How do I figure out the value of this boat?

[jlgab345]

We have seen a few boats now and saw one tonight that we are really interested in.

It's a 2004 Four Winns Horizon 200 with a 220hp engine and only 49 hours. Guy was asking $20K, we offered $16K and he countered with $17k. I'm not sure if we'd be over paying at $17K or even $16K...can anyone help with value?

He didn't take it out all season last year and it's been winterized since. I met with the dealer that he purchased it from and says he's had it serviced at each beginning and end of the season, so i'm hoping he can verify that.

If we take it on a water trial and love it, am I okay to take it to the service dept or do I need to find a surveyor who can come out on the water trial with us? If so, how do I go about finding one?

Thanks for the help!!

 

[bhammer]

Re: How do I figure out the value of this boat?

NADA is what you are looking for. http://www.nadaguides.com These are general values and don't factor in your region for demand. You can find the exact same boat for more or less depending on where you are buying.

I did a quick look up on it, and think you would be overpaying for it at 16K. I used NADA, iBoats and a couple other internet searches.

 

[jbjennings]

Re: How do I figure out the value of this boat?

Did you price a BRAND NEW similar/same boat? I'd think that would help you decide. Regardless of hours, it's still a 6 year old boat. Sounds really nice though! If you get it post some pics! I agree, NADA might actually be helpful on such a "new" boat! (my "new" ones are far older than 6 years old.)
You could also call the bank and get loan value on that boat. I'd never pay more than loan value, because that's all the guy will possibly ever get, no matter how nice it is.
JBJ

 

[koko1]

Re: How do I figure out the value of this boat?

The boat is worth what someone is willing to pay... How long has he been trying to sell it? What are similar boats within a 200 mile radius selling for? Nada is a good starting point but in this market people are trying to sell their boats for what they owe on them, and that is just not happening a whole lot...Is he desperate to get rid of it? Why is he selling? Is he the 1st owner? If he is it is already paid off so he may be willing to go lower if he really needs to get rid of it...I did a nada search and it says 12K with no options as I do not know what all it comes with or has on it but there is no way I would pay over what NADA values it at as that is all a bank will loan... Banks go by the NADA values and it is never good to go into a new boat already upside down..Good luck!!!

 

[marcortez]

Re: How do I figure out the value of this boat?

How was this boat stored for most of it's life?
In a garage?
Under a sunshade?
Under a full cover?
Open to all the harsh elements?

49 hours on the engine is LOW for a 6 year old boat.
Barely broken in for that matter and seen maybe one oil change out.
However, an unused boat is cause for concern.

Seals dry out, fluids change properties, carbs gum up and controls corrode without use.

Ask the seller if he periodically ran the engine on a muff or has it sat the last year.....totally unused and ran.
Sounds like he lost interest in boating and therefore, possibly lost interest in maintaining it also.
Ask if he has the "service" receipts from the dealer.

Look for signs that would indicate how this boat was maintained the last 6 years.
Gel coat bright, lots of luster and smooth
Carpeting (if any) clean and not matted down.
Seating fabric or vinyl in "new" condition.
Exposed metal parts clean and no sign of corrosion.
Check the engine oil condition....how does it look to you.
Let a little fluid out of the lower unit. How does it look.

Did he buy it new? How much did he pay new, if the answer is yes.
Maybe his servicing dealer is the selling dealer also. Go ask that dealer for pricing info back 6 years.
In 6 years, I would doubt he still owes monthly payments to get out from under.
Make sure the title is clear and in his name and current registration.

If everything seems on the up and up.....and after a short cruise to verify all systems are working and in good order, make another offer your comfortable with.
Mid teens on the pricing does not seem to be over the top.

I

 

[Bob_VT]

Re: How do I figure out the value of this boat?

Welcome to iboats.

Check out the iboats classified for boats. When buying a new to you boat it is worth driving a bit if you must to pick up a boat for a better price.

NADA is skewed on prices due to the economy........ try to separate the emotion out of the sale and go for what you want.....the used boat market is very good right now....many people can no longer afford their dream purchase of a year or two ago. The 2004 boat is still 6 years old and I think 16-17K is still high in price.

 

[jlgab345]

Re: How do I figure out the value of this boat?

Good questions! Let's see what I can answer

How was this boat stored for most of it's life?
Owner has it stored with bow and cockpit covers in a garage, he says it's never been out in the elements

Ask the seller if he periodically ran the engine on a muff or has it sat the last year.....totally unused and ran.
Sounds like he lost interest in boating and therefore, possibly lost interest in maintaining it also.
Ask if he has the "service" receipts from the dealer.
Seller had it winterized in 2008 and didn't run it at all last season, some of the hoses are still detached from the winterization (does that sound right??). I've contacted the dealer where he bought it to see if he can validate service records. Apparently the dealer had it for 6 months and was trying to sell it for the guy, but never got a good offer right in the worst part of the economy crash.

Look for signs that would indicate how this boat was maintained the last 6 years.
Gel coat bright, lots of luster and smooth
Carpeting (if any) clean and not matted down.
Seating fabric or vinyl in "new" condition.
Exposed metal parts clean and no sign of corrosion.
Check the engine oil condition....how does it look to you.
Let a little fluid out of the lower unit. How does it look.
The boat looks very clean, outside of a little dust, almost brand new. Regarding the engine, we didn't look into any of the fluids.

Did he buy it new? How much did he pay new, if the answer is yes. He bought it new in 2004 and said he paid $32K for it. He paid cash for it so says the title is in his name. He didn't renew registration last year since he never planned to take the boat out. Sounds like he got a divorce a couple years after buying the boat, and runs multiple businesses...too busy and no one to enjoy it with.
Maybe his servicing dealer is the selling dealer also. Go ask that dealer for pricing info back 6 years.
In 6 years, I would doubt he still owes monthly payments to get out from under.
Make sure the title is clear and in his name and current registration.

If everything seems on the up and up.....and after a short cruise to verify all systems are working and in good order, make another offer your comfortable with.
Mid teens on the pricing does not seem to be over the top.

I

I've emailed a few marine surveyors and am currently getting quotes, that's one thing we'll definitely do if we go used. The guy will have to get the boat summerized before we can do a water test drive, but now I'm nervous about the boat sitting all season last year. Hopefully the dealer will give me some information.

 

[security6]

Re: How do I figure out the value of this boat?

As others have suggested, I suggest checking asking prices nationwide. NADA can give you some idea of where prices are, but there are three NADA prices (only two are shown online).

I'm not a big NADA fan, in part because their prices always come out really low. For example, NADA lists a 2004 Four Winns Horizon 200 with the 220 HP motor and trailer for a low retail of 10,380 and an average retail of 11,820. I did a nationwide search of all Four Winns 20' bowriders from 2001-2008, and the cheapest one was a 2002 asking $13k. The cheapest 2004 was asking 19,750.

To me, NADA low and average retail prices for used boats are ridiculous. I'm not familiar with new NADA prices, so maybe those are more accurate. If I could buy used boats at low or even average NADA prices, I could flip them and make money all day long. Not to say that you'll never find a boat priced below NADA, but those deals are few and far between and they go fast.

I'm a cheapskate, so I'd say if you could get that boat at $13k you'd have a smoking deal. Even $14k or $15k would be a good deal. $16k to $17k is a fair price, and I would feel like I was overpaying if I paid more than $17k.