boat values/NADA

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Eye Hunter

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Sep 27, 2011
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I am looking up values on NADA and have a question as to what is the difference between a inboard and the VDR and is there any other place to look for boat values?

Thanks
 
Eye Hunter said:
I am looking up values on NADA and have a question as to what is the difference between a inboard and the VDR and is there any other place to look for boat values?

Thanks
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Vdr means V drive Which is a inboard as for other places for boat values the nada is what all dealers use I'm not sure if Kelly blue book dose boats
 
The best way to find prices is search for like boat and see what the asking prices are... Better yet if you have access to sold prices that is better... There are some folk on CSR that have that access... I typically get a feel from asking price NADA is useless for prices...
 
Do you know this to be true? Since NADA relies on empirical sales data and boat sales have been down in recent years it doesn't seem to be a very reliable indicator. I thought others on the forum had referred to a service that the brokers use for boat valuations.

jason78 said:
I agree but if you plan on financing a boat, that is what many of the banks and Credits use for valuation whether we like it or not.
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Phlorida said:
Do you know this to be true? Since NADA relies on empirical sales data and boat sales have been down in recent years it doesn't seem to be a very reliable indicator. I thought others on the forum had referred to a service that the brokers use for boat valuations.
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Yes. I just refinanced my boat and shopped around with a handful of banks. In each case I was told the boat value was determined from NADA average retail value. This was the same case when I bought my boat (used) 2 years ago. Also the same was true when I bought my last boat, all with different banks The last bank and current bank I have worked for use NADA for boats as well. I am sure all banks do not use NADA but as I stated, it seems many do use NADA for this purpose. Probably because there is really nothing else to use.

The service you are thinking of is soldboats.com. As far as I know that service is only available to boat dealers and brokers, not banks or individuals.
 
Some banks do rely on NADA for values but it has become a little different. It is also hard to go off of what the "asking" price is as well cause what people are asking is not really what they are selling for. Every region is different but really if you find something you like or are interested in do some research on asking prices then upon a survey shoot a number to the seller. You may be very surprised what people are taking for these things just to get out from under them. Seeing a lot of people take a home equity line and pay in cash lately rather than a bank loan.
 
We just purchased our boat in May I called 2 banks BOA, Wells Fargo and our credit union BECU said they loaned 80% of the average nada price without a survey both banks required a survey all 3 were within a couple hundred dollars on the amount they would loan. If you plan on financing do it when you purchase it is hard to find a loan if the boat is paid off. We paid cash I just wanted to make sure our price was within the loan value which it was below the nada loan value. In my opinion I would caution against a home equity loan unless your secure enough to loose both your home and boat if something happened in the future like not being able to work. Some folks do use home equity loans for the 2nd home tax write off everyone has an opinion on this it needs to be what's right for you. Right now there are several boats at our marina in foreclosure 2 of them are home equity loans I spoke with one person who said he made a big mistake he can't make the boat payment and now is loosing both home and boat.
 
Oh I totally agree with you Bob. It will happen and some don't realize that in the event something does take place they think they can just dump the boat to free up some money it won't happen. I could not let myself become upside down twice in something. When my father and I started seeing people do this as a means to purchase a boat we advised some against it (even though it may cost us a sale) but they did it anyway. I just pray nothing unfortunate occurs in their finances.
 
there is quite a difference in value of nada for a inboard and the vdr is this driven by hp of the boat? i would much rather use the lower price to bargin with the purchase of the boat
 
Yes make sure you have the correct engine set up when checking NADA.
 
I just checked the NADA for my boat, and I would sell today if I could get the average retail... I think is maybe, for my boat, about 20% high. I would not use it the NADA for determining what to offer for a boat...
 
Eye Hunter said:
there is quite a difference in value of nada for a inboard and the vdr is this driven by hp of the boat? i would much rather use the lower price to bargin with the purchase of the boat
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That most likely means that they have limited sales data on one of those models. Check boattrader.com, yachtworld.com, etc. to see what other people are asking for the same or similar models. Those are obviously asking prices but I think that will give you a better feel for the market than NADA.
 
