Compare Between A Used Boat And A New Boat
Before going out to purchase a boat, make it clear that whether you want a new one or a used one. The value of the boat starts depreciating as soon as you take the boat out from the dealers shop. You can purchase a new boat within the same budget depending on availability. It will cost you slightly more but purchasing anew boat has its own benefits. Purchasing a boat involves major economic commitments. There is no better method to get an insight into purchasing the best suitable boat for your usage.
Kelly Blue Book Boats Tips
You need to be sure about the genuine value of the boat before making a purchase. You should be well prepared, or you will get scammed while purchasing a boat. A good understanding of the value of a boat can help you arrive at a good final price.
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Following are some tips that you need to keep in mind:
i. No one can compel you to purchase an over expensive boat if you have set your mind and budget on a particular type of boat.ii. The dealer might try to turn your mind towards expensive boats to make a good profit.iii. Referring to Kelly Blue Book Boat will help you in saving a lot of money if you already have made your mind on what kind of boat you want to purchase.iv. Do not get trapped into purchasing an expensive boat that is out of your budget.
What Are The Benefits Of Buying A Used Boat
You want to have a blast on the water. Having worked hard for your money and don’t want to waste it, make a mistake, or be taken advantage of. Used boats are a great way to start your boat ownership experience. Here are a few advantages of used over new boats.
- The first year’s depreciation is paid by someone else. Any piece of used equipment is worth less the day after it was purchased, buying used allows someone else to pay that.
- If in good condition, the cost of ownership can be lower over the lifetime of owning the boat. Because of the lower purchase price and how well they hold their value, owning a 5 year old boat, for 3 years can cost you less than owning the same new boat for the same amount of time.
- The wait time to getting on the water can be lower. If the season has started, and the used boat is ready to go, there is no reason you can’t be boating in it right away. No need to wait for rigging, or ordering, etc. like sometimes happens on new boats.
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How To Use The Nada Guide To Determine A Boats Value
The memories you have created on your boat make it very precious and placing a monetary value to it may become a bit of a challenge when you want to sell it. Or you just may not have the knowledge needed to value it. And the same is true on the buying side – you want to make sure when buying boats, that you are not overpaying. Well that is why the NADA Guide is one of the best places to go when you want to determine the value of your boat.
One of the most common questions we receive at Nada Book Info is, “How do I find my boat’s value?”
It may seem simple for many of you on how to value your boat, but it is understandable that many people may not know how to use the NADA Guide website to determine the value of the boat. There are a lot of different options to choose. But don’t worry, below we will walk you step by step, and by the end of the article you will be sailing right through!
Is There A Kelley Blue Book For Boats
Pricing a boat can be a nebulous equation that takes into account science, art, and of course personal taste. The final price generally depends heavily on how much the buyer likes the boat versus how savvy the dealer is at forging a deal. It’d be great to have a starting point. So is there a Kelley Blue Book for boats? As a matter of fact, there is. Multiple options are available and while they vary a bit in price, they should at least give you a decent starting point.
If you want to get the best price possible, your boat will need to look its best. The Better Boat is here to help with that! Whether that’s keeping your deck looking amazing with , shining the hull with boat marine polish, or keeping your chrome and metal gleaming with a quality marine metal polish. Maintenance is extremely important when it comes to the possibility of reselling. You can’t undo decades of wear and tear overnight, so keep your boat looking great at all times.
No matter how great your boat is looking, there will be a bit of discrepancy in the price which is up to you and the buyer or seller to decipher. We will go over all of these options that you can use as a Kelley Blue Book for boats. There are some significant pros and cons, so we’ll assist you in finding the pricing method that is the right one for you. Buying or selling/pricing a boat doesn’t need to be difficult, and we will make it as easy as possible for you. So let’s get started!
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How To Buy A Used Boat
Whether youre eyeing an old, beaten-up fiberglass skiff for crabbing, a gleaming fishing boat, or youre dreaming about a rugged trawler that will help satisfy your dreams of cruising to the islands every winter, buying a used boat is an excellent way to stretch your boating dollars. By purchasing a previously owned vessel, you can often get a much nicer, better outfitted vessel than youd be able to afford compared to buying new. There are a number of advantages for buying a used boat, to boot.
