yes it does depreciate the value of it. It is no longer "all original" and in the 29yrs ive been in the marine industry...(60+ yrs of my family) people get an image in their head and its stuck in there. Camo motor,....."ahh those ole duck hunters been running it through the mud, timber, sticks and whatever else. mustve ragged that ole thing out and time for a new one" mentality
I would also say it depreciates the value, BUT there are a few manufactures out there that are sending their motors out camo'd. I would pay any less for a camo motor vs a non-camo motor...its going to get camo'd anyways..