Boat Pricing

[mnewb1]

I am just starting the process of looking at boats. Probably won't get anything this season, but I am trying to educate myself.

When looking at used boat pricing for an 18 to 22 foot open bow or cuddy, it seems that I am finding asking prices ( especially from broker/dealer sites) that are twice what a NADA guide says the boat is worth. Is this serious? do dealers really expect that a five year old boat has had almost no price depreciation?

I am also looking at a lot of Craig's List owner listed boats which also run 2-4 thousand above NADA prices, which is certainly more in the ballpark.

I have a lot of learning to do here.

Thanks

 

[Philster]

Re: Boat Pricing

Look over numerous sources AND areas. Some areas are BOOMING with boat sales. While the overall national average is down, one area might be above average in sales (which increases local prices). That's how an average works. Some are above; some are below.

Just like those unemployment numbers you see. The national average might be 9.5%, and might have gone down slightly, but there might be a local region whose unemployment is down near 6%.

Along some coastlines, because so many makers are out of biz, certain types of boats (single engine center consoles from 21-24') are holding value and going up as they are in high demand.

 

[metriccrescentwrench]

Re: Boat Pricing

NADA values for used boats are a joke. On older boats they seem to be closer to what a dealer would pay you on a trade in than what a fair purchase price would be.

Spend as much time as possible educating yourself about what kind of boat you want, and if at all possible get someone who's very knowledgeable about boats to go with you when you look at a potential purchase.

 

[Home Cookin']

Re: Boat Pricing

and the money you save buying a "cheap" boat will quickly go back into that boat for repairs, to bring it up to the expensive boat.

Since baoting is for pleasure, it is often worth it to pay more for reliability.

 

[ezmobee]

Re: Boat Pricing

Knowing where you are would also help us. Prices in the pacific northwest and canada, for example, are WAY higher than most other areas of the US.

 

[mnewb1]

Re: Boat Pricing

I am in Grand Haven MI which is right on Lake Michigan

 

[wbc1957]

Re: Boat Pricing

If you watch to the northwest, on Craigslist, you will find some deals in Wisconsin. I found many good deals there, since the people seem to get frustrated with such a short boating season. Plus, since the boats don't get used too much, the hours are usually lower than average. The further north the better. Good luck....

 

[perchin]

Re: Boat Pricing

I'm also in MI..... seems you gotta weed through the umpteen million idiots to find a realistic price round here. For instance I seen a 78 glastron for like $5,600 the other day, claiming to been winterized three years ago, and not started since.... best of luck in your search.

 

[jkust]

Re: Boat Pricing

I'm in Minnesota where about all we have is lakes. Boats are always in demand here and generally it seems the supply is always low. It seems everyone has a lake home with a couple boats or at least one in their garage. At least here that means NADA is not even a reference point as it is always unrealistically low. Way back when I bought I would have liked to shop in the NADA fantasy world where a newer premium 20 footer optioned up is like 12 grand. Beyond that though there a lot of other factors such as time of year, economy, whether the current owner owes more than it is worth and sometimes just ignorance of the value of things. Sometimes a used boat was so well taken care of that it could be worth a bunch more comparable to what else is out there. I have discovered with cars and especially boats, that the further south you go the cheaper they are and that holds for new and used. I tried to get new southern dealership boat prices at the Minnesota dealers and some pretty much said those prices aren't possible and the ads were spoofs which of course they weren't. Some of the difference is due to not needing to ship the boats way up north. I've gotta imagine Michigan is a big boating state as well with a high boat demand.

 

[BuckyBadger]

Re: Boat Pricing

If you watch to the northwest, on Craigslist, you will find some deals in Wisconsin. I found many good deals there, since the people seem to get frustrated with such a short boating season. Plus, since the boats don't get used too much, the hours are usually lower than average. The further north the better. Good luck....

I'm in SW Wisconsin and the prices are well above NADA and IMHO overpriced. Similiar to what the OP is seeing in Michigan. Looks like I'll have to start looking further north.

We are not quite ready to pull the trigger yet but in the meantime we're keeping track of boats that interest us and when we are ready to buy that will be our guide. Its certainly not an exact science but if you do enough homework you will recognize the right deal when you come across it.

 

[WIMUSKY]

Re: Boat Pricing

My brother is looking for a boat in N MN or N WI. Like what has been said, NADA is a joke. It is completely useless for finding what a fair price for a particular boat is. So far, craigslist has been his best resource. You need to be quick on the trigger. Alot of boats he's looked at sell within days. All these boats are well above NADA's pricing. Although, be careful there too. Some people are trying to get practically new prices for boats that are a few years old. Once you look at enough listings you'll be able to weed those people out.. Good luck....

 

[mnewb1]

Re: Boat Pricing

trying to zero in on reasonable prices how does something like this look to the more seasoned eyes out there?

http://grandrapids.craigslist.org/boa/1818951583.html

 

[ajgraz]

Re: Boat Pricing

With anything used (car, boat, house), whether private party or dealer, asking price means nothing ...unless it's lower than what you'd expect to pay--in which case it's likely a scam or in even worse condition than it looks

The only thing that matters is what you are willing to pay. Either the seller will go there, or you'll go home.

Of course, seller will never get more than asking price, so of course they pad it.

EDIT: one nice trick...when calling on an over-priced boat (or car) ad, over the phone ask, "if I like it, would you be willing to come down to $xxxx?" They usually won't say "no" for fear of scaring off a potential buyer, and when they say "yes" you've got the pre-haggle starting price into a reasonable range before you even bother to go see it

If they do say "no", you've saved yourself some time and gas money.

 

[maharg]

Re: Boat Pricing

Nada is for auto dealers, it is to establish loan value on an item. Boat pricing is what you think its worth. I am sure my boat books for less than 2k, I like it and I paid more than 2k for it. I feel like I got it for a decent price so I am happy.

 

[perchin]

Re: Boat Pricing

Mnewb1.....

Here is a boat worth taking a look at......

http://lansing.craigslist.org/boa/1820416171.html

 

[WIMUSKY]

Re: Boat Pricing

Nada is for auto dealers, it is to establish loan value on an item. Boat pricing is what you think its worth. I am sure my boat books for less than 2k, I like it and I paid more than 2k for it. I feel like I got it for a decent price so I am happy.

Actually, car dealers don't use NADA anymore, they use Kelly. Why? NADAs used car/truck prices are higher than Kelly's. So they use Kelly to give you less for your trade-in! Never used to be that way. NADA was always the standard...

 

[180Fisherman]

Re: Boat Pricing

That Liberator would be about $5K too high where I'm from.

 

[maharg]

Re: Boat Pricing

Actually, car dealers don't use NADA anymore, they use Kelly. Why? NADAs used car/truck prices are higher than Kelly's. So they use Kelly to give you less for your trade-in! Never used to be that way. NADA was always the standard...

They use kelly for trade, all auto loans use NADA weather through a dealer or a bank.

 

[WIMUSKY]

Re: Boat Pricing

They use kelly for trade, all auto loans use NADA weather through a dealer or a bank.

Thanks for clarifying.....

 

[mnewb1]

Re: Boat Pricing

That Liberator would be about $5K too high where I'm from.

After a check out with a very knowledgeable friend, I was thinking of offering 10,000 and see where it goes.

What do you think about shelf life of this big engine with 200 hours on it?