Join Date: Jun 2008
Location: Tampa, FL
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Re: What Is A Boat Really Worth?
Most sellers or owners don't like to agree with NADA, but, in fact it is what it is. An accurate representation of what a boat is worth to someone who needs to get a loan.
But the real point is that a very large percentage of boat buyers do not get loans. That means that while NADA and lenders may set the limit that a small percentage of buyers can pay, they do not, and cannot actually set the market price.
As for using Other People's Money. Yeah. It's a great idea. But it does not work when you are buying a depreciating asset that will not be used for generating revenue. In that case, as hellosailor said, it is the bank that is using YOUR money--not the other way around.