Is NADA worthless on boats?

[BERRAKUDA]

So I am a car guy and NADA is pretty much the line on car prices.

However I looked at a 04 Glastron 185 fish/ski that booked for low retail for 13800 and I could buy for 12500 and was informed it wasn't a very good deal, which is probably true so then I find a 04 Four Winns fish ski for 11000 that I think is a steal and NADA shows

TOTAL PRICE: $20,187 (low) $7,615 (average)$8,700

Now I would guess most would say the Four Winns is a better boat so why wouldn't it be closer to the Glastron value if not MUCH higher.

Thank you in advance for the education!!

 

[PharmD2B]

Re: Is NADA worthless on boats?

For most markets that I've seen...NADA isn't accurate to asking and selling prices. Hell, asking prices vs selling prices can be pretty different w/ the white stuff starting to fly in some areas.

I too am a car guy and tried referencing NADA to keep the "what's this boat worth" threads down, but it doesn't correlate too well.

Most will tell you, "a good price is what they're willing to sell for and what you're willing to pay." Boat prices are somewhat "fluid" to area of the country and time of year you're lookin to buy.

 

[BERRAKUDA]

Re: Is NADA worthless on boats?

I hear ya on the effects of current market conditions ie weather or economy when it comes to stated value of a specific item. I would think that there would be some kind of metric out there that could get you pretty close for value but I guess with so many sales being unreported NADA can't keep up. Either way I will print it out and try to act like its the gospel because its in my favor!!
Start em high watch em buy, start em low watch em go!

 

[reelfishin]

Re: Is NADA worthless on boats?

NADA is rarely on the money for boats or motors. Try looking up a 20 year old outboard then try to buy one like it running for that price.
When it comes to boats and motors they're worth what ever the market will bare at any given time. Prices fluctuate with both seasons and the economy. What other similar boats are selling for in your area is the best tell tale on what one is worth.

 

[Slip Away]

Re: Is NADA worthless on boats?

NADA is a guide, that is all. Use it for reference only, not for actual market value prices.

 

[agallant80]

Re: Is NADA worthless on boats?

I think there are a few things to keep in mind with cars vs boats.

1. There are allot more cars out there than boats so there is more data to get an accurate picture
2. The NADA has penetrated the auto world. They do provide value guides but I used to drive by their HQ in Fairfax, VA every day and they are a lobby group after all. "Hey car dealers, you buy access to our tools and we will represent you in washington and lobby for things that are in your best interest". Notice how KBB is not as big in the auto world? Thats because they don't have a lobby group....
3. Boats are a passion product. No one needs a boat so its more of a "what is it worth to you" type market. This is true in the car world. Take for example a Callaway twin turbo Corvette from the 80's. They are not selling anywhere near NADA value, they are all over.

 

[Brian 26]

Re: Is NADA worthless on boats?

As usually is the case it is not black and white. The answer lies somewhere in between. Is NADA worthless, no. Is it a bible to live by, no.

12.5k sounds pretty good to me on that Glastron but without pictures and details it's hard to know. In the end it's worth what someone will pay for it, AND sometimes it's not even worth that. I've seen a house that was worth about 600k sell for 850. And a house that was worth about 1.5M appraise for 750K. I sold a boat once for 23.5k (and that was a fair price) that had a NADA value of 17k.

Also prices are regional, where I am at in Minnesota a Florida guy would think every price is high.

 

[hall832]

Re: Is NADA worthless on boats?

Look I know a guy who knows a guy who actually writes the NADA for boats. He is so far behind that by the time they go to print the market has dropped two more times. its impossible to keep up. I usually look at the guide and drop the numbers from there. As just said is what is worth to you. I usually look around, get a ball park of what people are asking for the same or similar boat and equipment, then depending if buying or selling adjust accordingly.

 

[crabby captain john]

Re: Is NADA worthless on boats?

In most areas of the US NADA is extremely LOW. It is mostly worthless. Like anything else, see what like models have sold for recently in your area.

Look I know a guy who knows a guy who actually writes the NADA for boats. He is so far behind that by the time they go to print the market has dropped two more times. its impossible to keep up. I usually look at the guide and drop the numbers from there. As just said is what is worth to you. I usually look around, get a ball park of what people are asking for the same or similar boat and equipment, then depending if buying or selling adjust accordingly.

