What’s a boat worth?

[mikehoncho79]

Just curious as to everyone’s thoughts on  “boat values” per NADA. There is a boat for sale locally from a gentleman that has taken very good care of it. He’s asking above book value but I’m just curious as to how much value is added when you know how the boat has been treated? The boat is a 2000 model ranger 518VX, it looks like it’s maybe six months old. In the water less than 50 times, with less than 100 hours on the original 200HP optimax. Boat books for about $15,500 and he is asking 15,900 down from 17,000 originally. Just curious as to you guys opinions on bothe the boat and the price. 

[Crappiebasser]

I think it depends on your location but around here NADA has always been a little lower than actual selling prices. In the shape you described it's probably a fair deal.

 

My concern would be the Opti. They had a lot of problems with reeds breaking and air injectors back then. If they have never been swapped you would want to have it done and it's not cheap.

[mikehoncho79]

That’s what I’ve been reading on, seems some say if they’ve made it this long they are probably ok, but with having low hours that worries me about that issue. Maybe it just hasn’t popped up yet! 

[Mikeltee]

Nada doesn't mean squat. Its law of supply and demand. If your market it flooded than you are paying probably paying asking price. It's the end of the season. Considering that you should be able to easily get away with a 10% off asking price. 

 

Always get the boat checked out by a reputable mechanic to run compression tests. Have him take you for a ride and make sure EVERYTHING works. 

[Brew City Bass]

Ultimately, a boat is worth whatever someone is willing to pay for it. 

If your area is flooded with good shape bass boats, they can be worth well below nada. If there are only a few bass boats in town, the street value is naturally gonna be higher than nada. 

[slonezp]

NADA was originally a guide for banks and insurance companies and IMO should be used wisely. Their prices should get you in the ballpark. Unfortunately NADA doesn't take real world circumstances into consideration.   

[NE-KID]

I think it's based on year, model, motor, accessories and what all comes with the boat.

[DINK WHISPERER]

Whatever you're willing to pay for it. 

[Further North]

On 8/24/2018 at 8:48 PM, Crappiebasser said:

I think it depends on your location but around here NADA has always been a little lower than actual selling prices.

21 hours ago, Mikeltee said:

Nada doesn't mean squat. Its law of supply and demand. If your market it flooded than you are paying probably paying asking price. It's the end of the season.

11 hours ago, slonezp said:

NADA was originally a guide for banks and insurance companies and IMO should be used wisely. Their prices should get you in the ballpark. Unfortunately NADA doesn't take real world circumstances into consideration.

NADA is pretty close to worthless where I live, particularly on a high demand boat.  Another thing NADA is worthless for is the seasonal fluctuations in boat prices that are particularly volatile in the spring, and at the end of the season.

 

The best thing you can do is learn and understand your market, where you live, and any seasonal impact.

 

The boat version of real estate's "Location, location, location" is "Condition, Condition, condition".  I bought my boat 8 years old, but it had 3.5 hours on the motor and other than some dust related to storage, was effectively brand new.  The carpet was still sparkly and the bilge was clean enough to eat out of.  I had zero problems paying a bit above market for it.

 

21 hours ago, Mikeltee said:

Always get the boat checked out by a reputable mechanic to run compression tests. Have him take you for a ride and make sure EVERYTHING works. 

This is the best advice you'll get.  Unless you're a pro (and the fact your asking the question you asked suggests you're not), get it checked out.

 

[JLBBass]

If it has a 2000 opti on it,........pass!

[mikehoncho79]

Thanks for all the input guys! Based on the opti alone I believe I’ll pass on this one! 

[Jig Man]

Most of the Opti problems occurred within the first few hours.  If they made it past that then they did ok.  I had a 2002 225 Opti that I put over 800 trouble free hours on.  A lot of the problem was cause by not allowing the motor to warm up to 120° before taking off.

[Further North]

I know a lot of folks with Optis from that time frame that have been running them forever...

