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Old    Robert Smith (wakeboarder78)      Join Date: Nov 2009       11-18-2009, 2:20 PM Reply   
Is NADA a good tool to see if a used boat is priced correctly? Thanks!
Old    Ian Brown (wakereviews)      Join Date: Sep 2006       11-18-2009, 2:25 PM Reply   
IMHO, No.

The best way is to search for boats on the market just like yours with similar hours/options and use that as your guide. If your boat is in good condition I don't think you have to be the lowest but being the highest isn't a good idea.
Old    Tre (tre)      Join Date: Jul 2002       11-18-2009, 5:56 PM Reply   
No,

We just recently sold both of our 10 year old boats and purchased one new one. The first boat sold in one day (and I had at least 10 calls on it in 24 hours). It was priced 1k above NADA average retail and sold for our asking price. Clearly, I priced it too low. Our second boat was priced above NADA by $3,500 and sold in about 5 weeks with 3 offers at the time of the sale. It sold for 3k above NADA. I had amazing traffic during those 5 weeks. These were end of season sales too (around mid sept). I think NADA average retail is way too low if the boat is nice.
Old    JUST-IN-TIME (justintime)      Join Date: Mar 2009       11-20-2009, 2:01 AM Reply   
NADA is what the banks use for the loan, that is it
Old    Ken W (kenteck)      Join Date: Jan 2005       11-20-2009, 3:16 PM Reply   
^^^ that is exactly true ^^
Old    Tallredrider (talltigeguy)      Join Date: Sep 2003       11-21-2009, 2:38 PM Reply   
I think if you are advertising on the internet, then yes. The same geeks that are looking at your boat then go and check NADA, then the bank also looks to see how much they are willing to loan. So to think that NADA values are not important is not true.

Most internet shoppers are not very willing to pay much above NADA for a boat that they have never seen in person.
Old    Shaun Brinkle (highrock)      Join Date: Apr 2008       11-21-2009, 4:26 PM Reply   
I do not see how these internet shoppers can buy a boat without looking at it, much less I would never buy a boat without running it on the lake. No matter how honest the person is I would never buy a boat without knowing how it ran and seeing it in person and checking it out. Pictures never do justice for the condition a boat is in or how its been taken care of.

NADA I think gives a good baseline, without that these boat owners would always think their boats are worth more than they really are. But in the end, price is set by the market, so go with the market and see what similar boats are selling for.
Old    Rick H (blastmaster)      Join Date: Aug 2001       11-21-2009, 8:20 PM Reply   
Nada is also what insurance companies use for Agreed value policies.
Old    Ian (family_deckhand)      Join Date: May 2008       11-23-2009, 12:44 PM Reply   
NADA can give you an idea of what whole sale is which is typically what a dealer would give you on trad-in, as well as, used price. It is a good way to gauge the price you are asking for or paying for a boat, RV, etc. Need to also look around at what others are asking for their stuff. I have used it to get my purchases at near NADA wholesale prices.
Old    Gene Williams (gene3x)      Join Date: Apr 2005       12-14-2009, 6:05 AM Reply   
NADA can be all over the place. My boat differed as much as $6000 for an 06 with just a different style. complete BS.
Old    AtTheLake (bmartin)      Join Date: Jan 2007       12-14-2009, 2:35 PM Reply   
I think it helps to know where the boat price is in relation to NADA, but certainly not the final word. NADA is an average and the older the boat the condition will matter more than some 'avearage' price. Some 10-20 year old boats are in mint condition and some can be pretty trashed and the prices will or should vary accordingly.
Old    Kevin K (supra)      Join Date: Aug 2002       12-15-2009, 11:56 AM Reply   
I just got out of a meeting with the MRAA, (http://www.mraa.com/index.php) they are working directly with NADA to explain that boats that are repos, taken in a BK etc. should not reflect in the used value and should be an exception, they are also working with NADA to have a astriek or another columm added to show that a NON current model at a delaership is still considered new not used.. Most all banks are using the used price on a new unused non current model, which makes it very difficult to purchase a new non current.
Old    Sam (wake1823)      Join Date: Dec 2005       12-15-2009, 12:20 PM Reply   
^^^ that's all well and good, but is the NADA going to really make changes? How soon?
Old    Kevin K (supra)      Join Date: Aug 2002       12-15-2009, 12:25 PM Reply   
Sam

Great question!

