How accurate is NADA pricing

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jokybo

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Benedict, Md
Is NADA a good pricing index? looking at a 2001 Parker with twin four strokes. Nada lists it at a little over $25,000, owner asking almost $50,000.
Is he way over priced? Boat is in Ok shape, needs a bit of work. window leaks, chipped gel coat and chalking, engine covers cracked, has bolt holes in cabin roof with silicone squirted in and leaking. Not that well taken care of but the model I'm looking for. Engines supposedly have less than 600 hrs. Any advice is welcome.
 
Jokybo

No!! NADA is a joke as far as its prices go. The market has always been based on comparibles as with Real Estate, Autos, Motorcycles, etc. The market is flooded with bank owned boats and owners that are upside down on larger boats. Now the banks wont loan money on used boats without a perfect credit history and they want some skin in the game with a large down payment. Nada and BUC were forced to lower all prices significantly. You take a person who just bought a 30' and up boat and put down 10% and financed for 15 to 20 years one to two years ago is upside down already.
Because of the dealers profit and the soft market for used boats that people cant afford to keep, the new owner has to take money to the table when selling or just let the bank have it back. And this has hurt resale value. Especially with Boat manufacturers going under. Some banks are afraid "who will want to buy it now if they are out of business" and who will the be the next to go.
You look on Yachtworld, Boat Trader, etc and see what Dealers are asking for boats and try to buy one for Nada, they will show the door quick. The only good deals being made at Dealers is on older new leftover stock only. Hardly any dealers have boats in stock because of loss fo sales and high floor plan costs, if they can get a floor plan.
Dont get me wrong, it is definately a buyers market right now and some prices are very negotiable but with in reason. Dont be afraid to negotiate low at first. With these economic times some folks are just trying to cut discresionary spending and may take a lot less because they either own the boat or have a lot of equity in it. Some folks right now are faced with marina fees, slip rentals, storage, insurance, upkeep, etc as well as the boat payment and just want to be out of now. Especially with boats under 40K and over 80K.
Keep looking and making offers based on comparibles and new leftover boat prices and you'll do just fine.
 
I think the NADA is only a refrence and not very close to boat pricing but more close to cars and trucks. I offerd the nada on the 2801 and the broker told me flat out NO WAY!! I bought the boat two months later for 5g less than asking but 12.5 more than nada. Still im happy with the boat and also feel like i have a new fishing bud in mass. that has a seat on the boat any time Ed wants to fish here in VA/NC.
 
Catfish":2uz82rot said:
NADA is a joke as far as its prices go.
Click to expand...

True.
Comps are a better indicator of value.

Have you had the boat surveyed?
 
I find NADA 40% on average; good for smart buyers, BAD for ignorant sellers ...
 
Thanks for the replies. Have not had the boat surveyed. It is about 1,000 miles away. I was in the area on business and drove 3 hours to see it but as my luck goes, on the only day I had free, it was the coldest, windiest day Florida has had in 100 years and it rained the whole time we were looking at it. The boat has twin 115 four strokes, for a 25 ft, cabin that sounds minimal. The boat is pretty basic, one window wiper, small GPS, no radar, porta potti, but it does have a windlass. Any idea of what it's worth? Thanks, Jim
 
Sounds like it was bought at a boat show ....no extras and underpowered.

They do that so you think your getting a great deal..by keeping the cost down
 
They did NOT lower NADA they adjust values base on "REPORTED" sales

NADA is based on many market indicators and "NOT ON PRECEIVED" value

CREDIT is a different story !!!


Example ..."MY 2820 i just bought in October 09"

Nada high 76k low 59 K this is for valuation of WHOLESALE purchase

Then use NATIONAL AVG "REPORTED"sales high avg was 98k low was 84K

so 59K / .6 or 40 % mark up = the high price of 98k
and 59k / .7 or 30% mark up = the low price of 84k

NOW ADJUST FOR POOR market -15% or 20% mark up u get $73,500

My offer of 68 was countered at 72 i stood firm at 69k and got it ......

NADA is just a guide , but its valuations are pretty darn accurate to formulate sales as wells as purchase offers!!!.
 
NADA seems to be dead on when looking at 15 years and older sailboats. I sold my 1985 Seafarer 26 for just under its listed NADA value. As for newer boats, they lose a tremendous amount of value the first few years of ownership and it seems many new boat purchasers seem to be in denial of that fact when they try and sell.
 
Yes most are ignorant to the fact that 30 to 40 % is the norm for rapid depreciation, this deals with the "ARTIFICIAL" vale pricing of "RETAIL" items

A 100,000 is not actually worth 100,000 -the day it leaves the mfg its "Potential " SALE VALUE is 100k

The market sets the price based on competition and "Preceived" value vs. cost /quality.

The actual value is usually 30-40 % less over 1-3 YEAR PERIOD, AND YES IT DEPENDS on economy!!!

Drive it out off the lot....its an instant 15% less, Use it and there goes 10% more per year, sometimes more....

If you have a boat thats new 1 to 2 years DO NOT SELL IT !!!

The older the boat the better you will due now, due to depreciation's slow down after 5 years , as the market continues to flood with new boats being sold cheap.....you get the point
 
As usual, the replies posted on this site are very helpful. I certainly got enough information to conduct an educated negotiation. Thanks for the input. Now if I can get the seller to understand market depreciation I may become a Parker owner after all.
 
Not sure why he is selling. He is a broker. He said he bought it 5 yrs ago for $50,000 and doesn't need the boat any more. He said he doesn't need the money. He's asking almost what he paid for it.
 
jokybo":2yqucqph said:
Not sure why he is selling. He is a broker. He said he bought it 5 yrs ago for $50,000 and doesn't need the boat any more. He said he doesn't need the money. He's asking almost what he paid for it.
Click to expand...

I take it the boat has been sitting out in the Florida rain and sunshine for 5 years and he wants almost what he paid for it? Sad.
 
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