NADA Boat Values

[trailerpark_tj]

Anybody ever use these before buying a boat?
I've looked at a few boats and there seems to be quite a bit of difference in the asking price and the NADA value. I was also told by Essex credit not to add any options when doing the NADA appraisal, apparently the finance companies use only the boat, trailer, and engine to get the actual value.
How much "water" do these values hold :p ?

[Nord]

For financing I'm not sure...
I do know if I was to list my boat in the Trader, I would average out what people were getting for the same boat as mine, then add the upgrades like bigger engine, external steering etc..
Stereos don't add to boat value,

[Kilrtoy]

You really like that lavey do ya...
It was a pretty boat, I tend to agree with NADA even thou im in the MINORITY here...

[Havasu_Dreamin]

I was also told by Essex credit not to add any options when doing the NADA appraisal, apparently the finance companies use only the boat, trailer, and engine to get the actual value.
I was just informed of the same thing last week.

[ratso]

NADA is a friggin' joke when it comes to boats... :rolleyes:

[2Driver]

How could they possibly get all the data on customs? Most used ones go through private party I bet and there are way too many options. We did this exact same thing for autos when Insurance companies needed a FMV figure to settle a total. Even with cars it is very very hard to find a fair market value.
They may be in the neighborhood for production boats like Searays, Chaparral etc but for customs I think it is not accurate for purposes of personal pricing.
You are better off doing yoru own research via trader, paper and dealers.

[Never Too Old]

You are better off doing yoru own research via trader, paper and dealers.
Those will give you asking prices. NADA is supposed to reflect selling prices. I've watched quite a few boats that were on the market for a long time. As the asking prices were lowered closer to NADA values, the boats finally sold.
I paid NADA for mine last year. Similar boats that were (and still are) asking more than NADA are still for sale. After I bought mine, another seller lowered his to NADA range and it sold in a few days. I think NADA is pretty close to reality.

[HocusPocus]

NADA isn't that bad.. you just have to remember that all the extra bling bling stuff isn't going to add value (at least according to nada). its a good place to start if you want to haggle price. seems most boat owners always think that their boat is worth more then it really is. :) if your buying or selling just check the nada price then see what similar boats going for. even if you see several similar boats that are asking about the same price, it doesn't mean they are actually gonna sell at that price. i have seen alot of boats that have been listed for well over a year. :cool:

[Kilrtoy]

seems most boat owners always think that their boat is worth more then it really is. :) l:
Aint that the truth...., look how many boats sit for SOOOOOOOOOOOOO LONG

[HocusPocus]

Aint that the truth...., look how many boats sit for SOOOOOOOOOOOOO LONG
thats a fact jack :)
http://www.jayski.com/home/pics/bmurray.jpg
I wrote that in the wifes name by accident, She was last logged on
:boxed:
i noticed that.. :rollside:

[lalhc]

If it's high perforcmance/custom then NADA will not even be close. That's when you're going to require an appraisal for financing.

[Never Too Old]

If it's high perforcmance/custom then NADA will not even be close. That's when you're going to require an appraisal for financing.
What's the appraiser going to use to determine a value? Probably NADA...
How much are all those options worth? Take them off the boat and try to sell them. They will bring pennies on the dollar, usually.
For example, a $30,000 paint job is still just a painted boat when it's time to sell. It is not worth $30,000 more to anybody else. Or try to sell that $1500 bimini. How much will that bring?

[Kilrtoy]

If it's high perforcmance/custom then NADA will not even be close.
THESE ARE CUSTOM MADE-TO-ORDER BOATS. SOME VALUES MAY NEED TO BE ADJUSTED FOR EXCESSIVELY EQUIPPED BOATS.
That is what appears in HIGH PREFORMANCE boats

[Classic Daycruiser]

Have you seen the price of new boats lately???? $100k is nothing anymore if you want to play with the big boys.
When I visited Eliminator Boats last spring, I saw more Cats over 30 feet than anything else, and did not see one boat under 25 feet being built. Who builds a custom 21' daycruiser??? And what does it cost...$75K??? :idea:

[Kilrtoy]

Have you seen the price of new boats lately???? $100k is nothing anymore if you want to play with the big boys.
When I visited Eliminator Boats last spring, I saw more Cats over 30 feet than anything else, and did not see one boat under 25 feet being built. Who builds a custom 21' daycruiser??? And what does it cost...$75K??? :idea:
You can get a schiada 24' for 145 brand new :rolleyes:

