Valuing a used boat?

[Tjames09]

It seems people are asking near new pricing on used boats these days. Anyone have a good reference for trying to determine a used boat value so you don’t ripped off buying? 

[Terry]

With covid pricing. Real pricing is out the door.  

[410001661]

With COVID all bets are off.  I find pricing is all over the place for all toys - boats, bikes, motorcycles, quads, and any outdoor sporting equipment.

I bought my boat in June (mint condition 2017 Renegade with 90Hp Etec) and I paid a fair price for the condition of the boat.  Definitely not a steal but also no where close to the price of a new boat either.  I think that he had lots of stupid low ball offers on it thinking he had to dump it for the money but that was not the case so we had a discussion and negotiated a price and I had a new boat.  

Now I waited to sell my 2009 Explorer 1600 SC until July (I wanted to buy before I sold because I saw prices were all over the place).  I bought the boat used in 2014 for $8,900 + tx and listed it in on Kijiji for $13,500 at 3PM on a Saturday and by 5PM that day I had 6 emails from people wanting to see it - 2 of them were again, stupid low ball offers and I not only deleted them I also blocked them as I do not have the patience to deal with asses.  One guy said he wanted to come and see it that night and I agreed to meet with him after dinner.  By 8PM we were hooking it up on his truck - he offered me $13k CASH.  Now I did not have a chance to take anything off the boat so he got everything other than my personal fishing stuff but for that price he can have them - upgrades electronics & Nav card, downriggers, rod holders, all safety equipment and new trolling motor battery in 2019.

Edited November 17, 2020 by 410001661

[Tjames09]

Makes no sense. How did covid allow people MORe money to buy things lol? How is a 40-50k boat all of a sudden now in people’s budget. 
 

im in the market, but I feel I’ll get ripped off. 

[Terry]

More people see boating , camping , snowmobiling as a way to do something away from the covid crowds   Same with homes away from the city.   And as for finding more money to buys stuff

 people priorities changed and so they are willing to put their money into recreation rather then their trips to Florida or Europe which they can’t do anyways

[BillM]

Sitting home, not going to restaurants every other day, not going out the bars, not spending $$ here or there.   Not surprised all the toy prices are going up.   What type of boat are you looking for?  Anything specific?

[410001661]

2 hours ago, Tjames09 said:

Makes no sense. How did covid allow people MORe money to buy things lol? How is a 40-50k boat all of a sudden now in people’s budget. 
 

im in the market, but I feel I’ll get ripped off. 

People are not.......sorry.......people cannot go on large vacations -  no cruises, no all inclusive vacations to St. Lucia so they are opting out for things to do outdoors - camping (tent or trailer), boating or a new motorcycle.  Yes some people are being hit financially by COVID but many are not and are saving more money than ever - no eating out, no movies, no entertaining, no vacations, no cost of commuting..........hell my 407ETR bill went from $700/month to $0/month in just 1 month. 

It is all supply and demand.  Go to a marina and they will have empty showrooms, and it was just trickling down into the used market.  I saw this early and bought my used boat ASAP and sold my other boat 6 weeks later for a handsome profit - I sold my 11 year old boat for $4,100 more than what I paid for it in back in 2014.  When else can you sell a toy for more than what you bought it for it.......and have a line-up of people willing to buy it.

My buddy was looking and decided to suck it up and buy a new 2020 (Crestliner Fish Hawk 1750 c/w Mercury 115Hp) because he could not find what he wanted in the used boat market.  All the 2021 boats are all coming in with a healthy price increase so he paid the $50k and bought the last one and had to drive to London to get it. 

These are interesting times my friend........interesting times. 

 

[JoshS]

Good luck man. You need good luck to find something reasonably priced at this time. Used boat prices are ridiculous at this time. Great time to sell however.

I've been looking most of the year too. I was really hoping to sell mine and take advantage of the market to get top dollar and get lucky finding something used that's reasonably priced. It's like a part time job looking daily and if something does come up reasonable, it disappears just as fast. I'm actually kind of worried about the fishing pressure after covid lol.

