Purchasing a used C-Dory vs. Nada.com value

N

nesibus

New member
I've been wanting to get a c-dory, but since my credit union goes by nada.com, all of the c-dorys I look at, are only worth half of what everyone is asking based off of nada.com

Majority of other boats I've looked at purchasing, people put the price right around the value the website gives, and makes it easy to finance.

So I have two questions...

1. Why is the price inflated so much when people sell them, I've heard they have a good resale value, but the website says the opposite, it treats it like any other boat.

2. How do I purchase a used $30k boat, when the website will only give $15-18k (In a perfect world I could save another $15k, but if I could to that, I'd just buy the entire thing cash.) Anyone know of a bank that sees the value in the boat, that the owner sees, and will finance the entire thing?
 
nesibus":2mubdd8t said:
1. Why is the price inflated so much when people sell them, I've heard they have a good resale value, but the website says the opposite, it treats it like any other boat.

2. How do I purchase a used $30k boat, when the website will only give $15-18k (In a perfect world I could save another $15k, but if I could to that, I'd just buy the entire thing cash.) Anyone know of a bank that sees the value in the boat, that the owner sees, and will finance the entire thing?
Click to expand...

1) NADA is not the be-all end-all price guide folks would like it to be. The C-Dorys sell well above NADA because the market reflects real world selling prices, not NADA's mindless depreciation formulas.

2) You go to a bank or credit union that understands market values, and you go armed with real world data regarding recent sales etc.

There are at least two major threads re: NADA vs C-Dory on this site. I'm sure someone will pop in here with search results.

Good luck. Your best chance is finding a seller who doesn't know about this site and believes what NADA prints. They're out there - just very hard to find.

Don
 
I sell homes for a living and I really hate on lines sites like zillo. its never right and always over or under by 20k or more. nada is the same way. What i have to do on every home is look at resent pass sales. that will give you a true price because its what the market will bear. asking prices are not a good guide because most often the boats sell for less. make some calls and find out what the last 10 -cdorys sold for and take that info to the bank. Also food for thought, honda will finance a new boat fully loaded for about 6.9% if you put their engine on it. We were able to get a fully rigged new(50k at 4.9%) boat for less monthly payment then a used (35k)boat at 8 to 10 % ( at that time) from the bank. check out all your resources.
 
nesibus":3tyweszs said:
I've been wanting to get a c-dory, but since my credit union goes by nada.com, all of the c-dorys I look at, are only worth half of what everyone is asking based off of nada.com

Majority of other boats I've looked at purchasing, people put the price right around the value the website gives, and makes it easy to finance.

So I have two questions...

1. Why is the price inflated so much when people sell them, I've heard they have a good resale value, but the website says the opposite, it treats it like any other boat.

2. How do I purchase a used $30k boat, when the website will only give $15-18k (In a perfect world I could save another $15k, but if I could to that, I'd just buy the entire thing cash.) Anyone know of a bank that sees the value in the boat, that the owner sees, and will finance the entire thing?
Click to expand...
When i bought my CD19, the factory list price was $22,900. THEN i bought the engine, electronics, canvas and etc. i'll bet that NADA goes buy the factory list price.
 
nesibus":murmmd50 said:
1. Why is the price inflated so much when people sell them, I've heard they have a good resale value, but the website says the opposite, it treats it like any other boat.
Click to expand...


Supply and demand.
 
Quote from NADA website:

(*)INCLUDES THE VALUE OF THE OUTBOARD MOTOR. -- APPLY NOTE WITH * ONLY WHEN THERE IS AN ASTERISK(S) FOLLOWING THE MODEL NAME.
Click to expand...

The value of the outboard motor has to be added to the boat value. Did your credit union do that?
 
nesibus-

Like almost everything else, we've discussed this in considerable detail and drawn very valid conclusions before, some of which might not be mentioned on a single discussion, so reading through the archives will yield much detailed thinking on the subject.

Here are two threads to check out:

NADA Guides

C-Dory NADA Guides

"As far as price, look at comp sales. Blue book and NADA are not of any value for C Dories."- Bob Austin.

You can also put "NADA" into the Search engine and find a wealth of other price related topics that touch on NADA values.

Good Luck!

Joe. :teeth :thup
 
One option that's always open is the "save another 15K and buy the thing for cash" option. This would have the advantage of keeping the $ that would've been spent on boat payments available for fuels, moorage, maintenance/repairs, upgrades, etc. I suspect you'll be able to find a great deal on a used C-Dory in the next few months, maybe in the lower 20's. They tend to be well kept by their owners, so I wouldn't be afraid of an older model. Just my .02. Mike.
 
In some cases the C-dory will qualify for a Home Equity Loan. It has a bath room and a kitchen, and you may find reasonable interest rates in that market, and the interest will be tax deductable. Just a thought. OH, BTW, the portapottie qualifies as the bathroom for some lenders.
Harvey
SleepyC :moon
 
A CD-22 should qualify as a second home (which is what you are doing
if you write off a boat loan) if you use the boat as a second home. You
can then write off the interest paid - unless you already have a second
home.

Your other option is to buy it with a home equity loan, which would
allow you to write off the interest as well. But, of course you need
enough equity in your home, and depending on when you bought,
that might be hard.

Mike
 
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