Re: What Is A Boat Really Worth?
I'm with Julie in that the banks set the market. Or, at least knows the true value of the boats on the market. They require a certain debt coverage and have to factor in recovery and remarketing costs. Still, if a major lender is only willing to cough up less than half the vessel's agreed upon selling price something is very wrong with that price.
I've said it once and i'll say it again, only in different terms - boat pricing is more hocus pocus than grounded in dependable market data. If 500 2011 Toyota Camry LE's go thru Manheim this week between $11,000 and $13,000 then that's the market every car dealer in the country can use to set prices. How many Pearson 303's gonna sell this week? Probably zero! Yet every boat broker in the country can tell you exactly what they are worth. How is it that they can do that?
The bank is, if nothing else, a good double check. Even if you have no intention of financing, it might not be a bad idea to see how much a bank would lend on your intended purchase.
Last edited by TJC45; 07-18-2013 at 10:59 AM.