I remember when marina's opened this year I walked into one to buy some plugs and the guy said they sold all new inventory in a week.

 

[Mr Greedydrift]

9 hours ago, Terry said:

More people see boating , camping , snowmobiling as a way to do something away from the covid crowds   Same with homes away from the city.   And as for finding more money to buys stuff

 people priorities changed and so they are willing to put their money into recreation rather then their trips to Florida or Europe which they can’t do anyways

I agree with this. And if/when things get back to normal, people will be selling the toys to return to spending on vacations and others things.

[Moosebunk]

Dropped the lawn tractor off at the local Farm Supply and Polaris dealership few weeks back. They took it in for repairs but "just before" hunting season and couldn't promise a quick turnaround.  Talking with staff he tells me in the past 6 days  he'd sold 36 ATV's / side-by-sides.  It had been a record setting fall.

People can't travel, families can't travel, people aren't traveling.  Pretty much everything available in our immediate surroundings, is selling.

[Tjames09]

17 hours ago, BillM said:

Sitting home, not going to restaurants every other day, not going out the bars, not spending $$ here or there.   Not surprised all the toy prices are going up.   What type of boat are you looking for?  Anything specific?

17-18’ fish/ski type boat. Like a princecraft sport or something of the like. 

[Tjames09]

17 hours ago, 410001661 said:

People are not.......sorry.......people cannot go on large vacations -  no cruises, no all inclusive vacations to St. Lucia so they are opting out for things to do outdoors - camping (tent or trailer), boating or a new motorcycle.  Yes some people are being hit financially by COVID but many are not and are saving more money than ever - no eating out, no movies, no entertaining, no vacations, no cost of commuting..........hell my 407ETR bill went from $700/month to $0/month in just 1 month. 

It is all supply and demand.  Go to a marina and they will have empty showrooms, and it was just trickling down into the used market.  I saw this early and bought my used boat ASAP and sold my other boat 6 weeks later for a handsome profit - I sold my 11 year old boat for $4,100 more than what I paid for it in back in 2014.  When else can you sell a toy for more than what you bought it for it.......and have a line-up of people willing to buy it.

My buddy was looking and decided to suck it up and buy a new 2020 (Crestliner Fish Hawk 1750 c/w Mercury 115Hp) because he could not find what he wanted in the used boat market.  All the 2021 boats are all coming in with a healthy price increase so he paid the $50k and bought the last one and had to drive to London to get it. 

These are interesting times my friend........interesting times. 

 

Yes I’ve gone to a few marinas and they are out of everything. Buckeye in Bobcaygeon has sold all of their 2021 Princecrafts already and are getting no more. DT said normally they have hundreds of boats in inventory and they currently have about 20. 

[Tjames09]

9 hours ago, Mr Greedydrift said:

I agree with this. And if/when things get back to normal, people will be selling the toys to return to spending on vacations and others things.

I could see that for sure. In 3 years lots of things going for sale (Skis, bikes,atv, etc). 
 

you couldnt buy a bike at all this year. Sold out at the factory. 

[AKRISONER]

During CBC’s market minute yesterday they were talking about how the bank of canada believes that there is close to 700? (I think that was the number) million dollars quite literally sitting in people’s bank accounts across canada at the moment. It shattered whatever the previous record was by an absolute mile. 
 

as described above...and I would consider myself in this group as are many others that are lucky to have not been laid off...I have more money in my bank account then I think I have ever had since I was saving to buy a house. 
 

Staying home for a year and not going on any vacations at all or travelling around much to fish has basically slowly filled up my bank account. 
 

By far the biggest part of this is the complete collapse of the tourism industry. All of that money is now being flooded somewhere else. 
 

its mind blowing to me that I can sell my boat now 3 years later for about 175% of what I paid for it. 
 

