Posts: 742
Location: Grand Rapids MN | You have to pay some attention to NADA just because that's what banks use when reviewing loans. So if the boat you are looking at is selling over that book value then you'll need the extra cash to put down on it. The book may not be a 'true' representation but its what drives the cash flow for most of us and getting approved. Boats seem to hold their value longer than what we are used to when compared to our other depreciating investments like trucks, cars, etc. 2 years ago I bought my first boat for under book value and I still get amazed when I look up value versus what I owe on it... I can actually pay it down faster than it depreciates!
Good luck shopping and hold out for the one.... I looked for over a year and withing 2 days found and bought my boat. You'll know it when you see it. |
