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

Slip Away

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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.

I have had no problem getting this info. Dealers pay many $'s to get these numbers. But they probably will not give it to you unless you are interested in a used boat they have for sale, or are asking them to broker your current boat. I know about a dozen dealers personally, and about 1/2 dozen brokers. All will give that info if I requested it. But probably not to some average Joe off the street who is just kicking tires.

The info is generated primarily from actual sales on Yachtworld or Boattrader, which is "Real World" selling prices, not the NADA crap.
Remember, NADA is just a guide. Never use those numbers to figure exact sell or purchase price. NADA puts you in the ballpark for what
the boat "MIGHT" be worth, but is rarely very accurate.
 
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tpenfield

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Slip Away,

Aren't you involved with marine sales from an occupational perspective? I would imagine that YW would be a good source for actual sales data, being a web site for dealer/broker listings. I am wondering if BUC gets data from those kinds of sources? NADA obviously does not.
 

Slip Away

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Not in Marine Sales, but I am in the Marine industry.
BUC does not get their data from YW and BT, same as NADA.
 

tpenfield

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I found a page on YW where it makes reference to yacht brokers having access to a confidential database of actual sales data.

I figured there must be 'somebody' keeping track of actual sales . . . at least the brokerage/dealer sales. Private sales probably another story.
 

Slip Away

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Private sales are also on YW and BT. So those numbers also go to the "database" that dealers/brokers use.
The numbers are really easy to get, you just have to know whom to ask.;)

Also, there a several organizations that keep track of used, brokerage and new boat sales. Of course NMMA, ABYC to name a couple
 
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muskyfins

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AllDodge & Miskyfins,

Here are 'your' charts . . .

Wow! Thanks. Pretty interesting data.

I think another two items to consider are location and season. Maybe NADA feels that they average that stuff out, but here (Chicago) there's a big difference in the actual transaction price of a boat before and after the Fourth of July.
 

tpenfield

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Yea, I think the smaller the boat, the bigger the seasonality is to the demand & price.

Perhaps you could also say the warmer the climate, the less seasonality . . . :noidea:
 
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tpenfield

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OK, 1 more . . . a buddy of mine has a 1996 SeaRay 270.


droppedImage_4.png

One thing that I have noticed about NADA is that the SeaRay estimated values are fairly strong. You sort of can see that with the number of boat listed below NADA. This boat also comes/came in single engine or twin engine. I used the single for NADA, and I suspect the higher priced models would be twins, but did not really go into that depth for this chart.
 
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muskyfins

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Sea Rays have a huge following around here. That's the location thing I was mentioning. I'm sure there are other areas where Sea Ray values are weaker and some other brand has the groupies.

I've always heard condition is the most important factor in the value of a boat. While that may be an overstatement, it seems as though after 10-15 years, condition factors in more and more. In the 270 chart above, both 1996 and 1997 have a big range. Some of that might be due to single vs twins, but I suspect much of it having to do with condition.

Oh.........and delusional owners. As stated previously we all have examples of the same boats for sale for several years. I actually watched a very nice looking 22' cuddy drop incrementally from $8500 to $5000 over the course of this summer. Same boat, same owner now has it listed for $9000. Maybe he just starts over every year!!!!:laugh:
 

tpenfield

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Yea, condition is important, but I think it contributes more to making the sale versus fetching a proportionally higher price. . . . boats in fair-poor condition do not generally sell to the broad market, IMO.

I'm not sure anyone buys from the top of the market (price-wise) either . . . as buyers, we all start at the lower ranges of the market and look for the boat that is in the 'best' condition. So a combination of low price and good condition usually wins the game. Just my general observations . . .

As you say, there are those who just don't get it, either from condition or price perspective.

- I got one in my region, boat is in good condition (but so are similar boats), but the asking price is 40-65% higher than similar boats. Not selling after 3 years
- another boat that I looked at 3 years ago was (and still is) the lowest price on the market, but it is a pigsty and needs a bit of work. Not selling after 3 years on the market as one of the low price leaders.
 

tpenfield

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Just saw something interesting this morning . . . A boat in my area (27 foot Formula go-fast). Been on CL for 2 years now. Started at $21K, lowered this year to $18K, saw a week or 2 ago was lowered to $16K, now back up to $18K (must be that winter "price reset") :rolleyes:

I think $14K makes it disappear. . . . which is better - to sell @ $14k or not sell at $18k :noidea:

Also saw earlier this year a similar boat, but a few years older . . . seller was trying to get $15K . . . nothing . . . lowered to $12K . . . still nothing . . . . lowered to $9K . . . gone!!!

1 x 9 > 0 x 15 :)
 

alldodge

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While I don't need anything else to do right now, if a great deal came up like maybe the 9K boat, might have to go get it for redo and resale, or keep. If I would keep it there might be some discussion with the Admiral :facepalm:
 

tpenfield

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Yea, I would love to find a rotted out 272 SR1 for a rebuild . . . not sure where to look though.
 

keith2k455

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The thing about NADA is it greatly affects the banks thought if you are financing. Low credit score with price over NADA may mean no boat loan.

I tend to think of all sales in this light (cars, motorcycles, boats). You have a pool of items for sale (same year +- 1 or 2, same size) of all varying condition, mileage (hours) and price. Buyers will always try to get the nicer product at the price of the cheapest listing. Therefore, if you want top dollar your product has to really stand out because most people will walk away from the top dollar offering in favor of a mid pack offering they can get for the price of the cheapest listing. If you are a seller, you can move your item by listing at the bottom, but anything else just requires time, luck and that 1 person.

I know when we bought ours, it had low hours, was in great shape and priced right at NADA. I had a time setup to look at it and the guy called me early to look at it because someone who called after me was trying to sneak in before me. He knew what he had, but if he were firm 2 k higher he'd probably still be selling it.
 
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