 

...but...this is a case where the low hours might have me a bit worried.  That's weird...

 

Bottom line: Get it checked out.  Base your offer on that.

 

No way I'd skip a boat in the condition you describe, with hours that low without at least taking the step of getting it checked out.  You could be looking at a heck of a nice rig there and for me, it'd be silly to pass based some bad motors eighteen years ago.  Perhaps factor in getting it updated to be proactive into any offer you might make.

[mikehoncho79]

8 hours ago, Further North said:

I know a lot of folks with Optis from that time frame that have been running them forever...

 

...but...this is a case where the low hours might have me a bit worried.  That's weird...

 

Bottom line: Get it checked out.  Base your offer on that.

 

No way I'd skip a boat in the condition you describe, with hours that low without at least taking the step of getting it checked out.  You could be looking at a heck of a nice rig there and for me, it'd be silly to pass based some bad motors eighteen years ago.  Perhaps factor in getting it updated to be proactive into any offer you might make.

The low hours is a product of a retiree buying his dream boat and then not having anyone to go with him as often as he’d like. I work with his son in law, very good people I just worry too much with the unknown. 

[TOXIC]

Here's the problem with a "well kept" older boat.  It's still an old boat.  Time of year, location, maintenance, etc., all are considerations.  Most who have spotless older boats put too much value in them.  IF you like the boat and feel it is a fair price then buy it.  I wouldn't be concerned about the motor other than to have it compression checked and a leakdown test performed.  You are going to have the same concerns on any used boat, well kept or not.  Cosmetic things can be fixed easy enough, graphs. TM and any additional add-ons will more than likely need to be updated anyway.  Good luck.  

[Troy85]

Check the fuel.  I bought a 2009 boat about a year and a half ago.  Engine had 33 hours on it, the guy owned multiple boats and just never used this one.  The result, was the fuel had begun to varnish.  I ended up having to pull the tank, clean it.  I replaced all the hoses and fuel water separator.  Then I had to have a mechanic clean and remove all the varnish from inside the engine.  Cost about $400.  I had them reduce the price to compensate.  Just something to look for before making an offer.

[Further North]

9 hours ago, mikehoncho79 said:

The low hours is a product of a retiree buying his dream boat and then not having anyone to go with him as often as he’d like. I work with his son in law, very good people I just worry too much with the unknown. 

Even more reason to get it checked out, IMO.

 

You have a connection here, so can have a reasonable discussion about things going into the opportunity.

 

I'd take a better look at everything, that's a heck of a rig.

7 hours ago, TOXIC said:

Here's the problem with a "well kept" older boat.  It's still an old boat.

I agree, to a point.

 

A well maintained, properly stored boat can be virtually "New Old Stock" like mine was.  Sounds like this one might be close.

 

As long as a buyer doesn't find it important to have all "the latest stuff", they can be a great fit, as long as confidence in the equipment is high, and it meets the buyer's needs...som attention needs to paid to that last bit, because any of us, faced with what looks like a great opportunity, can let a great deal blind us to what we're really looking for.

5 hours ago, Troy1985s said:

Check the fuel.  I bought a 2009 boat about a year and a half ago.  Engine had 33 hours on it, the guy owned multiple boats and just never used this one.  The result, was the fuel had begun to varnish.  I ended up having to pull the tank, clean it.  I replaced all the hoses and fuel water separator.  Then I had to have a mechanic clean and remove all the varnish from inside the engine.  Cost about $400.  I had them reduce the price to compensate.  Just something to look for before making an offer.

Also great advice.  I had all of those things dealt with before I took delivery of my boat.

[mikehoncho79]

I’ve definitely got the fever! That’s why I’ve kinda slowed myself down here, asked some questions of you guys, and I’m gonna take some time to think on it all a little bit. There is so much more to boat ownership than one realizes sometimes. Thank you all for your valuable input, I truly do appreciate it!