I do not know, but it is looking very positive!
Old    Billy (woreout)      Join Date: Aug 2006       12-15-2009, 12:49 PM Reply   
NADA is just a guide. Think about it, how can they put a value on something like, lets say...a 05 MC X80 ? MC probably only sold 10 of these in 05. So how can they determine a value? With autos they get the values from auctions. There are thousands of each model sold through auctions, so they can get a good idea of what things are worth. Boats on the other hand, I think is just a guess on NADAs part.
I would use NADA along with sites such as Only Inboards and Boat Trader to determine a value.

(Message edited by woreout on December 15, 2009)
Old    Bill K (bill_airjunky)      Join Date: Apr 2002       12-15-2009, 1:28 PM Reply   
We have found NADA to be only good for determining what the bank will loan on a boat. Real value is determined by what is for sale and has been sold around you. So you have to do some homework..... Onlyinboards, Boattrader, Craigslist, & your local papers.
Old    Sam (wake1823)      Join Date: Dec 2005       12-16-2009, 6:31 AM Reply   
Billy, guide or not, NADA is what banks will loan on. Unless your dealing with cash buyers...NADA IS the "real value" of a used boat.
Old    SS (illini88)      Join Date: Oct 2007       12-19-2009, 7:01 AM Reply   
Sam is right on. Loan value DOES matter, especially as a private party selling a boat. I came across this with a few people when selling a boat last year. I disagree with the comment above claiming that repo's shouldn't count. They are out there in the market, so they do affect market values.
Old    Kevin K (supra)      Join Date: Aug 2002       01-06-2010, 3:37 PM Reply   
Just in!

The new language differentiates used boats with new boats at dealer showrooms that are non-current. It reads: "'BRAND NEW', NON-CURRENT - The Average Retail Value does not represent 'brand new' non-current year vehicles. Recent market research shows that 'brand new' non-current models can increase the used value of an identical model by 6%-12%."

NMMA President Thom Dammrich told IBI that he was receiving calls from dealers complaining about losing sales of new, non-current models on their showroom floors. "They might agree to a price with a customer and go to get the boat financed, but the bank would look at the price in the NADA guide and say the boat is worth 20 per cent less than what they'd agreed on," says Dammrich. "That meant that the client would only be eligible for a smaller loan, and would have to put up a larger down payment. Many of them just walked away."

The new language will allow banks to make loans at more accurate values for non-current models. "The banks were using the NADA guide as a crutch and were applying pre-owned values to non-current models," says Dammrich. "It didn't matter to the banks if the boat had zero hours on it or 1,000. This will provide better guidance."

"NADA'S response to this critical situation on consumer loan values should help dealers continue to move aged inventory," said Phil Keeter, MRAA president.

"It's a small detail, but it will have big consequences for everyone—dealers, buyers, builders and floorplan providers," added Dammrich
Old    Sam (wake1823)      Join Date: Dec 2005       01-07-2010, 11:03 AM Reply   
^^^ this has no affect on the used market. It only applies to holdover boats from the previous year.....all this did was help dealers sell non-current boats (new). It's doesnt help anyone else.
Old    SS (illini88)      Join Date: Oct 2007       01-07-2010, 12:07 PM Reply   
Actually, it should bring down the used value of 1 year old boats.
Old    Sam (wake1823)      Join Date: Dec 2005       01-07-2010, 12:25 PM Reply   
^^ the way I read it is they ( NADA) just added a new classification for non current year boats being sold as new. Nothing else will be affected. used 1 year old boats ae still classified the same and values remain the same.
Old    SS (illini88)      Join Date: Oct 2007       01-09-2010, 4:05 PM Reply   
The post by Kevin says that "bran new non-current models can increase the used value of an identical model by 6%- 12%." This makes sense as buyers obviously pay more for an untitled 08 than a used one.
Old     (prostar205v)      Join Date: Aug 2002       01-10-2010, 5:36 PM Reply   
I would be surprised if the bank cares of this additional disclaimer....Once the boat is purchased it will IMMEDIATELY fall back to used boat pricing.....In the banking environment we are living in I would be surprised to see the banks change the loan practice. Just my opinion of course

(Message edited by prostar205v on January 10, 2010)

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