Boat Market Analysis - Formula 330SS - (due to winter boredom)

tpenfield

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Every year (or so) I look at the market for the boat that I own, just to see what things looks like. Since I have a fairly common boat, there are quite a few on the market (listed for sale).

Well due to winter boredom, I made this chart below of Formula 330 Sun Sports that are listed for sale across the USA, noting the model year and the asking price. Each 'X' mark on the graph represents a Formula 330 boat that is currently listed for sale . . . I found 45 of them. I'm sure there are a few more. I also compared the NADA estimated market value, which as you can see is a bit on the low side. I only did the 1996-2004 models just for convenience sake. The boat was produced up through 2008.

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Anyway, just thought I would share for anyone interested (Rick, you still looking for a Formula 330?). This sort of thing could probably be done for many of the more common/popular boats. The chart gives a perspective on the market and what is likely to sell and at what price.

I have a theory that boats generally sell at the lower end of the asking price range for any given model/year of boat. So, you can see within the boxed area the boats that are likely to sell. The higher priced ones, will probably still be there on next year's chart :rolleyes: Certainly condition is a factor that comes into play, but nearly all of the boats that I found were in good condition, some were pristine.

[ /Boredom Over ]

Enjoy :)
 
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drrpm

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It is not surprising that the NADA value is below the average asking price. The numbers that would be telling are what the selling prices are.
 

tpenfield

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It is not surprising that the NADA value is below the average asking price. The numbers that would be telling are what the selling prices are.

Not sure of a way to find out actual selling prices, since it is not as formalized a network of information like automobile sales. Some market price sources do have better information inputs than NADA . . . I have used BUCValue in the past and those numbers were always higher than NADA.

Once in a while you can find out what some boats sell for . . . mostly through web forums like this one, or even eBay sales.

I think what is interesting is the range of asking prices . . . take the 2003 models for instance . . . they range from $50k to almost $90K . . . Which ones are likely to sell . . . ?
 

bruceb58

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When I bought my boat back in 2002, low NADA was $28K and I bought it for close to $20K. The Boat was little over 2 years old with 75 hours on it.

My pontoon boat that I bought last year was right at low retail. It is a 2006 with only 70 hours on it.

By the way, asking price means absolutely nothing. Both boats had asking prices above high NADA.
 
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Slip Away

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Dealers can get you sales numbers and prices for what similar boats have sold for. I always got those numbers before selling or buying a boat, then you know where you stand relative to what the market will bear.
 

muskyfins

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I buy boats that need some work and I ususally do a similiar analysis to the market value. (sans the fancy chart however:yo: )

I factor in what the expected cost of repairs will be and try to have the end result put me 10%-25% below the current asking prices for similiar models within about 150 mile radius. This way, after the repairs are complete, I can still sell at market value and add to the boat fund to buy/fix the next one. Trying to work my way up to something really cool. (but haven't decided what that is yet. However, @tpenfield is making me a believer out of a Formula SS) :D
 

tpenfield

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Dealers can get you sales numbers and prices for what similar boats have sold for. I always got those numbers before selling or buying a boat, then you know where you stand relative to what the market will bear.

Yea, I would think that on a specific boat, if you are selling, a dealer/broker could give you a good idea on what the boat will sell for. It is interesting to see some of the higher priced used boats (I mean way above what similar boats are listed for) . . . the dealer/broker must know that the thing won't sell at that price . . . probably just humoring the owner/seller :noidea:

I know when I was looking for my current boat (2+ years ago) about 70% of the boats listed during that time were still listed a year later. One boat that I was interested in originally listed at $35K, sold for $25K. Never found out about any of the others though . . .
 

Brian 26

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Cool numbers, thanks for posting.

It is interesting to see some of the higher priced used boats (I mean way above what similar boats are listed for) . . . the dealer/broker must know that the thing won't sell at that price . . . probably just humoring the owner/seller :noidea:

I call it Elephant hunting. You go out hunting knowing you're probably not going to get one but there's that slim chance you will. This trend is seen in high bracket single family homes too. The phrase in real estate is "it only takes one" so you just need one guy to come along and say sure I'll pay that price. Then you can have the debate of "was that price actually the market value?"

I personally would not be able to sleep at night if I knew I sold someone a $80k boat for $100k.
 

Brian 26

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Dealers can get you sales numbers and prices for what similar boats have sold for. I always got those numbers before selling or buying a boat, then you know where you stand relative to what the market will bear.

How would you do that? If I walk into the local Glastron dealer and ask what my 2004 is worth they're going to pull up NADA.com......

