NADA Value vs. Dealer Asking Prices

[Brewman61]

Re: NADA Value vs. Dealer Asking Prices

You bet. The dealers love to place loans- they get a profit on top of that of the boat. They also make profits on extended warranties, service plans, insurance and all sorts of after the sale add-on's. Often more is made this way than by selling the merchandise.
I remember when car dealers around here tried to stick everyone with dealer added rustprofing, undercoating, paint and fabric protectors, etc.....
Horribly overpriced and of dubious value. The warranty on the paint and fabric protector was that if it failed they gave you a refund of the purchase price. Didn't fix the problem, just gave you back your money. Yippee..

 

[Xelaw]

Re: NADA Value vs. Dealer Asking Prices

I haven't made any offers yet, but the loan officer at the credit union swears I should be able to get a boat from a dealer at slightly under NADA value. That's like 20-30% off asking price. I'm definitely going to try though, since they'll only loan me 90% of the NADA value of the boat. If I pay too much over it, I have a huge down payment to make.

 

[perchin]

Re: NADA Value vs. Dealer Asking Prices

I haven't made any offers yet, but the loan officer at the credit union swears I should be able to get a boat from a dealer at slightly under NADA value. That's like 20-30% off asking price. I'm definitely going to try though, since they'll only loan me 90% of the NADA value of the boat. If I pay too much over it, I have a huge down payment to make.

..........lol you'll have a heck of a time finding a boat that meets that credit unioun's criteria.... especially from a dealership. If ya find one please finish by posting it here.

 

[metriccrescentwrench]

Re: NADA Value vs. Dealer Asking Prices

Yup, what perchin said. NADA (at least the values we can look at online) are a joke.

 

[Xelaw]

Re: NADA Value vs. Dealer Asking Prices

Actually, there are two options I initially overlooked for NADA value that help bring the value up. Checking off "swim deck with ladder" and "fuel injection" (assuming it applies to the boat) brings the value up by a couple thousand dollars making it more reasonable for a lot of the boats I've seen.

 

[JimS123]

Re: NADA Value vs. Dealer Asking Prices

As strange as it may sound you will never get their best price with cash in hand. You may think cash is king but it is not to him. He is losing 10-20% profit by taking cash over a financed deal.

I always negotiated a financed deal. You will get your absolute best price that way. Then turn around and pay off the loan the next month.

If you do that you need to read the fine print first. If your loan interest is calculated on the unpaid balance, it will be OK. It needs to say that there is no penalty for pre-payment. You might end up paying the interest anyway because some loans add the interest in right at the start.

I always go along as though I'm financing, but then when I get in to the finance manager's office I just change my mind. By that time there already is a signed contract with the purchase price.