Horrible Economy not effecting Boat Prices...?

[cube21]

Just wanted to throw this out there.
Weve been looking at all kinds of 17-22 foot boats in the last 10 months. For the most part, Ive noticed that depsite the horrible economical situation, used boats seem to be keeping their value. Most the ones weve looked at, that are still in good condition, have sold for equal or even above 'average' value in NADA (with all included items tacked on).

We thought we'd be striking a deal since the economy hasnt really hurt us. Actually, values dont seem to be effected (at least for boats under $25,000).

Anyone else notice this? or not?

-CUBE-

 

[ebry710]

Re: Horrible Economy not effecting Boat Prices...?

In No. California the prices have come down. Maybe not the asking prices, but the selling prices.

 

[Adjuster]

Re: Horrible Economy not effecting Boat Prices...?

Here in Florida used boat prices were down by 50% when gas was $4.00 a gallon. They have started to recover slightly.

 

[ondarvr]

Re: Horrible Economy not effecting Boat Prices...?

I would say that most boats in that price range have loan that needs to be paid off, hard to sell it for less than you owe on it. My boats are paid for, I've never had a boat loan and don't have any car loans, so unless I get the price I want for one of these items there's no need to sell it.

I see some excellent prices out there, but they don't last long, most don't last over an hour on Craig?s List. You need to watch C/L constantly to get a good deal.

 

[oops!]

Re: Horrible Economy not effecting Boat Prices...?

I would say that most boats in that price range have loan that needs to be paid off, hard to sell it for less than you owe on it. My boats are paid for, I've never had a boat loan and don't have any car loans, so unless I get the price I want for one of these items there's no need to sell it.

I see some excellent prices out there, but they don't last long, most don't last over an hour on Craig?s List. You need to watch C/L constantly to get a good deal.

LET ME EXPAND ON WHAT WAS JUST SAID.....as a former professional buyer.....the asking price may be even higher due to the need for money.....but the selling price....is lower than ever thought of.

rvr said, wait and see.....the deal will come along.......it will its just the guy posting.....either he is dreaming, or he wants to move it at a fair price....that kind of stuff sells fast.

in the mean time.....keep monitoring cl.....every 10 minits or so......the deal will come..........
a good buddie of mine said....if it aint got you jumping outta your chair to get it.....the deal aint good enough!......just be ready

 

[tashasdaddy]

Re: Horrible Economy not effecting Boat Prices...?

all the above is true. asking prices are high. People upside down in boat loans. selling prices are down. REPO"S are unreal, i was at the marina the other day, a surveyor friend, was surveying a 60' Searay, Just turned in to the Finance Co. he said he was surveying 9 repos a week, all high end boats.

people either selling , and absorbing the loss, or turning them in.

the finance co. do not want them back. you should see the Credit Unions lot near me, looks like a boat storage yard.

 

[superpop]

Re: Horrible Economy not effecting Boat Prices...?

I am not seeing this up in the NW. Pricing is holding pretty firm, I just sold my old boat for above NADA value and it was in really nice shape. Just had to wait for the right buyer. Picked up a new one down in Oregon and got a good deal on it but not a smokin deal by any stretch. I have noticed a lot of higher end boats that are not selling but that is because not many people can afford a 100K plus boat. I think this is a regional problem depending on the local economy.

 

[xxturbowesxx]

Re: Horrible Economy not effecting Boat Prices...?

The boating market is a luxury market for the most part and the prices will probably hold pretty firm most places.

Also keep in mind if you are broke and have a boat then the value of that boat (to you) is higher than before.

Where in most markets a person has a boat,buys a new boat and then sells the old boat. At that point he usually would like to get rid of his old boat and usually less concerned about the money the old one brings back.

 

[cube21]

Re: Horrible Economy not effecting Boat Prices...?

I have also noticed asking prices are expecially high. But we have been a few steps away from buying at least 5 boats in the last few boats. Id say we were about to pay above NADA for 4 of them, and considered it a good deal due to the going rate.
Maybe its just AZ, but we are still in the process of buying a boat, and if we find for equal to high NADA value, we try to haggle too much more over price.

Ex. We are currently looking at a 2001 Ebbtide Campione 21'. If you add all included items (depth finder, trim indicator, bimini, etc) and also add the value of the trailer, we will be paying equal to[I/] the high end of nada. We havent seen anything worth while for below high NADA.

its a hard observation for a buyer, but from a sellers point I think theyre still not too worried.
I have also heard that new boat prices have dropped considerably, but that the market for used boats has actually risen due to the economy because people are wanting to spend less, and are buying used boats instead of new.

-CUBE-

 

[tmh]

Re: Horrible Economy not effecting Boat Prices...?

Using NADA as the guide is not a correct measure. You need to compare very similar boats in nearly equal condition from year to year. I have started a part time business helping buy boats for people and at least in the Great Lakes area prices are way down. As was said, some are keeping the asking price up, but folding on price immediately (if they want to sell).

The smart brokers and marinas have reduced asking prices a lot recently to get interest up. They were not getting any action with the old "list high and negotiate down" method.

