Determining Fair Value of Boat Purchasing?

steve8650

Recruit
Joined
Jan 19, 2017
Messages
4
I have been looking at boats and am having difficulty determining what a fair value is? I have primarily used NADA for boats but when I do it usually comes in quite a bit lower than what the dealer is asking for. Examples 2000 Four Winns Horizon 200 asking $13995 but the value I come back with on NADA is $7090-8090. Another is 2002 Four Winns Horizon 210 asking $19995 but value with NADA is $8900-10165 trailer included in pricing.

Any direction on how to make sure I am getting a fair price is appreciated.
 

airshot

Rear Admiral
Joined
Jul 22, 2008
Messages
4,222
Do your homework, look around at various places for private sales and ads, a lot depends on your location and season of the year. Dealers will always be higher especially if they off any type of warranty. Go to other surrounding cities and check their pricing, get on the net and search other dealers for similar units and compare. No different than buying a car but a lot more sin can be covered up in a boat. Get a good marine survey as they will give you a market value range along with the boats condition to show your dealer.
 

jkust

Rear Admiral
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Aug 2, 2008
Messages
4,942
Boat pricing is hyper-regional. I give very little credit to the published boat value numbers that I have seen in my shopping experiences. Also, something for x in the south may be 2/3x in another place which actually gets frustrating if you live in the high priced region. Further, there is a seasonality as well depending on where you live. In my state, if someone is attempting to sell their boat now where there are feet of ice on the lakes, they are asking less than if it was July which can make for some interesting pricing.
The key as someone eluded to above is to take stock in the local pricing by checking out the local ads on CL or wherever people post their for sale ads and you will quickly get the lay of the land. It takes a bit of studying and sometimes you will not realize in the beginning that you might be looking at a smoking deal but you aren't sure yet and then it's gone so the learning curve tends to be very steep. There are a hundred people doing what you are doing.
 

Old Ironmaker

Captain
Joined
Dec 28, 2015
Messages
3,050
We reside right on the shore of Erie, less than an hours drive from us is the western end of Lake Ontario, I can get to Huron in less than 3 hours. In our neck of the woods you can't swing a cat without hitting a boat in a driveway. I have to say that in our little neighbourhood 90% of us have a boat, some have more than 2. I have 2. So the price is going to reflect that. Simple Economics 101, supply and demand drives the price.
 

sktn77a

Petty Officer 3rd Class
Joined
Jul 15, 2012
Messages
76
NADA values have been pretty close here in central NC. Fall and winter prices are lowest while spring and summer prices are the highest. People get attached to their boats and over price-them. And guess what - nobody buys! Be patient, the right boat will come along.
 

roffey

Commander
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Nov 22, 2012
Messages
2,187
For me the boat is worth what you think is a good deal and you will always find a better deal after you get your new boat home. I've been told a good deal is where both the buyer and seller walkaway with happy. As mentioned above do some research and don't jump at the first boat but if its something you like its worth what you are willing to pay. I personally would not buy a boat this time of year. For me the best time is fall just before people are winterizing but you may be a little late for that. You pay more for a boat in the spring but peace of mind may be worth a few extra dollars.
 

jkust

Rear Admiral
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Aug 2, 2008
Messages
4,942
For me the boat is worth what you think is a good deal and you will always find a better deal after you get your new boat home. I've been told a good deal is where both the buyer and seller walkaway with happy. As mentioned above do some research and don't jump at the first boat but if its something you like its worth what you are willing to pay. I personally would not buy a boat this time of year. For me the best time is fall just before people are winterizing but you may be a little late for that. You pay more for a boat in the spring but peace of mind may be worth a few extra dollars.

Boat shopping for used boats can be an exercise in patience as you discover that 'excellent condition' means vastly different things to different people which is a nice way of saying that people will lie through their teeth to get you out there and seem to hope that you you ignore that as you look over the boat. Generally speaking, I am willing to pay for that truly like-new boat as well as the more difficult to find options such as the larger engine and better out drive.
 

WIMUSKY

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Sep 26, 2009
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19,790
Nada is way off for the upper mid-west. It's low. At least for musky/walleye boats.. :) Check your area for like boats and see what they "sell" for........ Obviously, condition will play a big part.....
 

tpenfield

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Staff member
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Jul 18, 2011
Messages
17,621
Take out a month or 2 subscription to bucvalue.com . . . it will give you another reference point.

Also look at other listings on boat trader, craigs list, etc. for same/similar boats. Take the bottom of the asking price range, that is where boats sell.

I think from the data that you have so far, which is that NADA is about 50% of the dealer asking price, the dealer pricing seems way high, but some additional reference point can add perspective.
 
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