I notice that cheaper used boats by far are the most inflated and it’s because they are obviously the most affordable. 
 

if you have a fishing ready totallt seaworthy used boat that is in top shape regardless of how old it is (like my boat) then you are going to be paying absolute premium pricing for it. The floor has moved way way up.

Edited November 18, 2020 by AKRISONER

[John]

Market forces have always determined pricing for almost anything, whether it be real estate, vehicles, boats, rv's or simply most consumer goods. Buying a boat in this market is probably not the smartest financial decision you can make, but, supply and demand is what drives a market. Contrary to my better judgement I bought a boat in this market! However, it seems as though aluminum "fishing" boats are the ones are demanding crazy prices, less so glass boats. I sold an aluminum boat a few years ago for what I thought was a "fair" price. Today that boat will command thousands more, (market demand).

Covid has essentially put a stop to peoples recreational travel plans causing them to rethink their type of vacation, I know it has ours in retirement. In our first full year of retirement we had lots of travel booked that didn't happen. Instead, we decided to make the best of it and pulled the trailer to many different campgrounds. We figured that maybe we would try a year of seasonal camping in 2021 where we could also dock the boat, good luck! Nothing now available anywhere!

I guess that things will re-adjust, maybe, in the next 12-24 months. It may be a scary time if and when it does.

Edited November 18, 2020 by John

[410001661]

2 hours ago, AKRISONER said:

During CBC’s market minute yesterday they were talking about how the bank of canada believes that there is close to 700? (I think that was the number) million dollars quite literally sitting in people’s bank accounts across canada at the moment. It shattered whatever the previous record was by an absolute mile. 
 

as described above...and I would consider myself in this group as are many others that are lucky to have not been laid off...I have more money in my bank account then I think I have ever had since I was saving to buy a house. 
 

Staying home for a year and not going on any vacations at all or travelling around much to fish has basically slowly filled up my bank account. 
 

By far the biggest part of this is the complete collapse of the tourism industry. All of that money is now being flooded somewhere else. 
 

its mind blowing to me that I can sell my boat now 3 years later for about 175% of what I paid for it. 
 

I notice that cheaper used boats by far are the most inflated and it’s because they are obviously the most affordable. 
 

if you have a fishing ready totallt seaworthy used boat that is in top shape regardless of how old it is (like my boat) then you are going to be paying absolute premium pricing for it. The floor has moved way way up.

Until Justin and his band of merry men find a way to get to it and pay for their spending spree - LOL

[grimsbylander]

4 hours ago, AKRISONER said:

During CBC’s market minute yesterday they were talking about how the bank of canada believes that there is close to 700? (I think that was the number) million dollars quite literally sitting in people’s bank accounts across canada at the moment. It shattered whatever the previous record was by an absolute mile. 
 

as described above...and I would consider myself in this group as are many others that are lucky to have not been laid off...I have more money in my bank account then I think I have ever had since I was saving to buy a house. 
 

Staying home for a year and not going on any vacations at all or travelling around much to fish has basically slowly filled up my bank account. 
 

By far the biggest part of this is the complete collapse of the tourism industry. All of that money is now being flooded somewhere else. 
 

its mind blowing to me that I can sell my boat now 3 years later for about 175% of what I paid for it. 
 

I notice that cheaper used boats by far are the most inflated and it’s because they are obviously the most affordable. 
 

if you have a fishing ready totallt seaworthy used boat that is in top shape regardless of how old it is (like my boat) then you are going to be paying absolute premium pricing for it. The floor has moved way way up.

Not quite sure the market is ready to bear a 175% increase quite yet. 75% maybe??

Good time to be a recreational equipment salesman for sure. 

[Old Man]

Talked to our local marine dealer. They lost all their orders from lodges and camps, but ended up selling out everything anyway. People were flocking in and buying up everything they had. They ran out of inventory a good month early.