 

[Gary H NC]

Re: Horrible Economy not effecting Boat Prices...?

NADA is terrible for a buying guide.
I have seen old boats that were very well cared for sell for way more than NADA shows.
On the other hand a 4 or 5 year old neglected boat is worth way less than NADA..

What ever you buy get it checked over very well before you hand the cash over.

 

[jkust]

Re: Horrible Economy not effecting Boat Prices...?

The NADA pricing I saw last year apparently was some sort of Dream Land/other planet pricing. The prices in NADA were so far below the real world pricing. I think people would have laughed If I based my offers on NADA. I was a little jealouse that someone, somewhere was actually paying those low prices. Just my .02 on NADA for boats.

 

[Navy Jr.]

Re: Horrible Economy not effecting Boat Prices...?

I wonder if boat prices are reflecting single-family home prices in each local area. In FL, CA, NV, MI, and AZ, for example, home prices have fallen dramatically, but here in MN single-family home and boat prices seem to be fairly stable. Note that this regards single-family homes; condo and townhouse prices here are substantially reduced.

 

[salmonee]

Re: Horrible Economy not effecting Boat Prices...?

Cube,

I have looked for a year, EVERYDAY on CL multiple times each day looking for the diamond in the rough. I completely agree with you. I'm not looking for a good price break at this point. I'm just looking for the boat that fits my needs. Very rare type of boat that is not popular in the NW but popular in FL, TX, CA. I have seen 2 in the past year. Passed on the 1st due to motor and was too late on the 2nd one.

I told myself that if I don't find something by X date, I'm going to take CAT's advise and buy a dingy boat just to get me by for this year. I can't miss another boating season waiting for the right boat to come along.

 

[tashasdaddy]

Re: Horrible Economy not effecting Boat Prices...?

salmonee, and owning on, you may change your priorities, in your next selection.

 

[Joseph10]

Re: Horrible Economy not effecting Boat Prices...?

I agree - I looked for 6 months and ended up paying $1500 over NADA average for my used boat. I also looked at new boats and they were not negotiable. Seems NADA prices are too low and actual selling prices have held up well.

I thought I would have been able to get a good deal - but that was not the case. I live in Texas.

 

[sschefer]

Re: Horrible Economy not effecting Boat Prices...?

Clear titled used boats are holding firm as well as boats with bank paper on them. It's the optimistic seller syndrome, you can see the same thing in home sales.

Repo's and Insurance totals are all over the board. I got my 91 18' Starcraft for 2500.00 with a EZ loader trailer. I have nearly 10,000.00 in it now and it's still not wet. But, I have a free and clear boat that is better than new.

Check out the Repo's and Insurance total's. You just need to call around to a few insurance companies and Banks to find out where the auctions are being held.

 

[cube21]

Re: Horrible Economy not effecting Boat Prices...?

hmmm. some good responses.
both agree and disagree, very interesting.

well. I would never buy a boat from an auction that I cannot get an in-water test before handing over cash. After what I have seen from boats I have been looking at, its just not worth the money you could potentially save.

We looked at an absolutely beautiful 01 Glastron with under 40 hours. It was better than showroom condition. When we got on the water...the seller found out about a $900 faulty fuel pump. We learned our lesson.

Good news - we just bought a 2004 Caravelle 207. Its gorgeous and we got it for around the low NADA value (all items included, WITHOUT trailer value).
We struck a fantastic deal as far as I can tell, we just had to wait nearly 8 months to get it. Regardless, we JUMPED on the deal and bought soon after being posted. We called the guy, looked at it, lake tested, and signed for it on the same afternoon....today!

I guess I am living proof that good deals will come as far as boats, just keep an eye out. For the most part, however, its very difficult to find a good deal, despite the economys current condition.
(this is the first boat we have seen near low NADA in 8 months, so we attacked the opportunity)

-CUBE-

 

[RWilson2526]

Re: Horrible Economy not effecting Boat Prices...?

Good news - we just bought a 2004 Caravelle 207. Its gorgeous and we got it for around the low NADA value (all items included, WITHOUT trailer value).
We struck a fantastic deal as far as I can tell, we just had to wait nearly 8 months to get it. Regardless, we JUMPED on the deal and bought soon after being posted. We called the guy, looked at it, lake tested, and signed for it on the same afternoon....today!



-CUBE-

Congrats on the new boat!!

 

[superpop]

Re: Horrible Economy not effecting Boat Prices...?

Sorry if it sounds arrogant, but watching CL every hour to save a few bucks on a boat sounds like a waste of time, or should I say, what is your time worth. For me I would rather pay a little extra and get exactly what I want and not have to race someone else to the deal. Not worth it, look, you are going to own this item for a long time and the few extra bucks you spend will be forgotten long after you appreciate what you have. I had a chance to get a repo boat and ended up passing on the deal and spent a bit more and got exactly what I wanted. Boating is an expensive hobby and it is well worth it in my opinion to take your time and find what you want and then make a reasonable offer. Spending days and driving all over the countryside to save a few bucks seems kind of silly considering the fact that the boat purchase is simply the first of many purchases in this hobby. Once you own the boat the real spending begins.