New vs. Used?

[oldjeep]

Not sure where you guys are that think boats hold their value so well. My brother bought a 26' Formula in 2005. It was 5 years old at the time. He paid $35k for a boat that sold new for over $90K. This boat was in perfect condition. He did drive to Texas to get it from CA. Was a fresh water boat only.

Depends on the boat. Malibu and other premium tow brands have been going up in price so much for the last 10+ years that it is pretty easy to get your money back out of them. Heck, even my Bayliner 195 that I purchased new only depreciated 3K in 9 years.

 

[bruceb58]

Depends on the boat. Malibu and other premium tow brands have been going up in price so much for the last 10+ years that it is pretty easy to get your money back out of them.

My friend bought a 2 year old Malibu around 5 years back and it had depreciated by 30%! I won't even talk about Bayliners! Maybe its a local thing for where you live.

A real easy way to see how much a boat price depreciates is to look at NADA. FOr any given year, you can see what the boat sugested reatil price is and what it's average retail price is now.

For example, a 3 year old 19' Bayliner has a suggested list of $29K and has an average price now of $19K. That's a 34% drop.

If you look at the Malibu you have, suggested retail was $70k and it is now down to $50K. That's a 29% drop.

 

[jkust]

My friend bought a 2 year old Malibu around 5 years back and it had depreciated by 30%! I won't even talk about Bayliners! Maybe its a local thing for where you live.

A real easy way to see how much a boat price depreciates is to look at NADA. FOr any given year, you can see what the boat sugested reatil price is and what it's average retail price is now.

For example, a 3 year old 19' Bayliner has a suggested list of $29K and has an average price now of $19K. That's a 34% drop.

If you look at the Malibu you have, suggested retail was $70k and it is now down to $50K. That's a 29% drop.

I do know that boats in MN (where oldjeep resides), cars as well, cost a lot more in the used market than many other states. (the reason I buy my cars out of state, there is almost an exchange rate from a MN dollar to other states' dollars for example for used cars as crazy as that would seem) Given MN offers three things, egregious punishing taxes, extreme cold and endless lakes....there is a healthy demand for boats and for some inexplicable reason, boats like oldjeep's ski boat are getting extremely popular. I see 70k - 100k brand new water sport boats all day on our lake and nobody is ever skiing. Like someone turned a switch on...I can't believe how many wake board boats are on the lake now.

 

[bruceb58]

Given MN offers three things, egregious punishing taxes...

Not as bad as CA and a few other states. Our top income tax bracket is 13%

 

[oldjeep]

My friend bought a 2 year old Malibu around 5 years back and it had depreciated by 30%! I won't even talk about Bayliners! Maybe its a local thing for where you live.

A real easy way to see how much a boat price depreciates is to look at NADA. FOr any given year, you can see what the boat sugested reatil price is and what it's average retail price is now.

For example, a 3 year old 19' Bayliner has a suggested list of $29K and has an average price now of $19K. That's a 34% drop.

If you look at the Malibu you have, suggested retail was $70k and it is now down to $50K. That's a 29% drop.

Well, nobody pays retail (typically you pay 15% - 20% or so under list) and if you can find one for 50k I would snap it up and flip it. Nada doesn't reflect the reality of the market largely because the volume per year per model is so low. Hard to set an accurate price on a boat where there might be 5 of them resold in a given year.

 

[fishin98]

You can ALWAYS find used boats that have been well taken care of. Example...Last April I sold my 2000 Bayliner 1802 Capri Cuddy, 2000 90Hp Merc, complete factory top /enclosure/side glass, ski pole, portapotty.Garmin 300C color depth/fish finder, VHF radio,all docking equipment,life vests, new trailer tires, new trailer bearings/hubs,rod holders, pull behind tube, spare prop, prop wrench,lighted trailer guide ons, kept it parked in the garage when not in use, owned it for 10 years. Listed it on Craigs List at 1000, @ $3800, sold it by 1400. Took the couple and their two kids for a boat ride before taking the CASH and signing the bill of sale. Why did I sell it so cheap....was not getting enough use out of it to justify keeping it.

 

[bruceb58]

Nada doesn't reflect the reality of the market largely because the volume per year per model is so low.

Maybe in your part of the country. In CA, these are a dime a dozen. NADA if anything is high. Nothing that special about Malibu boats except maybe in Minnesota.

 

[WIMUSKY]

Yeah, in this part of the country, MN/WI, good, quality, clean boats can go for thousands above book. Whether it's a ski boat, or, your Crest/Lund fishing boat...... Just the nature of the area.....

 

[oldjeep]

Maybe in your part of the country. In CA, these are a dime a dozen. NADA if anything is high. Nothing that special about Malibu boats except maybe in Minnesota.

We have the largest Malibu dealer in the country. That being said, there is exactly 1 2012 vtx for sale on only inboards - does happen to be at the local dealer. Yearly production per model is pretty low, I think you are looking at multiple models and different years if you thing they are all that common in the used market.

