New NADA Guide prices

It looks like they just updated the NADA Guide and the prices are REALLY low. These are some base prices (although SANTE's have a lot of extras already)

03 SANTE- 26,000-30,000
06 SANTE- 33,000-38,000
08 SANTE- 40,000-46,000

My credit union requires an appraisal for any boat loan and uses the NADA Guide. This means the used market must come down to these prices in order for me to finance a used boat. I would think the same rules apply for other banks and credit unions.

You are correct! I have been looking at a ton of used boats and my banker at TierOne does not require an appraisal BUT... they will only loan 85% of the NADA average retail,and they don't care what options are on the boat,they go off of base price. So an 04' X2 fully loaded average retail with all options figured in is $33,480.00. The bank uses base price which is $26,950.00, so your loan through them would be for around $23,000.00,you come up with the rest to purchase the boat. I think this is why most boats are not selling or selling really cheap.

heard the same thing, banks don't care about options.

I tried to refinance my 2007 210 for a lower rate and got the same deal. Banks do not care about options as Sam said.

I ended up trading in for a 2009 to get a new loan with a much better rate. My dealer gave me more than fair value for my trade so it worked out great in my situation. Brand new boat for less.

I think this news puts me out of the boat market unless used boat prices drop a lot more. I have very good credit and can afford a good sized payment (I have qualified for big boat loans before the bust).

Now they are telling me that I need an appraisal (new or used) and the loan amount must fall with in the low NADA prices, they will not finance a used boat from a "non-manufacuture" dealer and they will not finance anything older than 6 model years.

Good luck if you are selling a boat.

Your best bet is to look at other lenders that is more familiar with boats. In my experiences most Credit Unions don't have too much knowledge with boats or financing them. Very unfortunate because they often have the best rates.

You are correct with good luck selling a boat. Especially used. My dealer is trying to sell my 2007 210 for less than he gave me in trade. Granted I traded right before the new NADA values came out but how often do you see that?

(Message edited by aarond0083 on February 03, 2009)

I can tell you this,the credit union (smaller bank) that I have used before told me don't even ask....we are not doing any recreational loans for now. Take this however you want,I do know that TierOne will loan on any year boat and from any dealer or private person,you just need to check with them to get the true value and loan before you purchase.

This is the same experience I had selling a modest priced used car. Nobody had any money in their pocket. If your selling anything but a low cost vehicle, you end up at a dealer who can put a finance package together.

yeah, except are boat dealers even taking trades?

That's a good question! Don't have a trade so I couldn't tell ya.

Bruce, Mine did. But I bought the boat I traded from them and was a repeating customer.

I'm sure most dealers will take trades but likely not want to offer what the seller wants for it.

About dealer trades - It will be rare to find a dealer today who has cash to buy trades.

Most will have to floor plan trades which will be bound by the 85% of retail from NADA. Also understand that you personally will probably pay lower interest rate than the dealer on floorplan.

You just ruined my day

This is the exact same thing that Harley Davidson owners experienced in 04. It wreaked havoc on the used bike market,but it didn't show up in the NADA book until '05 . Looks like I'm hangin on to my 05 Sante for awhile,no one's gettin that for 35K !

i agree i tried to trade my perfect 07 with 60hrs on a left over 08 and they wanted to give me 28000.00 for mine with a trade difference of 29900.00. I told them they were crazy.

Wow, what type of boat Davis?

07 210 te loaded with matching trailer.

That' scary.I understand they can't discount boats heavily and give you ALLthe money for your trade,but that's just an insult.

That happened to me a few years ago with a truck. I bought a new 98 Ram Sport QC,loaded,blah blah blah. Stopped by the dealer a year later to talk to a friend who was a tech there and the salesman comes out and starts in on the pitch. I tell him "no thanks I like this truck,not here to buy,go away". He sticks around and I tell him " OK , go get me a price on that truck over there if I trade this one in, no B.S. I'm not in the mood." He comes back and tells me they can give me XX on trade,which is HALF what I paid new the year before. So I say to him,"what you're telling me,is that this truck,in mint condition w/ 18k miles is worth half what I paid a year ago?" He says "yes". I say "why the F would I buy another one?" I was so pissed I drove straight to the Chevy garage and traded for a brand new Z71 that day and wasn't even looking for a new truck when I stopped to talk to my bud.

Kind of a long story,but basically I feel if the dealer can't take your trade, he's better off to tell you straight up than make the resale value of your high end product look worthless . Alot of people buy these boats because higher quality usually means higher resale value down the road. Dealers need to be careful how they perceive this . FWIW, At that price I would have kept your 210 and gone and bought a new Moomba and had 2 boats.

With the used market in the crapper, I was thinking about this the other day.

My 07 Supra 22 (loaded+ $6k stereo) is basically worthless in the used market. I can afford the payment, but have been riding more with others over the last year and don’t really care if I own it or not.

Anyone ever thought about doing some kind of owner lease? Would be a heck of a lot cheaper for both parties. Run credit on applicant, $2k deposit, $550.month, I keep the insurance, add you as operator. You always have the option to buy, 12 month term, limit hours to 100 or so, any hours over you pay per hour. IF boat is returned in similar condition deposit is returned.

^^^^Why would anyone do that when they can go buy a used or new boat at a steel of a price?

2k down and 550 a month is a lot of money and good luck getting the boat back not completely trashed.