Still, used-boat buying is not without its pitfalls. In many cases you wont have a new-boat warranty to back you up if something goes wrong, and used boats are, well, used. Much like a home, they can have all sorts of hidden deferred maintenance issues that can make your ownership experience less than pleasant, especially if youre not particularly handy. Arm yourself with the following bits of knowledge ahead of time, however, and buying a used boat can be a fun and affordable way to get out on the water.
Before going any further, take our quizzes, Used Boat Buying: Are You Ready For This and Used Boat-Buying Quiz, Part 2: Still Ready? to see if youre cut out to be a used-boat buyer. If youre not no worries! Just make friends with someone whos already gone down that path, and all youll need to bring is your cooler and your fishing rod.
Another good resource to peruse before getting started is our Five Boat Shopping Mistakes to Avoid feature.
Step : Evaluate The List Price
We always take the listed price with a few grains of salt. From talking to yacht broker friends and from our own experiences, boats almost never sell for the list price. In fact, its just a starting point for negotiations. It is usually set high because the culture in sailing is to offer 70-80% of the list price.
Craigslist is especially useful for finding cheap boats, we share the secrets for searching out great deals on Craigslist.
If we are interested in a boat we usually ask for a copy of the most recent yacht survey. The survey will tell you a bit about the boats history and what the boat was worth at the time of the survey. Beware of sellers who use 10-20 year old survey reports to justify their current asking price.
Example:
I go on Craigslist and find a Dufour 35 sailboat from 1979, listed at $20,000. I contact the seller and ask for the most recent survey. They send me a 15-year old survey that lists the boats value at the as $45,000.
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What Do I Do With The Numbers Found On Nada For My Boat
With the blue book value, you are now able to state your average asking price which can either be below or above the range and when you indicate this price, be sure to state the specs that justify the pricing as many potential buyers will go through this same process and may wonder why you have chosen a particular price which is not exactly what their calculations show.
Now this calculation is not enough to determine the value of your boat. It’s a great starting point, but you will want to find out the price range of similar boats. You could have a rare boat or one that is in demand, which means you can charge more. To find this, you can still do this on NADA by checking the pricing for other boats of similar models with similar specs as yours. There are also websites we recommend to look for boats, such as boats.com which has a list of different boats for sale.
How Can You Get An Accurate Boat Value
While online sources can give you a general estimate, boat values vary widely because of differences in care, climate and condition. Has the boat been in storage or dry dock in the winter or was it used year-round? Has the boat seen most of its miles in saltwater or freshwater? Plus, equipment and customization can vary a lot from one boat to another. Advanced electronics & navigation, as well as the choice of materials, will affect the price or value.
So what should you do? Many people pay the professionals and hire a boat surveyor to appraise it in person. A boat surveyor will consider your boats unique construction, condition & equipment, then inspect your boat stem to stern. To come up with a value, a professional surveyor will analyze the hull and either the rig or the engine .Two great places to find a surveyor are the Society of Accredited Marine Surveyors and National Association of Marine Surveyors . They maintain lists of boat surveyors in your area.
One more thing to consider: If you do stick with online sources, their boat values are usually based only on brokers or boat dealers. These sources dont take into account the significant number of boat sales between private parties. This isnt surprising, since data is hard to come by, hard to verify and hard to normalize.
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Final Thoughts On Boat Pricing
After checking with guides, speaking with brokers, comparing online resources and histories and paying for a C& V survey, the bottom line on boat pricing is how much is the boat worth to you? That may move the price up or down. If youre the seller in need of fast cash, youll take less. If youre an emotional buyer with the dream of a wet summer, youll pay more.
Frequently Asked Questions
Make Comparison Between Used And New Boats
First make up your mind on whether you are going for new or used boat. Once you drive the boat out of the dealers shop, it starts depreciating in value. This means the initial investment on the boat is depreciated already. You can get an almost-new boat if you look rather for a slightly used boat to buy and such boat can be purchased at just a fraction of the cost for new.
You need to plan carefully before you buy a boat considering the fact that it involves major financial commitment. There is no better way to get helpful hint on how to buy the best boat for your use.
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Step : Putting It All Together
When you combine the list price and the cost of repairs youll be left with the true price of the boat. Compare this to the comparable estimated price and youll have a sense of whether boat is priced too high, too low, or just right!
This is also a good time to think about transportation costs. You can often score a great deal if you search farther afield but you have to factor in any moving costs and taxes.
Will you have to ship the boat?