Dealers use the Nada to get a starting point then they go by hrs maintenence and the condition the Nada goes by deprication in the whole market just not in specific areas the numbers for newer boats are closer then older since banks require more for older boats and there is little the Nada can do about the actual condition of a boat I sold my 300 da in July for Nada numbers and got my new left over at 10000 under low retail so in my area its pretty close also NADA is based on salt water boats from what I have been told.The banks and the insurace companys will go by Nada also (just my 2 cents)
 
Bob & Sue said:
We just purchased our boat in May I called 2 banks BOA, Wells Fargo and our credit union BECU said they loaned 80% of the average nada price without a survey both banks required a survey all 3 were within a couple hundred dollars on the amount they would loan. If you plan on financing do it when you purchase it is hard to find a loan if the boat is paid off. We paid cash I just wanted to make sure our price was within the loan value which it was below the nada loan value. In my opinion I would caution against a home equity loan unless your secure enough to loose both your home and boat if something happened in the future like not being able to work. Some folks do use home equity loans for the 2nd home tax write off everyone has an opinion on this it needs to be what's right for you. Right now there are several boats at our marina in foreclosure 2 of them are home equity loans I spoke with one person who said he made a big mistake he can't make the boat payment and now is loosing both home and boat.
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I'm not getting the lose them both comment.
 
Woody said:
I'm not getting the lose them both comment.
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Woody, I think he is saying if you get a home equity loan to finance the boat, lose your job and cant pay for it, the bank will foreclose for the home equity money... which could force you to liquidate the house to pay them so then you could lose both the house and the boat.

No legal advice given - I am not an attorney but I did stay at a Holiday Inn Express once...
 
Steve S said:
Woody, I think he is saying if you get a home equity loan to finance the boat, lose your job and cant pay for it, the bank will foreclose for the home equity money... which could force you to liquidate the house to pay them so then you could lose both the house and the boat.

No legal advice given - I am not an attorney but I did stay at a Holiday Inn Express once...
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That's why I question what is meant because it doesn't make sense.
 
Woody said:
I'm not getting the lose them both comment.
Click to expand...

What is home equity?
Home equity is the part of your home that you actually own. You can calculate your home equity by taking your home’s value and subtracting your mortgage. If your home is valued at $200,000 and you have a $50,000 mortgage, your home equity is $150,000.
What is a home equity loan?
A home equity loan is loan that is secured by your home. If you default on a home equity loan, you could lose your home.
What is a second mortgage?
A second mortgage is another name for a home equity loan. The mortgage on your home is your first mortgage and a home equity loan is your second mortgage.
What are the advantages of a home equity loan?
The two major advantages of a home equity loan are a lower interest rate and tax savings.
The interest rate you pay on your average home equity loan is lower than the interest rate you will pay on your average credit card by 7% to 10% or more. Home equity loans also have a lower interest rate than personal loans and other types of non-secured debt.
For home equity loans, you can generally deduct the interest you pay on the first $100,000 you borrow. For purposes of home improvement or to buy another home, you can deduct even more. The interest you pay on a credit cards and personal loans is generally not tax deductible.
What are the disadvantages of a home equity loan?
Your home is on the line and if you default on payments you could lose your home. There is a cost to take out a home equity loan – you will pay money both in interest and fees when you take out a home equity loan.
 
Home equity is nOt the only loan you can deduct the interest my boat loan I can deduct the interest fed tax says if yOu have head kitchen heat and berth your boat qualifies for second home deduction this is accordIng to my tax accountant
 
Bob & Sue said:
What is home equity?
Home equity is the part of your home that you actually own. You can calculate your home equity by taking your home’s value and subtracting your mortgage. If your home is valued at $200,000 and you have a $50,000 mortgage, your home equity is $150,000.
What is a home equity loan?
A home equity loan is loan that is secured by your home. If you default on a home equity loan, you could lose your home.
What is a second mortgage?
A second mortgage is another name for a home equity loan. The mortgage on your home is your first mortgage and a home equity loan is your second mortgage.
What are the advantages of a home equity loan?
The two major advantages of a home equity loan are a lower interest rate and tax savings.
The interest rate you pay on your average home equity loan is lower than the interest rate you will pay on your average credit card by 7% to 10% or more. Home equity loans also have a lower interest rate than personal loans and other types of non-secured debt.
For home equity loans, you can generally deduct the interest you pay on the first $100,000 you borrow. For purposes of home improvement or to buy another home, you can deduct even more. The interest you pay on a credit cards and personal loans is generally not tax deductible.
What are the disadvantages of a home equity loan?
Your home is on the line and if you default on payments you could lose your home. There is a cost to take out a home equity loan – you will pay money both in interest and fees when you take out a home equity loan.
Click to expand...

Ya, I know...but what about the lose them both thing.
 
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