^^^^ Not too many people are able to get finainced ( even with good credit) on a late model used boat due to the NADA values. Buying a new boat will require an outlay of some serious cash as well ( 6k+).

Check credit...it's a good indicator of how people treat things. You show me a guy with 740 credit I'll bet you $100 he's not "trashing" his stuff.

If I was on the other end, I'd do it.

The payment may be on the high side, but the low money down is what will attract people.

People are getting financed. It may not be like it used to be, but a 740 credit score can go buy a boat all day long, especially if buying from a dealer.

I agree with Stanfield. Who would pay $550 a month to lease a boat when you can buy a new one for that or maybe even pay less per month. I just bought a 2009 210 and my payment is less than that.

700+ credit score will get you financed on any boat as long as the loan is < 90% LTV.

I have a 2008 Tige` RZ4, 6.0 (400HP), bimini, tower speakers, blue boat, trailer and 141 hours. NADA average on it w/o options is $49840. 85% of that is $43,364 (what a bank will loan. I will sell it for $47,000 where all you need is $5k. Boat is in Seneca, SC at my home on Lake hartwell. have title in hand and owe zero on it. If you have better credit and can get a loan at 90% then you won't need much cash. it is a great deal if anyone is interested. Boat is being completely detailed and will be all ready to go by the weekend and I will get some great pics then. It is blue and gray with gray interior. 4 kicker tower speakers, 2 kicker amps and a great deal.

Stanfield, agreed, a 740 FICO can buy all day long, but they will be out of pocket alot of cash, if they finance. especially buying a 2-3 y/o boat.

If you don't want alot of cash tied up in a toy, it's a great deal.

SD, may want to try the classifieds.

My local guys(a credit union) does allow for boat upgrades to add to the value. I know my boat didn't book out, but we added all the towers, shower, ballast, perfect pass etc.. and it worked fine. They do loans on any Ski-Wakeboard boats as long as they are at least worth 15k. They are doing crazy boat show loans. O down and 4.99% on 15 year loans! You do need good credit and good DTI and little credit card debt.

I think its funny that my $350 FAE makes my boat worth $1000 more according to NADA.

I bought my 09 MC X2 in october and traded in my 06 SANTE and got a pretty fair amount for it. Of course I paid a tiny bit more for the new boat but what Liquid Sports gave me on my trade was at least $10k higher than anyone else even offered so they got no complaints from me and have my business for life. Should also mention they are a great dealer and for the first oil change picked up and dropped my boat off ,which is at least an hour and a half each way's drive, at no charge.

John, of course they gave you good trade in value. You were trading a Correct Craft for a MasterCraft.

Couldn't resist that one. Jokes aside, you picked a good time to trade. Had you been doing that deal now they would not have given you as much for your SAN.

(Message edited by aarond0083 on February 04, 2009)

You're absolutely right about how now that deal would most likely be non existent. Even back then though most places flat out told me they would not take a trade or if they did they offered a laughable number.

just talk to the dealer in orlando and he would give me roughly 43000 for mine with between 18000 and 20000 for the difference on an 09 with the new tower and keeping my trailer. That was a lot better than the dealer in atlanta giving me 28000 and wanting 29900 for the diff for an 08. go figure.

That is more like it Davis. And 5-6 months ago that number for your trade probably would have been $3000-$5000 higher. These new NADA values definitely hurt the used market.

what do they base this off of exactly? i don't quite get it.

yea we will wait and see what the market does, would love to have an 09 but don't think i want to drop 20000 more on a boat that does the same thing. Plus i love the boat and the only reason i was considering getting rid of it was that it was so much taller than my 05 and it will not fit in the boat shed without letting the tower down and with 4 speakers that is a 2 man job.so instead of building a new shed i was going to use that money to put towards a 09.

I thought a 740 FICO was good too... I bought an 07 supra 21v new from the dealer with zero down in 07....

I just tried to get financed for my new Enzo and the dealer could not get me financed without 20k down and a 12% interest rate!!! WTF!!!??? I don't have a 740 though... I have a 735. Was it the five points that made a differnece!?

I finally got approved through my credit union, but had to call and talk to the decision maker myself.

And just fyi, I pay all my credit card debt off in full each month, and my only payment other than cel phone and house utilities is my $340 truck payment... So my debt to income ratio is probably less than 10%.

I had no idea that the credit crisis was SO bad. The guy at my credit union said they are requiring large down payments because the value of recreational vehicles and even cars are falling so quickly.

I looked a few weeks ago to get a feel, and yes, the prices changed! My 05 Nautique 226 TE was showing approx $48 to 50 used. Now it is showing 38,000 to 44,000 low and high value. That is BS...This has changed in the last two weeks.
Boat listed for 75,000, I got it for 68, now NADA is saying $40,000 and the boat will be only 4 years old on April 1st. Just kinda stings a little.

I think that the options will add value to the boat, but you have to justify that the options are non-removable when the repo guy shows up.

A $6000 stereo is not worth squat to the bank because invariably it is removed by the time the repo guy gets there. So I think it is reasonable to go through the values with the bank and explain how a tower and perfect pass and an upgraded engine and such add value and also give security to the bank on their investment. Then they might consider upping the loan a little.

This is what we get for all of those threads the last 5 years where somebody brags about buying a boat and then selling it 2-3 years later for nearly the same price. Not gonna happen if you bought in the last 2 years and want to sell now.

(Message edited by talltigeguy on February 04, 2009)