Does the price include a boat trailer?
Will you pay import duties?
If youre thinking of buying abroad, you might want to learn about sailboat arbitrage the art of buying and selling boats in the right markets. Some people have even managed to sail around the world for free by buying and selling their boat in the right geographies.
Example:
When I take the list price and add the repair costs I realize the boat will cost me $27,500 in total. When I compare that to my comparable estimated price of $29,000, I can see that this boat is in the right ballpark and probably fairly priced.
Vintage Boat Pricing Guides
The Hagerty Guide can also help with actual sample pricing. In this guide, evaluation of condition will range from Fair to Bristol for each model and year, with three levels in between. A Bristol version can go in excess of five times as much as a Fair example of the same boat.
As with other collectibles, a classic boat can be an investment or a money pit. Its not uncommon for a restoration to cost four times what the boat will end up selling for even if properly and beautifully restored. The key is to not fall in love, especially if it is with a project.
Boat valuation isnt just for the purposes of selling or buying a vesselAlthough boat valuation is generally done when a boat will be bought or sold, insurance is another reason to determine what a vessel is worth. To properly insure an asset you must value it for market and replacement value although the latter will not be what an insurance claim will pay out in case of loss.
A survey may also be needed to secure financing so a lender knows how large a loan and how much down payment are needed.
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How Much Should The Listing Price Guide My Offer
Listing prices for boats, cars or homes are just an initial request. Savvy sellers/brokers may have priced a boat accurately and the sale may be quick and the amount will be close to the initial request. However, poorly researched and unrealistic listing prices can be thousands of dollars off the mark. Do your research first, consider the condition and outfitting of the boat and then make a reasonable offer. Dont be swayed by the listing. If the seller makes only a small concession in a counteroffer, walk away. Its not unusual for initial offers to be 20% lower than the asking price.
Editors Note: This article originally appeared in September 2019, and was updated in April 2020 and March 2021.
Used Boat Prices Well Above Nada Price Range
View Full ProfileView Full ProfileView Full ProfileView Full ProfileChrisW21NADA for boats is horribly inaccurate. You really need to do some research and find comparable boats on boats.com, boattrader.com, and other used boat sites. A well cared for hull will hold much of its value. You need to look at things like engine hours, has it been repowered, have electronics been updated, fuel system upgrades to make it ethanol friendly, etc. A solid 15 yr old hull with a repower and recently updated electronics will pull quite a premium over NADA book value.View Full ProfileView Full ProfileCan anyone else weigh in here?DreamWeaver21NADA undervalues boats and motors and overvalues options. It is just not a reliable enough guide to base a purchase decision.View Full ProfileFischerI would think most sellers have done their homework in the market too and have established a comparable range, making adjustments for their particular boat. Then probably list their boat near the top of that range and negotiate down to what their drop dead number is. I’m going to know what my boat is really selling for before listing.If I’m selling and you start quoting NADA, I’m not going to take you seriously. Show me some comparables and I’ll know you’re a savvy buyer.
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S To Find Nada Boats Value:
A few bits and pieces regarding price evaluation: for used boats, itll include a suggested price, and depending on the kind of boat, there may be some evaluations that will include a low or/and an average retail price. The manufacturer will give you a retail price if the boat is a new one. Its best that you review every bit of the information carefully so you can pick the best out.
Factors To Consider While Evaluating Boat Values
There are a variety of aspects that determine the value of a used boat. One of the most evident ones consist of size of the boat, how old is the boat and model of the boat. Afterwards, there are more refined aspects like condition of the boat, location as well as other devices.
An additional factor to recognize the boat worth is for insurance policy objectives are you obtaining sufficient insurance coverage to permit you to change your watercraft? The great information is that no matter of the factor why, there are whole lots of sources )that could aid you figure out the worth of an used boat.
This Kbb.com website might be handy in your uest for a precise value on a boat. Some websites make use of a straight-line depreciation technique which could result in a worth that is not precise for the present market.
our ll mrn dealership or watercraft club might currently have a registration and could be eager to access the website for you. Nevertheless be certain the terms of the customer agreement/subscription permit them to supply you with this info.
If you are valuing your boat to sell it, there is another essential point to bear in mind: the neatness. While this does not truly influence the worth, it does have a significant influence on the total discussion. A tidy boat will certainly offer a great deal faster compared to a filthy one.
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