I am in the market for a 30-33 foot sportfisherman and I have come accross several boats with recent surveys that the asking price is less than 50% of they surveyed value. My question is what is this figure (value)supposed to represent?
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estimate of value
- Thread starter dm2528
- Start date
Grady Wahoo
Member
- Joined
- Feb 25, 2005
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- 16408
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Replacement cost? Say the boat you're about to get a "great deal" on sells for 50k, all the similar ones are running 80-90k, add in the extras, ect, when it comes to insuring you can either insure it for the 50k you paid for it, just enough to cover your investment, or, if the boat's valued at 90k, "surveyed value", you can insure it for that, course it'll cost more.....
"Surveyed value" is probably the max. you could insure it for.
Nothing to do with real world selling price, but can be worked into a good boat adv.
"Surveyed value" is probably the max. you could insure it for.
Nothing to do with real world selling price, but can be worked into a good boat adv.
It's supposed to represent the value of the vessel and takes into consideration condition and options and should represent what similar vessels have sold for recently in that area. However, what it is supposed to be and what it is may be 2 different things. Lots of surveys are done for nothing more than to establish the value of a vessel either for an insurance co or finance co. I've seen surveys done in those situations that I know were inflated to satisfy banks or insurance co's. You'd think banks and insurance co's would be smarter than that. 50% difference is a lot though and I don't think I've seen such a wide vaiance. Certainly, current market conditions are driveing the prices of all used boats down.
quote:
Originally posted by Gregory Saracco
It's supposed to represent the value of the vessel and takes into consideration condition and options and should represent what similar vessels have sold for recently in that area. However, what it is supposed to be and what it is may be 2 different things. Lots of surveys are done for nothing more than to establish the value of a vessel either for an insurance co or finance co. I've seen surveys done in those situations that I know were inflated to satisfy banks or insurance co's. You'd think banks and insurance co's would be smarter than that. 50% difference is a lot though and I don't think I've seen such a wide vaiance. Certainly, current market conditions are driveing the prices of all used boats down.
This is the price that the surveyor valued the boat, where it sat, in the condition it was in on the day and time of the survey. If the survey is more than 30 days old in todays market the 50% less could be the real value. The boat market is trashed. The boat market usually closely follows the housing market...
I know one fellow who did 5 surveys till he found one who would value his boat at what he wanted..
You may ask how we value a boat.. we use a service called
bUC, we use soldboats.com, we look at the market of comparable boat prices, it usually take me about two hours to value a boat. Fred