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Muskie Fishing -> Muskie Boats and Motors -> Help purchasing a new boat
 
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Message Subject: Help purchasing a new boat
dae06
Posted 10/21/2014 12:43 PM (#735947)
Subject: Help purchasing a new boat




Are most boats for sale way over book price or is it just me? I was looking at a boat and went to my bank and the owner was asking over NADA Blue Book value, but so are most sellers on this site and Craigslist etc. I assume this is normal and that the NADA guide is not on track with the going rates. The problem is that the bank loans are based on the NADA guide, thus money out of pocket would be needed to buy a boat. Why is this? If I'm wrong let me know, but NADA seems low or everyone else is high.

Thanks
TonyT65
Posted 10/21/2014 3:37 PM (#735970 - in reply to #735947)
Subject: RE: Help purchasing a new boat




Posts: 52


All depends on what is coming with the boat electronics , trolling motor , kicker any other extras included might inflate the price ...
Trophyseeker50
Posted 10/21/2014 6:49 PM (#735996 - in reply to #735947)
Subject: Re: Help purchasing a new boat





Posts: 791


Location: WI
Also some brands and styles hold better than others. When u go to the bank they will really only use the year as a gauge for how long of a loan you have. My last two boats they would give me what ever I wanted.
cave run legend
Posted 10/21/2014 7:05 PM (#736002 - in reply to #735996)
Subject: Re: Help purchasing a new boat





Posts: 2097


Banks want the least amount of risk.
Jerry Newman
Posted 10/21/2014 7:13 PM (#736008 - in reply to #736002)
Subject: Re: Help purchasing a new boat




Location: 31
That's a good point on the electronics, etc. because that can certainly add hidden value with boats, with automobiles it is a little more straightforward. However, what you're typically looking at in listings is the asking price, and the NADA is the average selling price.

My advice is to familiarize yourself with the realistic target price by watching the various listings, don't be afraid to make a few calls to get a good idea of what that particular model is fetching, a great deal doesn't last long, so if you have done your research already, you'll be ready to act.

I'd recommend staying away from guide and tournament angler rigs, especially tournament anglers who are particularly hard on their rigsā€¦ the hours on the motor will provide a good indication of how much the boat was used. One owner rigs are worth more than multi-owner, always make the sale conditional to a mechanics inspection.
Zib
Posted 10/21/2014 10:12 PM (#736042 - in reply to #735947)
Subject: RE: Help purchasing a new boat





Posts: 1405


Location: Detroit River
Besides electronics & other accessories adding to the cost, people selling a newer used boat may owe more than the boat is worth due to taking out those long term loans.
cave run legend
Posted 10/21/2014 10:30 PM (#736049 - in reply to #736042)
Subject: Re: Help purchasing a new boat





Posts: 2097


You can get boat loans the same lenghts of some mortgages.
dae06
Posted 10/22/2014 5:58 AM (#736059 - in reply to #736049)
Subject: Re: Help purchasing a new boat




cave run legend - 10/21/2014 10:30 PM

You can get boat loans the same lenghts of some mortgages.


Unfortunatly, my Credit Union will only go up to 5 years on a boat 2007 and up and 4 years if 2006 and older. Maybe thats a good thing?.?.?.
Captain
Posted 10/22/2014 10:40 AM (#736108 - in reply to #736059)
Subject: Re: Help purchasing a new boat




Posts: 437


dae06 - 10/22/2014 5:58 AM

cave run legend - 10/21/2014 10:30 PM

You can get boat loans the same lenghts of some mortgages.


Unfortunatly, my Credit Union will only go up to 5 years on a boat 2007 and up and 4 years if 2006 and older. Maybe thats a good thing?.?.?.
It definitely is a good thing provided you can swing the payment. On new boats its not unheard of to have 15 years or more for terms. Granted many people keep their boat a long time, but that is an eternity to be paying for something that depreciates vs some that appreciates like your house. Well, not 2008 to current Mortgage market withstanding.
mnmusky
Posted 10/22/2014 10:56 AM (#736112 - in reply to #735947)
Subject: Re: Help purchasing a new boat




"Gotta pay to play" . No getting around that unfortunately.
Jerry Newman
Posted 10/22/2014 11:53 AM (#736122 - in reply to #736108)
Subject: Re: Help purchasing a new boat




Location: 31
Yikes -15 years! The average length for most marriages is only 8 years, looks like some of us change wives more frequently than boats?

It took me six months to find a nice used boat a few years ago (it definitely took some time to get over sticker shock). Kind of interesting; I found mine listed in the spring with everything I was looking for, but it was priced high.

Then I noticed the seller re-listed it with a reduced price late summer on walleye central, and when I called him, I could tell he was finally really ready to sell, and was able to negotiate the price down even more than I was willing to spend.

Knowledge and patience is the key to any good deal.
cave run legend
Posted 10/22/2014 12:02 PM (#736126 - in reply to #736122)
Subject: Re: Help purchasing a new boat





Posts: 2097


I would think the late fall winter would be the best time to buy used. The seller probably won't be using it and would rather have cash in pocket than a boat in the garage.
dae06
Posted 10/22/2014 4:02 PM (#736167 - in reply to #736126)
Subject: Re: Help purchasing a new boat




Ok, tell me what you think of this deal. The dealer will not drop anymore.

2007 Ranger 1860 Angler:

1. 2007 Evinrude E-Tec 150 HP motor (2-Stroke, 215 hours)
2. 2008 Yamaha T8 4 stroke kicker
3. Terrova with iPilot (new style remote)
4. 3- Lowrance 520 sonar/GPS units (not too excited about these)
5. Ranger Boat Cover
6. Swing trailer

$26,000

Very clean!!

They will give me $9,000 for my Lowe fs165 trade-in (I'm happy with this) and let me keep my Humminbird 798 Side/Down imaging GPS/sonar.

What's your thoughts? I'd love to hear what everyone thinks.

Thanks

Edited by dae06 10/22/2014 4:04 PM
Jerry Newman
Posted 10/22/2014 8:31 PM (#736218 - in reply to #736167)
Subject: Re: Help purchasing a new boat




Location: 31
I have no idea on price/value for that model Ranger, I assume you've done some research so if you're happy with the trade-in allowance, that sure makes it more convenient.

It's simple to switch out the electronics, and Rangers certainly hold their value. If you decide to buy, good luck!

http://boats.smartcarguide.com/ranger-1860-angler

BBT
Posted 10/28/2014 9:45 AM (#737307 - in reply to #735947)
Subject: Re: Help purchasing a new boat




Posts: 134


Do you research, find a great deal and jump, it won't last long. I live in Iowa have gone to Ohio to buy a truck (drove it 3 years and 55,000 miles later, sold it for a profit) Went to North Carolina to buy my previous boat (kept 4 years slight profit, more of a wash if you figure interest, still pretty good for 4 years) Current boat went to Georgia to buy. Long and the short don't be afraid to drive a distance.
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