[mbrown2]

You can get a schiada 24' for 145 brand new :rolleyes:
Maybe with a bravo drive and mild engine....21's with V-drive and EFI Turbo motors get you into the 150K+ range and add more to that for a 24 rigged the same way...:)

[Tom Brown]

For example, a $30,000 paint job is still just a painted boat when it's time to sell. It is not worth $30,000 more to anybody else. Or try to sell that $1500 bimini. How much will that bring?
I remember looking at a used car that was higher than black book. On the phone the guy told me it was perfect and he went on and on.
When I got there, it was just a normal car with a bunch of wear and tear. I told him I wasn't interested and he started itemizing why it was worth more. One of the stories he told was how JiffyLube left his oil plug out and it burned up his engine. It cost him $6500 for a new engine, and that was only a year ago, so he added that onto the book value. :D
Yeah... lots of people use any number of reasons to sell themselves on why their stuff is worth way more than it really is. Personally, I blame it on the jet boaters.

[No Name]

I remember looking at a used car that was higher than black book. On the phone the guy told me it was perfect and he went on and on.
When I got there, it was just a normal car with a bunch of wear and tear. I told him I wasn't interested and he started itemizing why it was worth more. One of the stories he told was how JiffyLube left his oil plug out and it burned up his engine. It cost him $6500 for a new engine, and that was only a year ago, so he added that onto the book value.
But was it turnkey ? :rollside:

[Kilrtoy]

Maybe with a bravo drive and mild engine....21's with V-drive and EFI Turbo motors get you into the 150K+ range and add more to that for a 24 rigged the same way...:)
Holy Jesus, speaking of which, did you ever get yours?

[blackcloud75]

You can get a schiada 24' for 145 brand new :rolleyes:
Pricin' 'em out uhhhhhh?????? I think Mikey is starting a trend.....from DCB to SCHIADA............I will sell you my Schiada 24'r for 135k w/lots of upgrades and not have to wait 14 months :rollside:
Mikey when you gettin' yours??????

[HocusPocus]

I remember looking at a used car that was higher than black book. On the phone the guy told me it was perfect and he went on and on.
When I got there, it was just a normal car with a bunch of wear and tear. I told him I wasn't interested and he started itemizing why it was worth more. One of the stories he told was how JiffyLube left his oil plug out and it burned up his engine. It cost him $6500 for a new engine, and that was only a year ago, so he added that onto the book value. :D
Yeah... lots of people use any number of reasons to sell themselves on why their stuff is worth way more than it really is. Personally, I blame it on the jet boaters.
i buy and sell and average of 2 boats a year. lots of guys do that very same thing with their boats. one guy had a boat with a nada value of about 8k, he pulled out the running 454 and installed a motor he said was worth 10k, now he wanted 20k for the boat. upgrades don't necessarily add resell value to a boat, it only gives the owner more things to brag about. :crossx:

[ratso]

NADA is still bullshit. I own a boat AND used car dealership, and realize that by no means makes me an expert... but we do more than two a year. The Black Book is what I use to check the market on cars... I only look at NADA when they need to know what the bank might loan. Depending on the market, especially now, NADA is a joke. As far as boats, as is with cars, some things I can't get within 2000 under NADA, and others depending on demand, I'll get 3 to 4K over. NADA is a guideline. It's only a rule of thumb when it comes to financing. Granted some people do think their pile of junk is worth a lot more than it really is though...

[Nord]

Pricin' 'em out uhhhhhh?????? I think Mikey is starting a trend.....from DCB to SCHIADA............I will sell you my Schiada 24'r for 135k w/lots of upgrades and not have to wait 14 months :rollside:
Mikey when you gettin' yours??????
Did you get your engine fixed???
~NORD~

[Never Too Old]

As far as boats, as is with cars, some things I can't get within 2000 under NADA, and others depending on demand, I'll get 3 to 4K over. .
Hey Ratso, I'm curious - that 2000 under NADA and the 3 to 4k over NADA - what percentage of the selling prices are those. Are you talking about boats that you're selling for 10k or 100k?
Also, noticed you're in Texas. My posts are about what I'm seeing in California.

[ratso]

...most of those are 10 to 30K in this area. As far as customs and the higher end stuff... seems they don't have a clue. The auto market has been off here for 2 years now. I see stuff so far off with some of these vehicles it's ridiculous. I just sold a 96 Chris Craft 27 footer with a 454, almost absolute mint, for a little over 27K. Check the book on that one because I haven't, but it's worth that much to my buyer after they looked at all the other crap out there. Bet book is 20K or less.

