Offshoreonly.com - teach a guy how to buy

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Quote:

Originally Posted by juddmyers (Post 3046650)

NautibyNature.. well that's part of the problem. There won't be a bank involved.

I never assumed there would be. You can still call "your" bank or any lender who does boat loans and find out the loan value of a particular boat. Once you find out the loan value use it as a bargaining tool. FYI... I WOULD NEVER PAY MORE THAN THE LOAN VALUE FOR ANYTHING!:bong: If the seller doesn't understand that and reduce the price then I guess it's really not for sale, is it?

Hey Nati whats the loan value of a Yenko camaro or an RS SS Z28 302 camaro? 2 grand maybe those old late 60'2 early 70s cars arnt worth any. Good thing the bank wouldnt loan more then a couple thousand.
-Mike

Quote:

Originally Posted by Sick Stinger (Post 3047731)

I'm sorry, I didn't realize we were talking about antique cars on oso today. I am not a collector and have no interest in buying a late 60's early 70's car. Unless juddmyers is interested in a late 60's to early 70's boat your comment is:offtopic:

And i quote: FYI... I WOULD NEVER PAY MORE THAN THE LOAN VALUE FOR ANYTHING!

-Mike

And for paying more then a loan would go for Look at an older Skater, Cigarette, Black thunder, or even the early OL Stilettos 97 or so. See asking price and check what is offered on a loan. So those boats are not worth more then a loan would be offered are you that jaded? Really?
-Mike

Quote:

Originally Posted by NautibyNature (Post 3047710)

Loan value has nothing or very little to do with actual value. All it is a number that the bank knows they can recover if the boat is repoed. That is the norm for now at least. What a bank will loan somebody is also based on the individual and credit score....well, it used to be more so. The bank has loaned me more money against my last 2 boats than either one's NADA avg retail with options. NADA does not take into consideration many options that cost a lot of money. There is no check box for 6k worth of extension boxes or 12 speaker custom stereo, or 15k paint job, etc, etc.

NADA may be a decent guide for boats with high production numbers with little or no variance between them, but it is terrible for custom built performance boats.

Quote:

Originally Posted by thedonz (Post 3045443)

I personally do not give any weight to NADA, it is never a good measure in my eyes. In today's market, boat prices are much less as far as actual sales than they have been in the past. Look aroud to see what other similar boats have SOLD for, compare condition and accessories, get a survey and pay a reasonable amount based thereon.

#2 post nailed it!!

Take your time and compare. More than likely - that boat your looking at will still be for sale next month.