How do you determine how much you should pay for a boat/ what a boats worth?

[arachnyd]

Some boats are easy- last time we bought a boat we bought a new one (Tahoe Q3 Fish/Ski) and were able to compare it to other new boats, read reviews, etc.

Buying a used boat is much more difficult. I've been looking for information on the boat I'm looking at, but I can't find any of them for sale anywhere, nor can I find any that were for sale, so I can't figure out how to value it. I tried to look for "similar" boats, but even thats tough. I can't figure out if its worth 1500, or 5500.

I found a boat I like- its actually a friend that is trying to get rid of it. The engine runs well, new carbs about 6 mo ago. fiberglass is all fantastic, but there are some tears in some of the seats/vinyl interior. The carpets not too bad, the paints fine, etc. The trailer is also in great shape. Its a 91/92 Fiberking Starfire with a 115 HP Yamaha outboard.

any idea how I can value it? I know this has to be a common question, but I haven't been able to find it anywhere.

 

[jonnymarquis]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

http://www.nadaguides.com/Boats
but keep in mind this is just like a kbb value, a boats value is only worth what someones willing to pay.

 

[Slide]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

Remember that NADA is generally considered to overvalue used boats by quite a bit. It all depends on what your personal inspection says to you - motor condition, structural integrity, etc. etc. I personally wouldn't spend any more than a couple K on something that needs significant work, especially floor/stringers. A lot of boat owners sadly don't understand the significance and cost of floor rot and subsequently overvalue their boats - because "it floats and runs, right?"

 

[mnewb1]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

When I look at NADA values and try and be as conscientious as possible adding up all the advertised features of the boat, I seem to come out with a price that is consitantly 30000-40000 below the asking price of the boat. ( I seemed to be looking at a lot of 36 ft MY and convertible Flybridge boats lately)

 

[TheZeeMan]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

Well said slide, I have been using Nada as well with pricing and this is from a first-time used buyer to another - I think part of the problem from what I have been seeing, is that sellers don't take into consideration that banks are strict now. Boats are a luxury item and banks have a hard time giving you more money than what a boat is actually worth. My bank uses Nada as their guideline for giving out boat loans, I think its more for protection than anything. I think the boat sellers that are way overpriced above nada are basically looking for cash only deals right now, or may be selling for that much because that's what they owe, so you have to ask yourself, how bad do you want it and are you willing to fork out extra cash for it, just my 2 cents.

 

[Home Cookin']

Re: How do you determine how much you should pay for a boat/ what a boats worth?

on boats under 21 feet and more than 4 years old, NADA is a waste of time.

For one thing, it doesn't differentiate a boat's desirability in different markets. The Saturday lake boat crowd and the daily drivers on the Chesapeak Bay are worlds apart, and each crowd wouldn't touch the other's favorite boats.

After 5 years, condition rules. Brand of outboard is more important than brand of most hulls.

It's easy to compare new boats because they are all overpriced by 20-30% over the price of the same boat, used, 3 years later.

 

[arachnyd]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

I do a lot with cars and bikes, and I think Nadaguides can be a good starting guide. It overvalues cars, undervalues bikes, and undervalues trucks, but gives you a good comparison point.

Fiberking is not listed on Nadaguides. Any other ideas as to how to start pricing it? Anyone know any comparible boats I could use? Nothing on ebay or craigslist (even ebay "completed lsitings")

I found one that looks like it has the same motor and is a simialr type/year, but its $6000 and theres no way this boats worth 6k? (http://cgi.ebay.com/ebaymotors/Skee...547967QQitemZ230591592807QQptZFishingQ5fBoats) or is it???

I also found another one on ebay that looks similar for $3300- so maybe thats a better estimate? (it's in slightly better shape- no cuts in vinyl and stuff) http://cgi.ebay.com/ebaymotors/1991...623368QQitemZ180629943144QQptZFishingQ5fBoats so maybe I can value the boat at like 2700?

Are Yamaha motors supposed to be better than Evinrudes?

 

[QuietRider21]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

IMO, the best way to value older boats is to see what thier selling for. ebay could be a good place to see what people are actually paying for them. In my experience i find NADA to usually be off.

 

[Slide]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

I do a lot with cars and bikes, and I think Nadaguides can be a good starting guide. It overvalues cars, undervalues bikes, and undervalues trucks, but gives you a good comparison point.

Fiberking is not listed on Nadaguides. Any other ideas as to how to start pricing it? Anyone know any comparible boats I could use?

I would get on your local Craigslist (or that for the nearest large city), tick the image box, put in a price ceiling, and start looking through boats. Find ones with similar motors and similar length (hull style is not as important) to get an idea for the market on it.

A Craigslist habit is a good thing, I find myself in the boats section for Cincinnati, Indy, Columbus, Louisville, and Chicago every couple days. You never know when you might find a bit of gold.

Edit to your edit: Boats age well.... if well taken care of. $6000 is high for my taste but not unheard of for a '96 that is in the condition the seller claims (ALWAYS questionable). A good trailer is also a source for the extra $1-2k you might not be expecting to pay.

 

[arachnyd]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

I would get on your local Craigslist (or that for the nearest large city), tick the image box, put in a price ceiling, and start looking through boats. Find ones with similar motors and similar length (hull style is not as important) to get an idea for the market on it.

A Craigslist habit is a good thing, I find myself in the boats section for Cincinnati, Indy, Columbus, Louisville, and Chicago every couple days. You never know when you might find a bit of gold.

I live in Cincinnati, and I've been looking too! I did find some similar ones on Ebay (see above). I'll keep my eye on CL though! thanks!

 

[Slide]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

I live in Cincinnati, and I've been looking too! I did find some similar ones on Ebay (see above). I'll keep my eye on CL though! thanks!

It's an underrated boating town for sure! If you're ever on the river or up at Caesar's Creek and see a little blue cuddy with obnoxiously loud thru-hull exhaust, that'll be me :lol:

 

[arachnyd]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

It's an underrated boating town for sure! If you're ever on the river or up at Caesar's Creek and see a little blue cuddy with obnoxiously loud thru-hull exhaust, that'll be me :lol:

I normally boat in NY and Canada. My parents have a place in Canada, although I live not far from Caesar's Creek (mason). I also head over to indiana occaisonally. I'll keep my eyes open for ya!

 

[arachnyd]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

Sorry I keep posting, but yamaha motors are worth more... jsut the motors alone are selling for 2500-3500. So that motor on a boat + trailer in great shape has got to be worth more the 3-4 mark eh? 2700 would be a fair but low price?

 

[dockwrecker]

Re: How do you determine how much you should pay for a boat/ what a boats worth?

NADA is a total joke. Remember it's compiled from recent DEALER sales and about half of the boats (mine is one) have a little astrick by the price that says something like "due to limited sales volume, the price shown may not be indicative of the value of the boat". Furthermore, NADA is useless for anything older than 5-6 years. Private sales are the most common as boats get older. A boat sells for what it is condition wise and to comparable models in your LOCAL market. The 17-21 open bow market is flooded and good buys can be had. Since hardly anyone builds or buys daycruisers the choices get limited very quickly. A boat in Florida may be common and inexpensive, but in Washington state rare. Shop comparables but be ready to spend good money for a quality boat in most markets. Tough to steal a Cobalt anywhere.