 

 

Edited November 19, 2020 by Old Man

[Big Cliff]

5 hours ago, John said:

Market forces have always determined pricing for almost anything, whether it be real estate, vehicles, boats, rv's or simply most consumer goods. Buying a boat in this market is probably not the smartest financial decision you can make, but, supply and demand is what drives a market. Contrary to my better judgement I bought a boat in this market! However, it seems as though aluminum "fishing" boats are the ones are demanding crazy prices, less so glass boats. I sold an aluminum boat a few years ago for what I thought was a "fair" price. Today that boat will command thousands more, (market demand).

Covid has essentially put a stop to peoples recreational travel plans causing them to rethink their type of vacation, I know it has ours in retirement. In our first full year of retirement we had lots of travel booked that didn't happen. Instead, we decided to make the best of it and pulled the trailer to many different campgrounds. We figured that maybe we would try a year of seasonal camping in 2021 where we could also dock the boat, good luck! Nothing now available anywhere!

I guess that things will re-adjust, maybe, in the next 12-24 months. It may be a scary time if and when it does.

Well you could always just come visit me, you could even just leave the trailer at home or just get a transient site, I can arange docking for you 😊

[John]

18 hours ago, Big Cliff said:

Well you could always just come visit me, you could even just leave the trailer at home or just get a transient site, I can arange docking for you 😊

Let's plan on a visit or two Cliff. We can talk further on the ice?

[Cando]

On 11/17/2020 at 10:58 AM, Tjames09 said:

Makes no sense. How did covid allow people MORe money to buy things lol? How is a 40-50k boat all of a sudden now in people’s budget. 
 

im in the market, but I feel I’ll get ripped off. 

I cottage neighbor own a marina and fixes boats . He was telling me that it is the best time to sell used boats for up to double of the price. He said that people are taking the money they saved up to travel around the world and buying boat and other toys thanks to Covid. Same goes for cottages as all the people that sold their houses and bought those little closet size condos in Toronto are selling them and buying up the house up north of TO. I never seen so many places up buy my cottage sell so fast. There were houses for sale for years that sold right up to and over $1M .

[Cando]

On 11/18/2020 at 10:56 AM, 410001661 said:

Until Justin and his band of merry men find a way to get to it and pay for their spending spree - LOL

Well tell Ford, Kenny and the rest of the provincial merry man to quit asking for more money and there wouldn't be such a large spending spree. lol 

[410001661]

On 11/21/2020 at 10:01 PM, Cando said:

I cottage neighbor own a marina and fixes boats . He was telling me that it is the best time to sell used boats for up to double of the price. He said that people are taking the money they saved up to travel around the world and buying boat and other toys thanks to Covid. Same goes for cottages as all the people that sold their houses and bought those little closet size condos in Toronto are selling them and buying up the house up north of TO. I never seen so many places up buy my cottage sell so fast. There were houses for sale for years that sold right up to and over $1M .

Toronto condo market is down 20% YTD.  I fully expect that 1-2 years post COVID there will be an over supply of boats, motorcycles, cottages, & ATV's on the market as people return to their regular pattern of life - city living, European vacations, and Florida winter homes.  

[Cando]

3 hours ago, 410001661 said:

Toronto condo market is down 20% YTD.  I fully expect that 1-2 years post COVID there will be an over supply of boats, motorcycles, cottages, & ATV's on the market as people return to their regular pattern of life - city living, European vacations, and Florida winter homes.  

I totally agree. I think that all those people that sold their homes to move into those cubby hole condos down town are kicking themselves in the butts. I think they are the ones selling the condos  and moving north so they can have the open yards to sit in. I have a bigger 1970's 3 bedroom condo with a den close to the lake, parks and lake Ontario boat launch that I've been thinking of putting up for sale and either buying north or build a year round place where my cottage is. I'm not a traveler outside of Canada and always wanted to live in the country.

[porkpie]

Corona definitely, but market prices where already moving up on tin boats.  I sold my last boat in 2017 for $3000 more than I paid for it, and the only addition was a powerdrive ipilot. Even then a good shape aluminum fishing boat was commanding good money!