Dave M

OK, so what does NADA have to do with it?

I wouldn't expect an accurate value from ANY book on a 20+ yr. old boat. Regardless of how much $$ you put into it, at the end of the day, it's worth what someone else will pay for it.

chris21hope

Banks just grab whatever 'documented evidence' they can find, relevant or not. They're trying to cover their assets in case of a loss.

We all know that there are so many variables in each and every boat, even within the same make, model, and year, that any attempt to standardize worth is BS.

Ultimately, a boat is worth what someone is willing to pay for it when it's for sale. Nothing more, nothing less.

GL@PBC

I've contacted NADA and complained about getting with the current times. They don't give a rats ass about accuracy! You can't even add a 525EFI to a boat, one of the most popular motors Mercury has built!!! Like said before, the banks use this as a crutch to crucify the value of our boats.

Ever taken your Kelly Blue Book Value printout to a car dealer and get what it says for a trade?

Ing

When I purchased my boats, my bank told me their hierarchy for USED boat values was NADA, a professional survey or a statement from the builder. It's my understanding that NADA enters their values based on the options builders report to them. NADA does not proactively reach out to manufacturers and ask them for the latest updates.

Velocity Vector

iTrader: (4)

More like NADA - 50% is where to start

tmmii

Nada wasn't too horrible before the 2008 recession. Ever since than its been comical.

To those complaining about the banks using them, if you play with someone else's money, you play by their rules.

midwest272

I sent Nada a email a few weeks back about not having a boat even listed . They emailed back that if the manufacturer does not update there information every year they don't continue the values.
Didn't ask the manufacturer if this is true but could explain some gaps we see.

THRILLSEEKER

About 5 years ago I called into my local State Farm agent to put insurance on an old Whaler, mind you there are next to zero boats of any value in the area that I live. Low and behold I end up talking to the owner of the agency, turns out her and here husband have a lake house near where I usually launch. She then proceeds to tell me all about their walleye fishing boat that they purchased new at the boat show a few years prior. She calls the next day and informs me that NADA says that my Whaler is worth less than 1/3 rd. of the value that I wanted to insure it at. I tell her to look up the NADA value of the new walleye boat that she was telling me about. There was a long pause, I could hear her typing....followed with "What the!!?!?!" Turns out NADA had her less than two year old $40k boat valued at nearly half of what they paid for it. She was less than amused. After that whenever I wanted to insure a non performance boat with them, all I had to do was send links to two other models listed for sale near the price that I wanted to insure for.

fountain27ho496

Not to start trouble. Mine was valued at 33-38. I listed and sold at 35. I also looked at all I could find listed for sale. Didn't just count on nada. Mine was accurate.

Drake22.250

iTrader: (2)

Nada, buc, Kelly blue book and etc has never bought one vehicle or boat......I love it when people tell me Kelly blue book will give me 25,000 for my car. I tell them to sell it to Kelly blue book then.