Re: Boat prices- NADA vs what people are asking
I always thought NADA values were in collataral, like what the bank would be willing to loan out for, not good for sellers great for buyers.
NADA lists average retail sale, and various trade-in conditions. This is regionalized if you use their website pricing tool- they ask for your zip code. Kelley Blue Book does a similar thing.
...(Now, do people lie about the sales price in order to lower their sales tax bill? Ummm, possibly....
In Vermont the Dept of Motor Vehicles uses NADA for tax purposes. (or maybe Kelley- doubting myself now) You pay taxes on either your invoice from a registered dealer or you pay "Good" "Retail" sale- no cheating in Vermont. That's reserved for politicians.
My opinion of NADA? When I needed a new 40hp for my Niagara, I was willing to pay too much for a pretty ugly junk boat, but the motor was what I wanted. The boat without the motor? I wouldn't have given you $100 for it, but previous owner loved it and had a lot of sweat equity into polyurethaned plywood. After off'ing the boat, the motor actually cost $500 after the end deal. Probably too much for the motor
but it was worth more to me cuz I wanted it! Value is subjective.
Sooo, I personally have found NADA numbers to be a lot
more than what I would be willing to pay- KBB can be higher. Generally. But as the price and desirability goes up, it shifts, and the NADA seems to be a little low. Bad for the seller, cuz newer boats cost a lot when new and the owner remembers that. But that's not the real world.
Cheap or damaged boats sell for way too much because people see boats like theirs selling for x-dollars. But those boats had nothing wrong...and sold quick. So said owner of cheap boat thinks he can sell his for close to that price- but said owner's boat needs transom work or a new floor; and we know how much effort and expense that can be!
NADA is a tool, and nice for comparison of price variances between different used vehicles or boats, but doesn't always reflect real dollar values.
These are examples of the Vermont boat market (actual sales or purchases by people I personally know):
1986 Mirrocraft 19', 125hp Merc $2600 (perfect boat)
1985 Sylvan 18', 70hp Yamaha $1800 (average used condition, needed floor)
1994 Blue Fin 17' 70hp Force $350 (pretty good condition, extras)
1975 Starcraft Holiday 18.5' 85hp Johnson $400 (100% functional, well cared for)
I really do think it is a buyer's market.