boat finance vs NADA
08-22-2011, 03:00 PM
#21
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Your totally right and I agree I just dont take NADA as gospel unless its on a car. Nada for my boat like I said was 18 that doesnt include a trailer which is worth 1500 bucks maybe 2 grand. And my boat from I have seen goes anywhere from 25-39k with average of about 26-30 which i paid in there. I think for somebody to sell or buy solely off NADA is a mistake you have to look at the market if you dont you could be losing money whether you are selling or buying. I just dont think NADA is accurate on older boats, maybe still within 20% or so. We sold a Four Winns a long time ago, boat booked for 1800 bucks, 20ft immacualte but it was older. First guy came out and wanted only NADA or KBB, I wouldnt budge, boats that age were going for 4-5k. Told that guy off ending up seling two days later for 3800. Was I off base, no market was demaning more than 1800 for a that boat.
Like I said you have take in Market and book. If you want to sell at Nada I can see but if refuse to buy only at NADA then I dont know. But the market isnt huge for boats right now. Chances are if a guy wont sell for NADA you can find another that is below.
My other problem with Nada is that your giving them the trailer for free. Goof luck selling a boat without a trailer. IM NOT saying dont use nada but I would see what others are selling and paying for. If you neighbor has the exact same boat for sale for x I wouldnt put yours out for x if you really want to sell. But if boats are selling for x I would sell for x and not y that NADA is saying either
Like I said you have take in Market and book. If you want to sell at Nada I can see but if refuse to buy only at NADA then I dont know. But the market isnt huge for boats right now. Chances are if a guy wont sell for NADA you can find another that is below.
My other problem with Nada is that your giving them the trailer for free. Goof luck selling a boat without a trailer. IM NOT saying dont use nada but I would see what others are selling and paying for. If you neighbor has the exact same boat for sale for x I wouldnt put yours out for x if you really want to sell. But if boats are selling for x I would sell for x and not y that NADA is saying either
Yahoo, Vehix, Ebay, Autotrader basically everyones sites give you real time feedback as to whats out there.
I had a guy tell me a truck I had for sale wasn't worth what I was asking because of KBB & Nada, and I asked him to find me a comparable on line and when he realized that very very few of what I had existed - I got my price.
If there are 500 of anything out there - your price goes down.
If there is 1 your price goes up.
UD
Last edited by Uncle Dave; 08-22-2011 at 03:05 PM.
08-22-2011, 04:41 PM
#22
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My wife used to be a loan officer at a credit union and they base their boat loans on NADA and they will not loan over book. When I sold mine I priced it after looking up other boats of the same model and trailer price. I priced it above book and got no calls. When I priced it at book I sold it within 4 days. I am looking for another boat and I am finding people are two to three times higher than book. People really think they their boats are worth something and most of the time they are unkept pieces of junk and the owners misrepresent them
08-23-2011, 07:54 AM
#23
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You sure I just tried it and I dont see it unless it's built in. But you are right banks do use NADA, which nada i think is more fair than KBB.
With that said IMVHO I think its dumb to finance the majority of a boat, they depreicate and not always easy to get rid of, because a boat is something people DONT NEED, unlike a car. I like to usually pay 75-100% of the boat with cash. That way I do not have a payment and it's not liability. And if I have to sell due to hard times even if I take a hit I get cash in my pocket vs paying the bank back.
With that said IMVHO I think its dumb to finance the majority of a boat, they depreicate and not always easy to get rid of, because a boat is something people DONT NEED, unlike a car. I like to usually pay 75-100% of the boat with cash. That way I do not have a payment and it's not liability. And if I have to sell due to hard times even if I take a hit I get cash in my pocket vs paying the bank back.
Last edited by soldier4402; 08-23-2011 at 08:11 AM.
08-23-2011, 08:42 PM
#24
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Go to boats then see the headings.
Get Pricing, Used Values & Specs
Power Boats, Sailboats, Personal Watercraft,
Outboard Motors and Trailers
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￭ Sell your boat
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￭ Boat history report
￭ Free insurance quote
￭ Get your free credit score
Get Pricing, Used Values & Specs
Power Boats, Sailboats, Personal Watercraft,
Outboard Motors and Trailers
--------------------------------------------------------------------------------
Browse By TypePower Boats Sailboats Personal Watercraft Outboard Motors Boat Trailers Buying & Selling￭ Buy a boat
￭ Sell your boat
￭ Boat financing
￭ Buy a boat price guide
Resources￭ Boat & boat towing tips
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08-24-2011, 03:18 PM
#25
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What are people seeing on loans for a 25-30k boat that is only worth 19-23k on NADA Guides?? 90% of boats are not worth according to the NADA what there asking for them and banks are sticklers for loaning more than what the NADA says? I am looking to buy something in the next couple 3 months and banks are pain in the asses!
08-25-2011, 08:32 AM
#26
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Go to boats then see the headings.
Get Pricing, Used Values & Specs
Power Boats, Sailboats, Personal Watercraft,
Outboard Motors and Trailers
--------------------------------------------------------------------------------
Browse By TypePower Boats Sailboats Personal Watercraft Outboard Motors Boat Trailers Buying & Selling￭ Buy a boat
￭ Sell your boat
￭ Boat financing
￭ Buy a boat price guide
Resources￭ Boat & boat towing tips
￭ Boat history report
￭ Free insurance quote
￭ Get your free credit score
Get Pricing, Used Values & Specs
Power Boats, Sailboats, Personal Watercraft,
Outboard Motors and Trailers
--------------------------------------------------------------------------------
Browse By TypePower Boats Sailboats Personal Watercraft Outboard Motors Boat Trailers Buying & Selling￭ Buy a boat
￭ Sell your boat
￭ Boat financing
￭ Buy a boat price guide
Resources￭ Boat & boat towing tips
￭ Boat history report
￭ Free insurance quote
￭ Get your free credit score
08-25-2011, 08:33 AM
#27
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My wife used to be a loan officer at a credit union and they base their boat loans on NADA and they will not loan over book. When I sold mine I priced it after looking up other boats of the same model and trailer price. I priced it above book and got no calls. When I priced it at book I sold it within 4 days. I am looking for another boat and I am finding people are two to three times higher than book. People really think they their boats are worth something and most of the time they are unkept pieces of junk and the owners misrepresent them
09-13-2011, 10:14 PM
#28
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Work with a bank that will use an appraisal, then get an appraiser. Done deal. PS- I know a guy that did his own appraisal on the boat he wanted and got financed without issue. Disclaimer- I do not recommend doing such a thing
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09-16-2011, 07:27 AM
#30
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Think you are right I like to get Nada then find at least three boats/cars/etc that are within 200 miles and see their price. Between all of that I will set my item up for sale at a high average.