 

[thumpar]

In my area (eastern Washington state) the ones that hold a lot of value are the Mastercrafts. Other inboards hold value but nothing like the Mastercrafts. I/Os are for sale everywhere so the prices are great. The outboard boats are 90% bass boats and when there is a sport type outboard boat they are priced cheap because no one buys them around here.

 

[bruceb58]

We have the largest Malibu dealer in the country.

Minnesota has 2 dealers. CA has 12. There are way more Malibus in CA than MN hence why you can get them for a reasonable price.

BTW, the retail price I quoted earlier was without a trailer and the NADA used included the trailer.

 

[Old Ironmaker]

I believe here in Canada it is law, if you see a stranded boater you have to tow them in.

Only if it doesn't endager your crew, you or your vessel.

As far as used vs. new. It's all about budget. To get the boat I wanted, not needed, I bought used after looking long and hard for more than a few years, 40 to be exact believe it or not, actually most of those years was window shopping. I bought it from one of the folks that worked at the Marine, perfect, I know it was well maintained and the guy was anal about it. Waxed it 4 times a year. I saved $45,000.00 on a 14 year old StarCraft Superfisherman 190 from the price of the same boat new. More when counting all the add ons.

Having some life experiences now that I'm past 60 the best advice I can give you when it comes to a "want" vs. "need" is this. If budget at your point in life is not a concern, buy anything you want. If you are starting a family and budget is an issue now, wait to buy a boat. Wait until the baby is 5 years old, by then you might have another. If then you can still drop good money on a toy then go for it. I believe by then a boat will be the last thing you will be thinking about. I had to wait until I retired before I finally bought the boat I wanted. A 14 foot tinny with a 9.9 was what I could afford when I was younger and that's what I had. Actually I didn't even own it myself, a pal with 2 young children and I split the $700.00 for it.

If you do decide to pull the trigger, educate yourself (iboats is a great place to start) on knowing what to look for in used. Let someone else take the hit on the depreciation the second you wet that $36,000,00 boat that takes 15 years to pay for. Some people buy a boat and then realize they need another grand usually more to buy things like an anchor, PFD's, fenders, oars, safety equipment, sonar, compass, VHF radio, even rope isn't free, the list goes on. Heck a pal bought a used28 footer a few years ago that was his first boat and his jaw dropped when the gas pump stopped at $450.00 bucks. We laughed and said welcome to boating little Buddy.

If I was having a newborn soon I personally would wait, not 40 years like me but not now. It's up to your baby's Mom and you and only you both.

Congrats on the new baby and let's just hope all goes well with the new baby. A boat maybe the next new baby.

 

[oldjeep]

Minnesota has 2 dealers. CA has 12. There are way more Malibus in CA than MN hence why you can get them for a reasonable price.

BTW, the retail price I quoted earlier was without a trailer and the NADA used included the trailer.

Jebus, I give up. Clearly I don't know the market when I was looking nationally for the boat I bought. Where are all these bargain priced boats you are talking about?

In any event, Nada means exactly squat - the market price for a boat is determined by the current season, boats available and demand.

 

[bruceb58]

My brother is a used car and boat dealer and runs auctions. He is very aware of national prices but mainly the southwest. According to him, NADA is usually high but what does he know.

 

[tpenfield]

My knowledge of NADA (for boats) is that it is high for newer boats . . . about right for boats in the 12 year old range and low for boats 15+ years old. NADA is more of a depreciation curve with minor amounts of market data versus other sources (BUC, ABOS) that have a fair amount of market data within their price guides.

Assuming that a dealer would handle newer boats, they are probably right about NADA being on the high side.

 

[redneck joe]

To give you a quick idea on boats here 3 I found roughly in my budget if I sell the one I have now

I'd lean to the aluminum from reading what you are wanting.

 

[ccarver80]

Wow didn't mean to start a huge 6 page thread! Lol lots of great advice on here though... the private party boats fell thru... wife finally is letting my finance a "used" boat... looked at all the dealerships in north Dakota .. found my exact requirements.... heading Friday to look and possibly coming back with a new boat. Fingers crossed

 

[roffey]

lol, I started with a $3700 used Wellcraft. They grow on ya and get out of hand. Hope you get a nice one. we`re all behind ya.

 

[ccarver80]

Well it's a 2004 1600 Crestliner super hawk with a 2003 75hp yahmah 4 stroke comes with 55d Minnkota trolling motor and hummingbird 386ci DI sonar. .. asking price... 8,900... but he said that price has room to negotiate

 

[jkust]

Not as bad as CA and a few other states. Our top income tax bracket is 13%

We are around the 3rd or 4th worse when you take in the other taxes but regardless it's not a group to be proud of especially if you one of the 54,300 people in MN that unfortunately pay most of the income taxes collected under the individual tax code.