New purchaser - question about asking price/NADA

[TheRoBoat]

Hi

Wanted to thank the members for helping me with my previous question in my search for my first Grady.

And before I ask my next question - I preface it with - I know the bottom line on a boat's value is what someone is willing to pay for it. And I am fine paying more than "average" to get the boat I want. I just want to make sure I am in a "5K ballpark" of what would be considered a fair deal. With that -............

I am looking at a 2007 Tournament 225. Appx 300 hours - very clean looking. Options are Bimini with full enclosures, a Raymarine, ski pole - nothing too top end. Asking as 55K

From what I can tell - NADA (the high side) is about 25.5K for the hull, 12.5K for motor 2K trailer. Lets say 42K with options.

I have noticed that there are not many of late model 225s available, so getting a full picture of the marketplace is not very easy to see. And I am looking in the Northeast, from what I have read in the forums, a more expensive region.

With the lack of availability of these boats - am I correct in assuming the NADA price (given current availability) might be low, and a fair price for both parties is somewhere in the middle of the asking and the NADA?

 

[CWOT]

I had a total loss last year of one of my boats, the boat was like new, very low hours and everything was A+,
I had service records, a report from the servicing dealer confirming A+ condition and I had lots of pictures too.
the Insurance company would not payout more than NADA even though I had insured at a higher fixed value.
I would never/ever buy another boat for more than NADA especially just before winter layup.

I did buy a replacement for about 10% less than NADA, private sale, very happy with the boat.

just my 2 cents

 

[seasick]

NADA is not really that useful in determining the value of a boat. If you want to do the work, you can estimate value by looking at similar boats in all areas of the country, adjusting for local differences and current preferences ( for a while smaller hulls were commanding higher prices because of fuel costs.)
You ideally need some listings for your specific model but not necessarily same year. You can adjust for that. If you find different models listed in other areas as well as your area, you can use that data to adjust regional factors.
Yes you need to price in accessories but note that older electronics have low value, canvas is costly to replace so condition is important. Pulpits, hardtops, windlasses(that work) all add value as does radar. Although many may disagree with me here, boats listed by owner usually are priced a bit lower than those brokered. I figure that a brokered boat has an additional 10% or more added to asking price.
The trailer adds value if it is in good shape. If it is galvanised and older than that hull, use caution. Those trailers rot from the inside out and it is very difficult to tell condition.

One of the critical aspects is condition and you can't judge that easily from a listing. If you get to see a few boats of the same model and approximate vintage, you will get a feel for a well maintained or for that mater, neglected vessel. Condition will affect fair value.
Good luck

 

[TheRoBoat]

Hi

CWOT - good advice. I have priced insurance for the boat - amount they would cover is a few thousand less than asking

seasick - I have done this - not a ton of apples-to-apples - but it seems that from a year to year (same model) perspective it is in line with other asking prices. As far as different model GWs and how they price - again - seems to be fair.

I guess the follow up question is - I have done the research here about new boat MSRP/Invoice/discount pricing. Can owners comment on used boats (this boat would be purchased from a dealer) and the general sale price in relation to asking on a used boat?