[lalhc]

NADA may be a great reference for production boats, but the pricing is way off for the performance boat industry.

[DCBDaytona]

If nada is correct, I paid exactly what I should have not including the options. I guess he threw them in for free.
Hey Kilr...I'll buy your F-26 for NADA's price without options... $100k it is :crossx:

[Keith E. Sayre]

My understanding is that the book is a "straight line" depreciation guide. It has nothing to do with market value unless just coincidentally, it happens to be the same. In other words, it depreciates so much percentage for the first year, so much for the second year, 3rd year, etc etc etc. If a particular boat
holds its value better than the "average" boats do, then the book will be way
off. Here's a classic example. In 1994 Conquest started building 28' Top Cat deckboats that sold for about $48,000. That same boat today will sell
for about $50,000 to $55,000 if it is real clean even though it is 12 years old.
However, the NADA book says that it's worth about $19,000 for low book and
about $26,000 high book. So their "book" value has nothing to do with market conditions or trends, they merely take the price new and start depreciating. This system may work for production boats. But it never works for the custom expensive boats.
Keith Sayre
Conquest Boats

[DCBDaytona]

My understanding is that the book is a "straight line" depreciation guide. It has nothing to do with market value unless just coincidentally, it happens to be the same. In other words, it depreciates so much percentage for the first year, so much for the second year, 3rd year, etc etc etc. If a particular boat
holds its value better than the "average" boats do, then the book will be way
off. Here's a classic example. In 1994 Conquest started building 28' Top Cat deckboats that sold for about $48,000. That same boat today will sell
for about $50,000 to $55,000 if it is real clean even though it is 12 years old.
However, the NADA book says that it's worth about $19,000 for low book and
about $26,000 high book. So their "book" value has nothing to do with market conditions or trends, they merely take the price new and start depreciating. This system may work for production boats. But it never works for the custom expensive boats.
Keith Sayre
Conquest Boats
This makes complete sense...I think simple straight line depreciation would work for 5-7 years max.

[Kilrtoy]

If nada is correct, I paid exactly what I should have not including the options. I guess he threw them in for free.
Hey Kilr...I'll buy your F-26 for NADA's price without options... $100k it is :crossx:
Read the fine print JR
THESE ARE CUSTOM MADE-TO-ORDER BOATS. SOME VALUES MAY NEED TO BE ADJUSTED FOR EXCESSIVELY EQUIPPED BOATS.
That is what appears in HIGH PREFORMANCE boats
so with that said, pony up the next 25 as your down payment :boxed:

[DCBDaytona]

Read the fine print JR
THESE ARE CUSTOM MADE-TO-ORDER BOATS. SOME VALUES MAY NEED TO BE ADJUSTED FOR EXCESSIVELY EQUIPPED BOATS.
That is what appears in HIGH PREFORMANCE boats
so with that said, pony up the next 25 as your down payment :boxed:
Listen SR, It says EXCESSIVELY Equipped...What's excessive with yours? Does WEIGHT count? :crossx:
For $125k, I would have bought Chris' 2005 28 Skater with 300x's and saved $7k. :p

[ratso]

In the 70's and early 80's my dad bought and sold two different boats for more than what he paid for them brand new, after running them 7 or 8 years. The NADA Gods would never believe that though. :D

[Kilrtoy]

Listen SR, It says EXCESSIVELY Equipped...What's excessive with yours? Does WEIGHT count? :crossx:
For $125k, I would have bought Chris' 2005 28 Skater with 300x's and saved $7k. :p
Yeah and I could have bought that boat brand new also and saved some cash, BUT IT DOES NOT SUIT MY NEEDS, back then, atleast it did not....
times have changed for me and just MAYBE so have my needs :boxed:

[2Driver]

NADA may be a great reference for production boats, but the pricing is way off for the performance boat industry.
I find it hit and miss hence unreliable except for obtaining a very general "idea" of value. I am sure some find accurate.
Even a broken clock is right twice a day.

[DCBDaytona]

Yeah and I could have bought that boat brand new also and saved some cash, BUT IT DOES NOT SUIT MY NEEDS, back then, atleast it did not....
times have changed for me and just MAYBE so have my needs :boxed:
Good Man. :)
What's up for this weekend???