 

[metriccrescentwrench]

Re: Is NADA worthless on boats?

IMO it's pretty much a joke.

For instance, I just looked up a mid 80's Johnson 140, NADA is telling me that engine is worth $175.

It tried telling me a boat, engine, and trailer that I recently sold was worth $800. The buyer happily gave me the asking price of $1800 and felt that he got a good deal.

 

[oldjeep]

Re: Is NADA worthless on boats?

Not enough volume in a local area for a particular boat for NADA to be accurrate.

 

[roscoe]

Re: Is NADA worthless on boats?

Its worthless.
Its all in how the data is collected, its sources, and its intended purpose.


NADA is a marketing tool for dealers.

 

[limitout]

Re: Is NADA worthless on boats?

So I am a car guy and NADA is pretty much the line on car prices.

However I looked at a 04 Glastron 185 fish/ski that booked for low retail for 13800 and I could buy for 12500 and was informed it wasn't a very good deal, which is probably true so then I find a 04 Four Winns fish ski for 11000 that I think is a steal and NADA shows

TOTAL PRICE: $20,187 (low) $7,615 (average)$8,700

Now I would guess most would say the Four Winns is a better boat so why wouldn't it be closer to the Glastron value if not MUCH higher.

Thank you in advance for the education!!

I agree, nada and kelly book are useless and no where near accurate with the exception of the trailer value by itself is close but then condition is everything with a trailer.

the way I look at it is I see the present day value of buying that rig then for 5 yrs old or less I value it at 50% of that cost would be a good deal if its in relatively good condition without any issues. if its 7-10 yrs old then if its a well kept boat that looks in nice condition then 1/3rd of the price of a new one is a fair price.

you cant go in with preconceived ideas what something is worth because you have to adjust for the replacement cost of it to judge its fair value.

a perfect example of distorted perceptions is a basic jon setup with boat motor and trailer that for like 15 years used to cost $9k-$10k so if you were buying used they averaged $3-$4k at 7-10 yrs old boat in decent condition. today that rig costs $15k-$16k so the same boats adjusted for inflation value at 5 yrs old or less would be around $8k and for 7-10 yrs old boat in decent condition would be $5k-$6k. now the first reaction for most people is shock because for the longest time it was a given certainty that a used flat boat/motor/trailer in good condition is only worth $3k.

the present value of a new rig sets the value on a used boat you are looking at so don't think of the dollar price if it fits your idea of what its worth but in terms of a percentage of depreciation based on what the same rig costs new today.

 

[jkust]

Re: Is NADA worthless on boats?

It is what it is at least here in MN. NADA is just not reflective of the market including massive seasonal differences. I'm willing to pay more for perfect condition, trailer queen, one owner, MPI.

 

[tpenfield]

Re: Is NADA worthless on boats?

NADA is only one point of reference.

My understanding is that NADA (for boats) does NOT get specific and individual data from recent sales, which is different than automobile price guides, like Kelly Blue Book, which gets a fair amount of recent sales data.

Therefore NADA 'projects' the price of boats based on their original selling price, age, options, and other factors that effect a boat's value over its life time.

I track the value of my boat each year, using two references . . NADA and BUC.

According to NADA, the value of my boat has slightly gone down over that past year. It is about 20% lower than BUC.

According to BUC, the value of my boat has increased slightly over the past year (my assumption would be a reflection of the recovering boat market)

So, 2 points of reference showing very different results.

The ultimate value of a boat is what someone will pay for it. . . . not what the references say. Many asking prices are significantly more than what people are willing to pay. BTW - boats generally sell from the bottom of the range of asking prices for same/similar boats.

 

[smokeonthewater]

Re: Is NADA worthless on boats?

I have NEVER paid anywhere near NADA value on ANYTHING I bought.

 

[Natesms]

Re: Is NADA worthless on boats?

If you plan to buy locally check craigslist/ebay for asking prices all around you.

2 years ago I got in a fight with my insurance company when my camper got totaled thanks to a tire blow out. He showed me the NADA, I showed him Craigslist and Ebay postings and he added $1100 which he agreed to as a "local market value". It was a good bump as it's about a $4000 camper.