NADA vs Market Value

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quote:
Originally posted by VTBoater

Hey guys, my head is still spinning from selling the Silverton last night and how little it was worth. I never checked the NADA value thinking it would not reflect everything I did to it. Checked the selling prices of similar boats only. I started the selling season out in the upper 30's, and when I dropped to the mid 30's I finally got some interest. Lost out on a couple sales for various reasons. The current buyers had offered full price of 29500 pending survey. The survey went very poorly. The side decks showed signs of moisture. My hardtop had soft spots. It rained like crazy the night before and water leaks were found in several spots. So the surveyor considered it in only fair condition and valued it at 22000...
So I decided to stop the bleeding and just let it go for 22500. I was shocked at how none of the work I did added any value at all. Just last season I spent over 7 grand on all new exhaust, custom boarding stairs, all new motor mounts, ect… It seems the value would have been exactly the same with rusty looking old exhaust. I got hurt very badly overall, all the thousands of dollars and hundreds of hours of work meant nothing.

So my advice to you John would be to get your own survey done now. It will tell you if you have any issues you dont know about, and give you a current market value that is real and not based on wishfull thinking.

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It really $ucks that you dropped 7k just last year and didn’t realize any increased value for it when selling.
Unfortunately, things like a working exhaust and properly functioning motor mounts are expected by buyers of running vessels. On the other hand, a bad exhaust or broken motor mounts would probably subtract a significant amount from a boat’s value.
Custom items like the ladder you installed most often provide the greatest benefit to the person that installed them, but don’t always represent an added value to a buyer.
Occasionally, they can even make a boat less desirable.
The good news is that you were able “cut your losses” to sell a boat you were looking to get out of. Lots of people aren’t as lucky.
 
James/VTBoater,
Thanks for the advice. I feel for you man! I have witnessed first hand your commitment to that vessel. I admired your courage in tackling those projects. The finances suck and that's not your fault, you should be proud.
Who did the survey on your Silverton for the buyer? I may consider having one. If you get lonely you can always come and work on my boat:)
 
It was Captain Stan Walker out of Duxbury. I think his prices are less than the guy out of NH that the marina people usually recommend.

He places an exact current value on the boat for insurance purposes.
 
Is there no place online to see 'solds' for comps such most items on Ebay? There are so many variables with boats for condition. I still say, to the contradiction of many in BE, that if I were buying or selling, I'd survey my boat so it's current and you have an objective opinion on 'fine' condition or issues. I'd be prone to view a boat with a current survey before an owner described condition. And guys, this is NOT to substitute a buyer's survey when he's ready-it's to compliment it.
 
quote:
Originally posted by JeffN

Is there no place online to see 'solds' for comps such most items on Ebay? There are so many variables with boats for condition. I still say, to the contradiction of many in BE, that if I were buying or selling, I'd survey my boat so it's current and you have an objective opinion on 'fine' condition or issues. I'd be prone to view a boat with a current survey before an owner described condition. And guys, this is NOT to substitute a buyer's survey when he's ready-it's to compliment it.

Click to expand...


In my experience the owners surveys completed on behalf of a potential buyer had little or no value - maybe negative value.
When I reviewed some sold boats data on Yachtworld the condition and pictures did not represent the boats that I had physically viewed myself so it was somewhat misleading.
 
quote:
Originally posted by JeffN

Is there no place online to see 'solds' for comps such most items on Ebay? There are so many variables with boats for condition. I still say, to the contradiction of many in BE, that if I were buying or selling, I'd survey my boat so it's current and you have an objective opinion on 'fine' condition or issues. I'd be prone to view a boat with a current survey before an owner described condition. And guys, this is NOT to substitute a buyer's survey when he's ready-it's to compliment it.

Click to expand...


In my experience the owners surveys completed on behalf of a potential buyer had little or no value - maybe negative value.
When I reviewed some sold boats data on Yachtworld the condition and pictures did not represent the boats that I had physically viewed myself so it was somewhat misleading.
 
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