I'm sure a lot of dealers have pretty good databases of information like that but I can't imagine they're just going to hand it over to an average Joe off the street. I've never tried so I could be wrong.
 

tpenfield

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Cool numbers, thanks for posting.



I call it Elephant hunting. You go out hunting knowing you're probably not going to get one but there's that slim chance you will. This trend is seen in high bracket single family homes too. The phrase in real estate is "it only takes one" so you just need one guy to come along and say sure I'll pay that price. Then you can have the debate of "was that price actually the market value?"

I personally would not be able to sleep at night if I knew I sold someone a $80k boat for $100k.

Yea, it kind of reminds me of the guy/boat I see on CL in my area . . . it has been advertised repeatedly for 3 years now as "Price Reduction" . . . same price throughout . . . about 2X of what fair market would be for the boat. (it is on the graph I made) I guess the 'elephant' has not come along in the past 3 years . . .
 
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thumpar

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The problem with NADA boat pricing is they have no consideration for condition. I got my current boat for less than NADA and it is in fantastic shape. It could easily be a $2000 boat in bad condition. Also NADA does not give you all the pricing available unless you subscribe. Climate plays into it too. Since we started to get the cold stuff I have seen the same boats for sale over and over again. The price may not be bad but people are not in the buying mood when winter hits.
 

tpenfield

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My understanding of NADA is that it is more of a depreciation schedule than a market indicator. As such it tends to overstate the value of newer boats and understate the value of older boats.

I have found that adjustments for market fluctuations on NADA to be very subdued . . . in 2013 as the used boat market recovered the value of my boat per NADA went up by $500 . . . on BUC it went up by $2800.
 

alldodge

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Bring on another (several) thousand - 1994 27PC NADA w/o options 14350, w options 18000

This rebuild I hope it doesn't cost more then it's worth, but if I do, it's a boat :D :facepalm:
 

tpenfield

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Lots of PC27's around . . . I could run a graph of those boats that are for sale :D
 

muskyfins

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Can I play along?

According to NADA, 1994 Rinker Fiesta Vee 265 LOW retail with options $11,050 including trailer.

When she's done (minor stuff), I doubt I could get more than $9000-$9500 in my area (Chicago/Fox Chain) at the peak of the season.
 

dlngr

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NADA [national automobile DEALERS association] has never been considered an accurate source of car values.So how can they mean anything when it comes to boat values?
 

tpenfield

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NADA [national automobile DEALERS association] has never been considered an accurate source of car values.So how can they mean anything when it comes to boat values?

They can't, it's impossible.
 

tpenfield

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AllDodge & Miskyfins,

Here are 'your' charts . . .

Not as many 27PC's on the market as I thought there would be. AD, I know yours is a single engine, most of them produced are twin engines.

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Looks like the RInker 265 was produced for a few years in the mid-1990's

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Of course, there are probably a million more boats that I could do (but I won't).

Some folks say NADA is worthless. . . . the least accurate is better put. I am not an advocate of it, but it is a reference that is available and free.

For a while I had my BUCValue subscription going ($27/month so I stopped it after buying my boat). That seems to be a much better source and is one that the marine surveyors use.

Somewhere I have yet another chart of NADA versus BUC of Formula 280SS boats for about an 8 year span. If I can find it, I'll post it . . . basically shows that NADA is more like straight line depreciation and BUC is more true to the market.
 
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tpenfield

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OK, I found the chart that I made a few years ago when I was looking for a Formula 280SS . . . ended up getting a 330SS instead :noidea:

I plotted the NADA values and the BUC values for the model years of 1995 - 2003. Now, keep in mind that I was 'boatless' at the time, so I was really bored.

These figures were from a few years ago (2012 ish), so exact figures not relevant for today. The green line is the NADA estimated value and the blue line is the estimated values from BUCvalue.com

As you can see from the chart, NADA tends to overstate the value when the boat is newer and understate the value when the boat is older (typical of straight line depreciation). This is all as compared to the BUC numbers, which are generally deemed to be more accurate. Both sources tend to be in agreement for the boats that are about 12-13 years old.

My anecdotal information of what actually sold is a 1998 F-280 sold for $25000, which is consistent with the chart.

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alldodge

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In KY the tax guy uses NADA for values and good for me so I pay less in property taxes. I documented my boat years ago just because at the time no tax was taken in. Then a Fire Chief in Harrods creek looked at all the boats in the marina that he wasn't getting any money from. Need less to say due to him the entire state now gets list from the USCG but

:focus:

As for the single engine 27PC, Formula learned no one really liked the single engine with a boat this heavy, so they stopped making them/ Now if they put an engine in close to mine I thing they might change there mind. On second thought how other then me wants thru hull exhaust on a cruiser :D
 
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