the depreciation of Fjord boats, which has always been the main focus of these articles. In 2022, with demand skyrocketing and little product on the new boat market, we found that prices on the second-hand market were high and there were hardly any discounts on the advertised prices. The annual depreciation of second-hand Fjord boats sold that year was only 0.59% of their new sale price!
Similarly, it should be noted that this almost zero depreciation of second-hand Fjords coincides with the rise in inflation that occurred just after the pandemic. More specifically, from the end of 2021 to the beginning of 2023. Sustained demand and a very sharp increase in new boat prices allowed second-hand sellers to reduce their loss of value during that period.
Subsequently, depreciation has been gradually increasing, reaching just 2.19% in 2023 and 5.25% in 2024, to stand at 8% in 2025. We expect this anticipated price adjustment to continue throughout 2026, although we are inclined to believe that it will not worsen but rather remain stable or even decrease over the next two years.
PROGRESSIVE, NON-LINEAR DEPRECIATION
When performing these depreciation analyses, we have always emphasised that our calculation of the loss in value was linear (arithmetic mean), although we know that in reality this is more acute in the early years and smooths out as the boat ages.
If we consult the media specialising in the sale and purchase of used boats in the nautical market, it is considered normal to lose between 25% and 30% of the new purchase value in the first three years. Between 5% and 7% during the following 7 years, accumulating in these first 10 years a depreciation between 40% and 50% of the new purchase value. And, after 10 years of age, a depreciation of 5% per annum is usually calculated.
On this occasion, we wanted to compare this trend by year and we obtained the following depreciations in the three sections described above.
| Depreciation periods | First 3 years | over 7 years | over 10 years |
| Accumulated average depreciation (others) | 25-30% | 30-37% | 40-50% |
| Fjord depreciation in 2023 | 5 % | 20 % | 31 % |
| Fjord depreciation in 2024 | 23 % | 15 % | 46 % |
| Fjord depreciation in 2025 | 25.8 % | 11 % | 40 % |
Once again, we see that Fjord’s average depreciation is always below the margins considered normal in the second-hand market.
CONCLUSIONS
Despite the volatile behaviour of the second-hand market, Fjord remains a benchmark brand, whose value always depreciates less than other brands in its market niche. It continues to be an easy boat to sell and one that allows you to recover a significant portion of your investment compared to its competitors in the market. However, it is worth remembering the importance of having a professional and experienced broker when selling your used boat.
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