Engine Co 454

Aside from going with a marine surveyor, how do you determine a boats net worth? I checked NADA pricing on Fast Forward's 26 Legend. I am working on my financing right now to purchase it. NADA, is just a guide, and lists a price of 22K. Of course they cannot see the work he has done to his boat. Fast Forward is listing his boat for 31K.

I know he is here reading, but when I make an offer I don't want to embarrass myself or insult him and his boat. But, I have to ensure that I pay what a boat is worth and not let emotion get the best of me.

I know the market, as in any other sale, has alot to do with pricing, but what is the consensus here on a price? I have searched boats for sale till I have turned blue. Sometimes I think people roll dice to determine a price. I tell myself his price is fair, but lets hear it from the rest of the PQ owners.

In closing, Fast Forward, I mean no offense to you but I want to make a fully informed decision so when I sign on the line everyone is happy. As I said above I do not want to make a fool outta myself not having all the information.

Shawn D

Doesn't that suck.

I Have had the same issues. I used Buc Boat Value and Nada. I believe others will say also, that Buc generally values boats a bit higher than nada. Plus they throw a 20% swing for condition of the boat.

http://www.buc.com/index.cfm

Also consider all the pricing organizations don't consider geographic area. Boats in the Great lakes usually see shorter seasons, Fresh Water and less intense Sun. They typically are just in better shape. I understand that other parts of the country tend to seek out our boats. I'm probably full of it, but it sounds reasonable.

Condition of boats can Vary alot. Seen very poor 3 year boats (Dad bought it for the rich Kids) and Beautiful 20 year boats (Dad bought it for himself after bustin his azz).

I have seen this many times on boats I look at.
In 2003 I bought my '91 230 Conquest. Nada had the boat at 15ish Buc had it at 17-18ish for that model and power.
Asking price was 26k. My budget then was 20k. I was looking for Formulas 242's for the 18-20 range, when I ran across this boat.
IT was 11 years old and BRAND NEW - 135 hours, Perfect condition, camper canvas still in original packacking. I thought it was out of my range at 26. But since you just have to ask - I offered 22. They declined and did not counter. I figured they were pissed or expected me to offer again- I didn't - I had to walk away. About two weeks went by and the salesman called and asked If i'ld still buy at 22. Yeahh!!

Here I am 4 years later, Trying to sell it. I'ld like 17k while buc and nada have it at about 12k. Still a clean boat very nice for '91 and 402 hours.

As I look at the market I don't see a nicer boat for 17k
Looking at Fast Forward's I bet you won't find a nicer boat for 31.


Lastly I have heard boats are used on average of 40-50 hours per year. Just a measure for use.

Good Luck

Engine Co 454

As I have said in other posts, this will be my first boat purchase. I never bothered doing research on boat prices when my uncle was buying, I concentrated on the boat fit and finish. I am usually the one polishing and upkeeping the boat, that's the deal.

Making a determination on the value of this boat has been difficult. The fit and finish is great, but the published values are about 6-9 grand lower than the asking price... That is why I am questioning the BUC and NADA prices.

Shawn D

Value is one of those things that is sometimes difficult to define. If the Item is a commodity like Gasoline then value is easily identified by the volume of the moving market. Late model cars are like a commodity in that there are so many selling all the same time, it becomes easy to see what a particular model & year go for.

An Economist would define value as the price the buyer is willing to pay for and the seller is willing to accept. Hense the need for negotiation. Laws of supply and demand. While that does not help a lot, to me it basically says "what is it worth to you?' not really what the market says.

Consider some of these classic cars, A '68 426 hemi Cuda may fetch 300-400K in a particular case, Unbelievable to me that some one would pay that for an over wieght, poor handling car.

I think boats would be between late model cars and classic cars in that there really is no one set price for a Model and year. It really comes down to What you will pay based on condition and availability of similar models. While my boat in ’02 was valued at 17k the bank really had no issue with giving me the full 22 for it. As if the banks too know that these values can be all over the map.

I found 13 26' Legends out there on OSO & Boat Trader Online

BTO '93 - 25.5k - IA
BTO '95 - 29k - IL
OSO '96 - 29k - KY
BTO '96 - 29k - KY
BTO '97 - 30k - OH
BTO '98 - 27.5k - FL
BTO '99 - 35k - IL
OSO '99 - 38k - IL
BTO '01 - 40k - LA
BTO '03 - 48k - MI
BTO '04 - 86k - IL
BTO '05 - 60k - OH
BTO '06 - 70k - MI

As for the Buc and Nada Values Yep I don’t get it either. Maybe they are based on actual sale prices of which I just don’t know how to get my hands on. Meaning every boat seller pulls his pants down when it come to selling.

But looking at the current market of asking prices I would say Fast Forwards boat is right in line and maybe on the low side as the attention to details seems pretty high with the maintenance and improvements.

Any one else have thoughts on Nada and BUC?

It’s Raining here Today – RATZ . So I have to time for these huge posts -

irepo

I think Shawn D is right on. Wouldn't it be nice if BTO, and OSO had a section for comps on boats sold through their classifieds. It would give a realistic picture of what people are actually paying. I couldn't imagine real estate without them!

Engine Co 454

Shawn I do really appreciate the time you took in answering my question.

I am not out to lowball anyone, my wife and I like the boat, and would love to own it. Fast Forward loves the boat and obviously has to get what he needs out of it.

I never thought of it in terms as old cars, I sold my 69 Chevelle SS 396 last fall and miss it so. However I got it for a deal and believe I sold it for a deal. If only every car sale in life goes that way.

Powerful Addiction

One thing to keep in mind is that NADA does not take into account the value of the trailer. This plus the other additions that have been put on this boat make the asking price pretty good.

Tim

Engine Co 454

Tim, I agree it is a fair price, I also believe every price has negotiation. So I am attempting to learn about similiar boats and their values. I started this thread questioning NADA and BUC, they are where I started my research. As Shawn said, the price is primarily determined by what the buyer will pay. I have heard responses at posts here and elsewhere like too high, just right, little low. Now back to Shawn's rule one the price is primarily determined by what the buyer will pay.

I would like to thank everyone for their responses, I am currently waiting for a few calls to get financing wrapped up. Now the wife and I have to figure out Shawn's rule one.

Macklin

The general rule of thumb is....price your boat at 10% over what you really want for it. Folks always want to feel like they are getting a deal. However, my opinion is FF price is pretty much in line with what it is worth given all of his upgrades and upkeep. Maintenance is everything with water toys.

BTW, not to steal your thread, but my PQ 340 is still for sale...and the above would apply. Could be a real steal for someone. That boat was meticulously maintained by me, and she deserves to find a new home. It's currently at a dealer in NJ.

dockrocker

I've never seen a NADA value that was even close to being correct.