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Old 02-13-2010, 12:39 PM
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Originally Posted by seafordguy View Post
when I was shopping I never once even looked at the NADA. You have to look around and figure out what you think is a fair market value....
Thats the way I am. I buy cars all the time and pay attention to what others have sold for. Those books are worthless in my opinion, usually not even in the ballpark.
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Old 02-13-2010, 12:52 PM
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Had trouble with nada on my last boat.The values were too low and the bank would not lend me the money.Had to get creative
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Old 02-14-2010, 01:23 PM
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The way that NADA gets there values is based on what is reported by the purchaser when they go in to pay taxes. As all of us know no one wants to pay more taxes than they have to, so the value stated at that time is what NADA goes from.
This is NOT how NADA works...manufacturers report the boats MSRP based on base price and major available options, smart manufacturers will list their boats to NADA optioned out the way that they most typically sell...this will help their boats to maintain a higher resale value.

NADA then depreciates the boats each year by a pre-determined percentage...they do not and could not possibly research the selling cost of boats based on what a new owner reports as the sales cost...it wouldn't be possible.

The only thing that NADA is good for is when you're trying to get financing...and I am not actually saying it's good...it's just a baseline for banks to consider when lending money on used boats.

A boat is only worth what someone is willing to pay for it. One thing I've learned about used boats....ALL owners think their boats are worth more than they can actually get for them (myself included). It's normal to think that...but most of the time that inflated price in their head is because of emotions or that they think they maintained their boats so well or that they put big much money in extras into it...it's like a house...some improvements will give you a decent return on your investment...but never 100% (unless you're able to buy right) and on the other hand, some improvements don't give you a return at all. Evaluate every dollar you put into your boat if you're thinking return on your investment.

The best thing to do and it's been mentioned here is compare the pricing that's in the market for the boat you like...look the boat over well and make an offer you feel comfortable with. Having an older boat surveyed is worthwhile only if the surveyor knows what they're doing...I think I would know more about surveying a boat than most surveyors. I've hired two surveyors in my life...one for a 36' Chris Craft Roamer...steel hull. I told him my only concern was the hull...everything else was a moot point as I was going to perform a complete restoration. He failed miserably and there was no recourse for me...$650 down the drain. He had no clue what he was doing...the boat was delivered from NY to my with a hole in the hull and major rust issues. I had the boat cut in two and sold it for scrap after pulling some of the valuable parts off of it...a $20,000+ loss....live and learn.

The second survey was for a 48' Chris Craft Roamer...I bought it a month or two after the first Roamer...I shopped hard for a good surveyor and had much better luck...the guy actually knew what he was talking about and did a great job. I didn't know anything about these old steel hull boats (fiberglass was my thing)...but it's just to show you not all surveyors are created equal.

Good luck on your search and I guess I would tell you to take your time as there are some great values out there right now, this market is killing boat sales...new and used.
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Old 02-14-2010, 02:39 PM
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A boat is only worth what someone is willing to pay for it. One thing I've learned about used boats....ALL owners think their boats are worth more than they can actually get for them .
thats what i was thinking....look around and find comparable boats then make an offer..even a lowball is a start...worst they could say is no. Never know, maybe the seller is VERY anxious to get out from under the payments (if there are any), upkeep, fuel, etc etc
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Old 02-14-2010, 03:55 PM
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Just call your bank or lender and tell them what you are looking at and all the options. They will tell you the loan value of the boat.
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Old 02-14-2010, 10:12 PM
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NautibyNature.. well that's part of the problem. There won't be a bank involved.
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Old 02-14-2010, 10:41 PM
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Post your budget and let members make suggestions. Plenty of experience here.
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Old 02-15-2010, 10:31 AM
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Originally Posted by juddmyers View Post
NautibyNature.. well that's part of the problem. There won't be a bank involved.
Maybe you should get one involved, and then just pay it back off after you are done with everything.

Never hurts to show another paid off loan on your credit.
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Old 02-15-2010, 11:30 AM
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http://www.buc.com/


This is the book our marina sales department uses. They only focus on boats and give a good fair number to most boats. Good luck!!
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Old 02-15-2010, 07:44 PM
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Am I high? I have not found one desireable boat to be even close to NADA they are all selling for far more that what NADA would claim it's worth.
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