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Old 02-07-2007, 08:01   #1
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NADA Vs. Yachtworld

I live in the Midwest and work with a bank without a bunch of experience lending on sailboats...I am running into problems in that the NADA book prices on boats are SO much lower than the list prices on Yachtworld-or any other place for that matter. A small example: A 2000 HR 46 shows up on NADA at $370K but lists for $650K on YW. It appears that most boats I've checked are nearly identical: NADA is 40-60% below YW...

Can anyone explain this to me?

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Old 02-07-2007, 09:00   #2
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IIRC NADA lists as close to MSRP then factors in depreciation. Many boats will be valued at well above MSRP with fitout of electronics, options and upgrades. Each would have to be assessed on its own merits. A survey for placing a value on a used yacht would be in order for both the purchaser and the lender. Many other factors affect price. Maintenance is a biggie, damage, repairs, salt or freshwater use, charter or privately owned, etc. I would think using Yachtworld or to value a boat as a lender may not be in the best interests of either party.
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Old 02-07-2007, 11:39   #3
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To carry Rick's thoughts even further - you have to remember that the values on Yachtworld are ASKING prices. If you truely want to find a reasonable value for a vessel, see what a marine insurance company would insure it for. It may be worth more than they will insure it for, but you know it is worth AT LEAST that (for lending purposes, you woud want to get out of the insurance what you've lent).
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Old 02-07-2007, 14:44   #4

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You might also want to check the BUC Book prices on the boats. In theory, BUC reports actual sale prices rather than asking prices (Yachtworld) or theoretical "used retail" (NADA) prices.

Then you're still going to need to do some digging, local market conditions, and actual boat conditions (rarely totally documented) can make a world of difference in real values.

In Practical Sailor's used boat reviews, they also run charts showing actual (?) market prices of specific models, across periods of years, in typical condition. That's another option if what you are looing for has been covered in their reviews.
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Old 02-07-2007, 15:52   #5
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Part of the problem is that the condition of a boat is not particularly proprtional to it's age. A poorly mainteined 10 year old boat is going to be in a lot worse condition than a well maintained 20 year old boat, so the concept of valuing a boat based on it's age and design is flawed at best.
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Old 02-07-2007, 16:17   #6
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I saw a beautiful 2000 HR 42 listed on Rogue Wave Yacht sales a while ago for much less than $650 k. I think it was just under $400 k asking. I see that it is no longer listed there.

HR has a 2002 HR46 listed for 495,000 EU
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Old 02-07-2007, 16:27   #7
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You can check out these sites for a bit of help:

boat for sale-classifieds

Sailboats in Canada - 16' to 24' models

Note that these are Canadian sites, hence the prices quoted will be a bit higher than the comparable boat would sell for in the US. It is my understanding that the lenders and insurers in Canada work almost exclusively from the surveyor's valuation.
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