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Author Topic:   Is NADA a "fair" price to pay?

Pat Mac posted 11-20-2002 11:07 AM ET (US)
It looks like I may have the opportunity to basically set the selling price for a '13 I will be buying from a friend.
Of course I want a good deal and know what kind of $$ would be a steal. But at the same time I don't want this person to feel like I took advantage of the situation.
I think that if I got the boat, motor and trailer for NADA average it would be a good deal for me and not too out of wack for the seller (not top dollar but within reason).
Does this sound appropriate?
Thanks,
Pat Mac
russellbailey posted 11-20-2002 11:14 AM ET (US)
I think that BUCVALU is regarded as a more realistic estimate of selling price, and often higher than NADA for a classic whaler. But your approach is what I did.
My brother and I were given a 15' Whaler by our Dad and wanted to split it (financially) when my brother moved, to allow one of us to buy another boat. Thus, we wanted a fair market value price, not a steal and not a killing. We used BUCVALU for the boat and NADA for the motor and trailer.
We picked this route as we both felt it was a very equitable way to split the boat.
JBCornwell posted 11-20-2002 12:28 PM ET (US)
I think on recent models, NADA is a pretty good guide, but on quality boats, particularly Whalers, The depreciation/time formula fails at around 10 years.
Red sky at night. . .
JB
newt posted 11-20-2002 03:30 PM ET (US)
I agree with the above posts in that NADA undervalues older whalers. In the N.E. people ask 50-100% more.
PMUCCIOLO posted 11-20-2002 06:12 PM ET (US)
Pat Mac,
I've found engine prices to be somewhat inflated on NADA.
whalerdude posted 11-20-2002 06:15 PM ET (US)
NADA is always low on the value of Whalers as far as I am concerned.
I shop for clean Freshwater Whalers and the price in NADA always seems to be about 30% lower than what it should be. Perhaps they are figuring an average saltwater boat.
If you can buy at NADA I think that would be a great price.
kgregg posted 11-20-2002 06:21 PM ET (US)
My comments are not much different from others in this thread... NADA valued my 1991 Outrage 19, Merc 135 outboard, and 1991 Calkins trailer at about 60% of real market price (based on for sale ads here and at boat trader online site )
lhg posted 11-20-2002 06:44 PM ET (US)
NADA is for the business insiders, so that Dealers can trade you in cheap, and insurance companies can pay you off cheap. Every try to buy a good used Whaler or engine from a dealer at NADA prices?
RCS posted 11-20-2002 09:40 PM ET (US)
I have to agree with Ihg. I just paid about 40% more for a 1988 20'outrage than my insurance company wants to cover! they actually called me and said "Why do you want $13,000 in coverage when NADA says the boat motor and trailer are worth about $9000. Uhh, Because I paid $4000 to much for the boat????? I hope not. I am very glad to hear similar opinions on NADA valuations.
lhg posted 11-20-2002 10:36 PM ET (US)
RCS - Tell your agent you want an "Agreed Amount" clause on your policy, showing the $13,000. They may charge extra for it, but in the event of a loss, this gives you the right to prove your rig is worth $13,000, and collect same. They may still start bargaining with the $9000 amount, and the burden of proof will be on you, but proving it up will be a shorter process.
poker13 posted 11-22-2002 04:12 PM ET (US)
Given that NADA means NOTHING in Spanish, I would absolutely love to buy a Whaler for NADA!
lhg posted 11-22-2002 07:28 PM ET (US)
If you use NADA you CAN buy a Whaler for nothing. Use the Dealer's trick - Buy using NADA, sell using MARKET.

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Author	Topic: Is NADA a "fair" price to pay?
Pat Mac	posted 11-20-2002 11:07 AM ET (US) It looks like I may have the opportunity to basically set the selling price for a '13 I will be buying from a friend. Of course I want a good deal and know what kind of $$ would be a steal. But at the same time I don't want this person to feel like I took advantage of the situation. I think that if I got the boat, motor and trailer for NADA average it would be a good deal for me and not too out of wack for the seller (not top dollar but within reason). Does this sound appropriate? Thanks, Pat Mac
russellbailey	posted 11-20-2002 11:14 AM ET (US) I think that BUCVALU is regarded as a more realistic estimate of selling price, and often higher than NADA for a classic whaler. But your approach is what I did. My brother and I were given a 15' Whaler by our Dad and wanted to split it (financially) when my brother moved, to allow one of us to buy another boat. Thus, we wanted a fair market value price, not a steal and not a killing. We used BUCVALU for the boat and NADA for the motor and trailer. We picked this route as we both felt it was a very equitable way to split the boat.
JBCornwell	posted 11-20-2002 12:28 PM ET (US) I think on recent models, NADA is a pretty good guide, but on quality boats, particularly Whalers, The depreciation/time formula fails at around 10 years. Red sky at night. . . JB
newt	posted 11-20-2002 03:30 PM ET (US) I agree with the above posts in that NADA undervalues older whalers. In the N.E. people ask 50-100% more.
PMUCCIOLO	posted 11-20-2002 06:12 PM ET (US) Pat Mac, I've found engine prices to be somewhat inflated on NADA.
whalerdude	posted 11-20-2002 06:15 PM ET (US) NADA is always low on the value of Whalers as far as I am concerned. I shop for clean Freshwater Whalers and the price in NADA always seems to be about 30% lower than what it should be. Perhaps they are figuring an average saltwater boat. If you can buy at NADA I think that would be a great price.
kgregg	posted 11-20-2002 06:21 PM ET (US) My comments are not much different from others in this thread... NADA valued my 1991 Outrage 19, Merc 135 outboard, and 1991 Calkins trailer at about 60% of real market price (based on for sale ads here and at boat trader online site )
lhg	posted 11-20-2002 06:44 PM ET (US) NADA is for the business insiders, so that Dealers can trade you in cheap, and insurance companies can pay you off cheap. Every try to buy a good used Whaler or engine from a dealer at NADA prices?
RCS	posted 11-20-2002 09:40 PM ET (US) I have to agree with Ihg. I just paid about 40% more for a 1988 20'outrage than my insurance company wants to cover! they actually called me and said "Why do you want $13,000 in coverage when NADA says the boat motor and trailer are worth about $9000. Uhh, Because I paid $4000 to much for the boat????? I hope not. I am very glad to hear similar opinions on NADA valuations.
lhg	posted 11-20-2002 10:36 PM ET (US) RCS - Tell your agent you want an "Agreed Amount" clause on your policy, showing the $13,000. They may charge extra for it, but in the event of a loss, this gives you the right to prove your rig is worth $13,000, and collect same. They may still start bargaining with the $9000 amount, and the burden of proof will be on you, but proving it up will be a shorter process.
poker13	posted 11-22-2002 04:12 PM ET (US) Given that NADA means NOTHING in Spanish, I would absolutely love to buy a Whaler for NADA!
lhg	posted 11-22-2002 07:28 PM ET (US) If you use NADA you CAN buy a Whaler for nothing. Use the Dealer's trick - Buy using NADA, sell using MARKET.