Boat Depreciation

[Migrator Man]

I thought a new boat would be nice to have then I calculated how much I would pay towards principle in 5 years and then see how much 5 year old boats depreciate. Man buying a new boat is a losing proposition. Even buying a 5 year old boat can be risky depending what you pay.

 

[FishinRN]

As ridiculous as the price of used is, nowhere near absurd as the prices of new rigs. My observation is certainly well cared for higher end model boats even up to 20 years old sell for much more than one would think. When comparing used $20,000 range boats to new or next to new $50,000 ballpark does show some real value with a few I could live with its or minor repair/upgrades. The true value seems to be what someone is willing to pay within a rational driving distance from it.

 

[hoytslayer]

buy what makes you happy. whether its a $2000 30 year old bathtub or a new $90k ranger. whatever makes you happiest man.

 

[fj40]

i may be wrong, as is often the case, but sometimes I feel that new boats equate to a dick measuring contest. If it floats, reasonably dry, and will get you there and back, it's good. Caught a lot of fish in less than desirable boats. Every payment I miss on a new boat puts lots of gas in my pickup and boat allowing me to go more often. Unless of course, you are very wealthy. I am not.

 

[CatDaddy]

Are you moving to the middle of the Sahara? Take it with you!!

 

[Skeeter]

You buy whatever blows your hair back, as long as it's a tiller. Tiller fisherman are much cooler and smarter. When you unload at the dock the fish are just waiting to jump in and the the double breasted, red headed mattress thrashers are pulling coolers packed with sammichs and PBR. A tiller is a must.

 

[LBrandt]

^^^^^^Dream on^^^^^^

 

[eyexer]

True. But a lot of the prices I see people selling their used boats on Bisman for are off the charts rediculous.

absolutely they are. here is a great example. In 2006 my dad bought a lightly used Crestliner Sportfish 1850 with a 115 yamaha four stroke. It was a 2004 model so only two years old at the time. He got a great deal on it at $14,600. He could sell that boat today for that much or upwards of 16K.

 

[zoops]

As the guys on pawn stars always say, "just because you see people asking for that price on the internet doesn't mean people are actually paying that."

 

[Allen]

absolutely they are. here is a great example. In 2006 my dad bought a lightly used Crestliner Sportfish 1850 with a 115 yamaha four stroke. It was a 2004 model so only two years old at the time. He got a great deal on it at $14,600. He could sell that boat today for that much or upwards of 16K.

Not to me he wouldn't. That's about an $8-10k boat.

Sheesh, one would think you are talking about a Lund. #$%^&>

 

[SDMF]

absolutely they are. here is a great example. In 2006 my dad bought a lightly used Crestliner Sportfish 1850 with a 115 yamaha four stroke. It was a 2004 model so only two years old at the time. He got a great deal on it at $14,600. He could sell that boat today for that much or upwards of 16K.

My '06 1-owner 1850 FishHawk w/full-windshield and 150 Suzuki 4-stroke sold for 16,500 3yrs ago. Someone would have to want your Pa-Pa's boat pretty doggone bad to pay $16k for it.

 

[shorthairsrus]

I found a deal on a 1860 angler when i was boat shopping - brand new 150 on the back $29,900 in MO. at that time they were 37 something at Rays. The one in MO was old inventory but new. The economy was just starting to stir back then ---- I bought my boat at cabelas - they had not sold a boat for two months.

My 2 cents -- wait until the economy tanks - then buy.

Bring up zillow on your home right now -- look at the section of up or down in value. If you see what most of ND is doing now -- the same thing happens with boats --- you need to wait for your "SET". Pray for another increase in intererst rates too. that helps slow down the sales.

Dont buy a boat in Bismarck --- for that matter a home or anything else --- something is in the water in Bis -- everybody thinks der junk is worth a fortune.

- - - Updated - - -

ps that 1860 --- sold before i had made the call -- the guy said they sold it for less and couldnt get rid of it -- he had to make room for bass boats.

 

[8andcounting]

I have never owned a boat before, but am thinking about trying to find a decent used one this "spring". Only caveat is we might be moving 2 years from now.

A lot of factors play in, but in general, could I expect to get most of my money back if I had to sell a boat 2 years after buying it?

Yes. Easy

 

[eyexer]

My '06 1-owner 1850 FishHawk w/full-windshield and 150 Suzuki 4-stroke sold for 16,500 3yrs ago. Someone would have to want your Pa-Pa's boat pretty doggone bad to pay $16k for it.

That's what people are asking for them. But nobody will pay that I'm sure.

 

[Ristorapper]

To be fair book value isn't exactly accurate on boats like it is for vehicles. Boats are more of a "what the market will bear" value.

NADA book value is a fair place to 'start'. In ND pad that price with about $2-4 K more and your in the ballpark...

I booked my '97 out for about $6300 and sold it for $8500 several years ago.

 

[eyexer]

NADA book value is a fair place to 'start'. In ND pad that price with about $2-4 K more and your in the ballpark...

I booked my '97 out for about $6300 and sold it for $8500 several years ago.

what's crazy is many boats they will be asking $8500 and it books for $6300. NADA is reliant on many inputs to make a good solid number. There aren't enough boats sold that get reported to NADA to even get close when it comes to solid numbers. Just think if the insane numbers that car dealers provide NADA with on used cars. Then compare that to boats. Might bet lucky if it's 100,000/1 ratio. Occasionally they might be close but I've looked at least 100 or more values for boats and they've been all over the place. Sometimes so far off you think it has to be a misprint.

 

[walleyeman_1875]

Good used boats won't depreciate in the Bismarck area. I don't foresee an issue based on the scenario you are looking at.....unless you buy the boat in western ND and try to sell in lake country of Minnesota. Then, you'll take a hit.

The consensus will be split. Those looking to buy boats always complain how expensive things are. Those looking to sell boats are saying people are too cheap.

 

[Downrigger]

NADA for boats is the biggest joke out there. There is a reason many banks don't use that value.

 

[Velva_zv21]

NADA for boats is the biggest joke out there. There is a reason many banks don't use that value.

So what do banks use for value?

 

[KDM]

I don't care what name, metal or glass, tiller or wheel, sparkle or paint, short or long, wide or narrow, cover or uncovered, windshield or not any particular boat you get has. Boat stands for Break Out Another Thousand and that's EXACTLY what you will do. Boats are expensive and in ND will sit and cost you money for at least 6 months without doing you a bit of good. The initial outlay of funds is but the beginning of a continual flow of money out of your pocket. That being said, to make the initial price of a boat the PRIMARY factor in whether you buy a boat or you don't buy a boat IMO is fairly misleading. If you buy, my advice is to buy as close to exactly what you want. Plan to have it for as long as you want to fish. I say this as "Flipping" boats doesn't have it's own tv show and I believe there is a pretty good reason why. Good Luck!!!