Boat value?

Question

I am trying to sell my 2005 Searay 200 Sport. It has less then 30 hours on it and was professionally maintained. We paid $29K for it and it has several upgrades. We got an offer for $18K and it just seems really low to me. The guy that made the offer said the the "blue book" value on it is $16-$18K. I was wondering if this value is based on "average usage" for an almost 3 year old boat.

As stated..we used the boat a hand full of times and then moved too far from the water to even use it. I listed the boat in the classifieds for $21,500 which I thought was fair.

Any insight would be great!

Answer 1

used boats and new boat sales are at an alltime low. check nada prices. they are a guide to market. i have a 2001 searay sundancer  with a book of $ 68,000. and cant find a buyer at 54,000. take the offer and live with it.

Answer 2

Everybody seems to want to say look at "the book".  While that can be A guide, it isn't necessarily aligned with actual sold values.  NADA is often misused or used in an incomplete manner.  When banks use it for loan value they take the wholesale "hull value" (the hull minus any machinery or extras) and then only loan 80% of that.  They do not include any extras; ie. wakeboard tower, AM/FM/CD, battery charger, none of the items that get added to the boat after the hull is laid.  Some banks don't even count the value of the motor or trailer in their value calculations.  It is normally 5-10% low because no one ever includes these extras on the boat.  NADA doesn't take into account well kept or low use boats either.  I did a quick search on soldboats.com (a broker website that tracks ACTUAL sold boat prices and 18 is 3,000 less that the lowest sold boat in the last 12 months.   In that period of time 12 2005 Sea Ray 200s have sold.  The low was 21,000 and it had 149 hours.   The high was 28,700 in August of 2007.  That boat was in Michigan.  The majority of them sold in the 23-25 thousand dollar range.  You have the boat priced extremely aggressively.  There is only one on the brokerage market in AL and it is priced at 26,500 which considering where the boats have sold at is a very reasonable asking price.  A 10% off offer is normal for an average priced boat.  At what you have your boat priced at you should be negotiating in hundreds not thousands.  I am basing my advice on the fact that you probably have a trailer, the boat is in good condition (clean, waxed, and essentially turn-key).  I know this answers your questions by providing you with the real selling prices of these boats.   If you wish I could e-mail you the entire list of sold Sea Ray 200s for the past 12 months and you could use that to determine what a "fair" price for your boat is.   I know this answers your question.

Answer 3

Boats, just like an automobile, depreciate instantly once purchased.  I recently attended the Atlanta Boat Show and all makes, sizes, etc., were drastically reduced from last year for same.  Year is important when financing but the "big" number is "hours".  The average hours during boat season in America is 50.  Extremely Important, have the boat detailed, looking new, no mildew, nice clean cover, trailer cleaned, etc., this will sell a boat quickly.  

In America we are "holding on" to our money.  Luxury items, such as boats, once thought to be a nice weekend activity is no longer important.  Gas prices alone have changed the minds of many.  In Atlanta our lakes due to drought and too many homes were extremely low with levels currently improving.  This housing market effects the way we purchase as well, "weighing" our responsibilities and maintaining our homes.  

When I sold boats we used NADA for pricing on used.  NADA is used by banks in the Atlanta area as well.  Insure the publication you use is current.  I believe most are monthly updates.  Check with a local bank as well and ask for their input on pricing.  At the bank you want to know what they value your boat at, not the maximum amount of a loan, these are different.

Another way to market your boat is through a "boat dealer".  We did this and sold many and is on a "consignment" contract between you and dealer.  You agree to a minimum price, but can be sold for more of course, you will accept and the dealer with "potential traffic" can offer.  The dealer handles sell and financing as well.  Best to use a "SeaRay" dealer because this is a name people know and come to a "SeaRay" dealer for name brand.

The low hours your boat has is a "deal" , and many are looking for a "deal".  Practically new $21,500 should be a good pricing point with trailer.  Again, check NADA as well.  When a potential buyer comes to look have someone with you due to many "crooks".  Also have "title" accessible to show you are the owner and can sign over, very important.  Provide where you have serviced and show, in neat order, service done.

Once a purchaser is ready DO NOT accept personal checks and/or any check from a bank unless the exchange is at their or your bank to insure checks are GOOD.  If this is not OK with them, "CROOKS".  Boat theft is very common.  If they want to go to the water first, you tow and stay with them.

Good luck, go to "marina's" and network.  Use "Boat Trader" magazine as well.  The internet may work but do not expect much in an acceptable offer.  Talk to freinds, family, co-workers, etc.  Someone always knows those looking for  boats and your boat is great for first timers.  Question always asked, why is this boat being sold with little useage?

Answer 4

part of the reason you got the low offer was your asking price,i sold mine and it was 20 years old,and got 15 k out of it,but the condition was perfect,raise your asking price,if you want to get the value of it ask more for it,boats right now aren't selling really good because of the price of gas,when it drops they will sell good again,but don't price it so low that someone thinks something is wrong with it,if they think your desperate to sell it they will offer much less,good luck with it.

Answer 5

Sounds like a fair offer to me.

Confirm the value in the blue book, and consider yourself lucky you are getting an offer at the top of that range.