NADA Values

[rednat]

Why are NADA boat values so low compared to used boat listings? I mean, it's almost ridiculous the differences between them. Are NADA values trustworthy?

Thanks.

 

[superpop]

Re: NADA Values

NADA is a starting point, in some cases it can be higher and in others and more typically it is lower. It is really subject to the condition of the boat and trailer, the local economy and the desirability of the boat. remember, the NADA value does not include the trailer typically. It is typically used by the bank to determine how much to loan against it as well. I purchased my last boat for a few grand over NADA last January and I think I got a great deal based on other boats I have seen for sale lately. If the boat is in pristine condition with low hours and a nice drive train and options, don't expect to pay below NADA. If it is a repo that has been beat on and not cared for, then expect to pay right around NADA or maybe a tad below.

 

[Thad]

Re: NADA Values

Remember, something is REALLY only worth what someone will pay you.

Another thing about NADA, (I learned the hard way) is that the insurance companies use these values along with some other system to determine payout value on a loss. Case in point; if you are paying a premium on a $20,000 policy and the boat is only worth $12,000...see where I am going?
It is a good idea to have your policy evaluated every couple of years.

 

[tawood]

Re: NADA Values

I buy and sell a half dozen motorcycles a year, and always pay attention to "NADA type" values...I've noticed when the economy gets goofy, the values don't usually match up. I'm sure it's probably the same with boats.

 

[dingbat]

Re: NADA Values

Remember, something is REALLY only worth what someone will pay you.

Another thing about NADA, (I learned the hard way) is that the insurance companies use these values along with some other system to determine payout value on a loss. Case in point; if you are paying a premium on a $20,000 policy and the boat is only worth $12,000...see where I am going?
It is a good idea to have your policy evaluated every couple of years.

This would only apply if you have an "actual cash value" policy. It would not apply to an "agreed value" policy.

 

[Thad]

Re: NADA Values

Never heard of "agreed".
Maybe I need to talk to my agent?!?
The example I used was from my own experience. I got hosed!

 

[Hollywood1053]

Re: NADA Values

Never heard of "agreed".
Maybe I need to talk to my agent?!?
The example I used was from my own experience. I got hosed!

Talk to Progressive

 

[tashasdaddy]

Re: NADA Values

Nada Value on boats over 5 years old is absolutely useless. if does not take in time of year, region of the country, economy.