c dory nada values

N

newbie

New member
Hello all. I am looking for a boat to purchase. I plan on financing a used boat. It seems to me that the nada guide prices ive been getting are a lot lower than what people are asking for their boats.. Is this common? if so ,why? do most c dory sellers use this guide? if not, why? Im trying to find a boat that fits within the guide for financing. Thanks
 
newbie":27gebvl4 said:
Hello all. I am looking for a boat to purchase. I plan on financing a used boat. It seems to me that the nada guide prices ive been getting are a lot lower than what people are asking for their boats.. Is this common? if so ,why? do most c dory sellers use this guide? if not, why? Im trying to find a boat that fits within the guide for financing. Thanks
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Yes this is common as NADA prices are based primarily on fixed depreciation rates averaged over all boats of similar size/price and the C-dory is generally a higher quality, longer lasting boat than others. As to the "why not use NADA as a guide" if you're a seller, the answer to that is obvious - the market will bear higher prices. The true value of the boat is NOT what is written in some book, it's what the market will actually bear (whether it's higher or lower). This topic has come up before in this context on this site and some have been able to obtain financing at higher than the NADA price by using this site's history of sale prices as a more accurate reflection of the market value. Do a few searches on this site with the term NADA and see if you can't locate these earlier discussions.

One of the reasons I bought a C-Dory was that I noticed that these boats depreciated at a much lower rate than many others.
 
Newbie,

If you find a creative way to obtain financing for the market value of a C-Dory, please share. It's possible I may have to refinance one day and it looks like I'd have to pay a lot out of pocket due to the NADA undervaluation. If that were the case, it would be better to either buy new or to take out a Home Equity Line of Credit.

Peter
C-Dancer
 
A "big boat" approach really helps here. Obtain a list of approved surveyors from your financial institution. Select a surveyor in touch with the market on C-Dorys. It will cost a bit more to have the boat surveyed...but you will end up with a much more realistic value. With an official survey, financing at more realistic levels will be possible.
 
I had a boat one time that NADA listed for perhaps 50% more than anyone I
know would have paid for it (ie: NADA over-valued it.) NADA is
just a rough approximation. If you obtain financing from a company that
knows boats, I doubt you will have a problem.

When I was looking at a TC-24, I got a custom quote from Boat/US
that was spot on. But, that quote was also done by a person that
knew something about boats.

We ended up using a home equity loan because the rate was better.

Mike
 
Another avenue would be to speak with a C-Dory dealer to question how someone finances a used C-Dory.

I would imagine that CDory dealers work with lenders that will provide reasonable financing for a used C-Dory.
 
I was considering a really nice used 2003 22 Cruiser in Tampa some time back that was listed on the site. It was loaded with about every accessory in like new shape with twin 50's. Seller was asking $33,900. I checked with my credit union and they asked about the accessories and came up with a loan value pf $47,000. I don't know if all lenders include accessories when evaluating a boat but it seems they should. The boat sold to the first person that looked at it.
 
I agree that NADA (and BUC) undervalue C Dories. But remember that NADA evaluates the value of the outboard separately, and you should be able to get some significant credit for the accessories--start from the factory schedule. Also use the selling values which are listed on the C Brat site--copy that and enclose it with the finance application.
 
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