Asking Price vs Realistic Value

[beefarmer]

as I bump around on Craigslist, etc, looking for different boats to go through and get an idea of what my wife really wants, I'm finding a really large discrepancy on what the asking price is vs NADA book value.

Is this normal?

For example, '87 Chaparral XLC (27') asking $7k, NADA says $3,500

Or another, '85 Bayliner 2655 Sunbridge asking $9k, NADA says $4,200

On the flip side, I'm seeing some that are right in line with NADA book.

Not enough volume boat-wise here for me to do much comparison, and I don't think Seattle is a good representation of values. Maybe I'm wrong.

What's the scoop?

 

[tpenfield]

NADA is more of a depreciated price . . . but to your point, some asking prices are unrealistic. . . . some by 25% some by 50%. Asking is asking . Offering is different. If you take same/similar boats and line them all up in terms of asking price, the boats will tend to sell in the bottom of that range.

Just eye-balling the boats that you listed, being older boats, NADA often under estimates a realistic price for boats 20 +/- years old, because it is a depreciation scale rather than an active market value. If you want to sign up for the Bucvalu.com service, then you can get another price reference that is more market based. However, there may not be a world of difference in this case.

 

[Steve91T]

So this is how I value everything I own/buy. It's worth what someone is willing to buy. I never use blue book or nada. Ever. I see what people are paying for what I want to buy or sell and use those numbers.

I have old, high mileage cars. They are worth nothing if you look at nada. But my old 98 M3 4 door blue M3 is worth a hell of a lot more to some who wants the car.

Same with boats.

 

[SeaDooSam]

NADA does not account for hours, damage, condition, etc. as well

 

[tpenfield]

So this is how I value everything I own/buy. It's worth what someone is willing to buy. I never use blue book or nada. Ever. I see what people are paying for what I want to buy or sell and use those numbers.

I have old, high mileage cars. They are worth nothing if you look at nada. But my old 98 M3 4 door blue M3 is worth a hell of a lot more to some who wants the car.

Same with boats.

Very true . . . and hopefully there won't be too long of a line of people waiting to buy those 2 boats :noidea: I think any reasonable offer will be the best offer.

 

[beefarmer]

Yeah, these have all been on there for a LONG time ... but they're good options for the wife to get a 'look and feel' of what different sizes of boats feel like without falling in love with flashy brand new finishes that are budget busters.

I did pass on the $800 Bayliner that just needed a little work ....

 

[bruceb58]

I have found that boats that are newer than 7 years old tend to go for NADA or less. Your region will also influence that.

 

[roffey]

I use the black book value, I believe its the same thing. Our black book value is the wholesale price and is what a dealer would pay. I am in the same camp as you people above and will pay what I think the boat is worth to me. The asking price is just that and I take that as a starting point.

 

[Blue2005]

It's also affected by your region. Down here in South Florida CCs are in high demand and their prices are ridiculous in my opinion. But I agree with what everyone else is saying.

 

[tpenfield]

I view asking price as the seller's indication of what the boat is worth to them. Then you have the potential buyer's view of what the boat is worth. A sale only happens when those 2 viewpoints are in agreement.

 

[wrvond]

Boattrader.com is an excellent resource for being able to see all the different brands and models in whatever class has your interest. You can also sort them by price and get a pretty good idea of what the average price is for a particular year.

as I bump around on Craigslist, etc, looking for different boats to go through and get an idea of what my wife really wants, I'm finding a really large discrepancy on what the asking price is vs NADA book value.

Is this normal?

For example, '87 Chaparral XLC (27') asking $7k, NADA says $3,500

Or another, '85 Bayliner 2655 Sunbridge asking $9k, NADA says $4,200

On the flip side, I'm seeing some that are right in line with NADA book.

Not enough volume boat-wise here for me to do much comparison, and I don't think Seattle is a good representation of values. Maybe I'm wrong.

What's the scoop?

 

[jkust]

My take...boats that old are beyond what NADA can come close to providing any realistic value. Those are ancient boats with far too many variables. Now take into account the season such as now where people are now trying to offload their boats before winter hits and then the regional aspect. That is to say that, as an example, my boat down south cost about 2/3 or less what I paid for it. It is frustrating to see every single boat 100% of them be substantially cheaper in southern states. Many times the same boat 5 years newer is the same price. Even brand new boats are cheaper when they aren't getting shipped up north as at least on reason why they are cheaper. If i had my druthers, I would buy everything down in a southern state and ship it up here where the cost of living is just a lot higher for many things. This is how I buy my cars where there is almost an exchange rate as the same car and trucks cost so much less in the south. Same thing for 4 wheelers and other power sports. I don't think the southern folks/dealers realize that their buy it now price on their ebay auctions for their vehicles would be like the deal of the decade out in my state if you were to buy it off a used car lot. You are in an expensive state at least that is how I understand it from friends who live there.

 

[bruceb58]

here where the cost of living is just a lot higher for many things

CA has high cost of living and the boats here are cheaper as well so it's not a cost of living issue.

 

[DeepCMark58A]

I get a kick out of the sellers that have a boat like they have seen others sell after restoration and then think the unrestored boat they have is with half or more as the restored one.

 

[jkust]

CA has high cost of living and the boats here are cheaper as well so it's not a cost of living issue.

Good point...I have to think though that your cars are expensive though?

 

[jkust]

I get a kick out of the sellers that have a boat like they have seen others sell after restoration and then think the unrestored boat they have is with half or more as the restored one.

I like all of the ads that say what the retail price of the boat was....12 years ago.

 

[bruceb58]

Good point...I have to think though that your cars are expensive though?

Nope...My brother runs auto auctions and used to be a wholesale dealer. He shipped cars out of the area all the time, especially to rust states like yours.

 

[jkust]

Nope...My brother runs auto auctions and used to be a wholesale dealer. He shipped cars out of the area all the time, especially to rust states like yours.

Yeah...that's the other thing...cars are a rip off here but the up shot is they are all rusty or starting to rust at least underneath.

 

[Leardriver]

A nice fresh water lower hour boat can bring double the NADA. The book is artificially low to allow for corroded salt water boats, it seems.

Becoming a student of boat values can be done by searching Craigslist, ebay, etc.

The boats listed by dealers on pay sites like Boat Trader seem to be there because they are grossly overpriced.​

 

[bruceb58]

A nice fresh water lower hour boat can bring double the NADA.

I would never pay over NADA where I live.