Boat & Motor Depreciation - The Hull Truth

BassDaddy · 01-25-2007, 04:42 PM

Typically, how much, percentage-wise, does a new mid-tier boat and outboard motor depreciate in value within the first 3-4 months after purchased new?

ABoater · 01-25-2007, 05:01 PM

40-50% (give or take a few percentage points)

The bad part is that you have a new boat dealer selling the same boat against you. He can lower the price of his boat and make it up with electonics and aftermarket items/profit.

The first thing that the dealer will tell folks is "why would you want to buy his used one when I can get you a new one for the same or less". And finance it for the buyer.

Good luck!

iron banks · 01-25-2007, 05:53 PM

I would believe closer to 25% but there are a lot of factors to consider.

DrJim · 01-25-2007, 07:38 PM

Depends a lot on how good a deal the original sale was. Depreciation form MSRP and depreciation from paid price are 2 different things.

Rickster · 01-25-2007, 08:08 PM

Depends on the flavor of boat as well, just like a car some hold there value better then others.

BassDaddy · 01-25-2007, 08:45 PM

I'm not trying to sell a boat. I'm trying to figure out the fair market value for tax purposes. In Georgia we have to fill out a marine personal property tax return. I am given the opportunity to submit my estimation of that value. But no hanky panky allowed. It's hard to find the value on the internet when the boat is a 2007 model purchased in August of 06. There just aren't any listed. I was hoping for some expert knowledge on THT.

fishermantom · 01-25-2007, 09:24 PM

I solved that problem. I moved to Texas!

BassDaddy · 01-26-2007, 09:47 AM

It's just another way to get more of our money through taxes. I just got a new license tag for my truck and it cost me $280! I paid sales tax when I bought my truck, my boat, my trailer, and they tax the fuel I burn in them. Then every year I pay personal property tax on them in order to get to keep them. I pay for a fishing license, and then I have to pay a fee to park at a local Corp of Engineers boat ramp while I'm fishing. Sorry for getting off topic, but I've had it with a government that wants to tax me to death.

baitkiller · 01-26-2007, 10:07 AM

I know you dont want to hear this, and probably is a little light but the officially recognized Martin and INA scales of depreciation both show 95% value at 1 year from purchase price.

BassDaddy · 01-26-2007, 10:21 AM

baitkiller, thanks for the official word. I need something official instead of a wild a$$ guess. Yep, it seems light, but if there is an official scale then the local tax assessment guy probably uses it. Do you know where can I get more info on these scales?

baitkiller · 01-26-2007, 10:30 AM

I can fax you a copy of mine if you PM me a fax number. I'm sitting here struggling through about 6 survey reports and wouldn't mind doing it.

You might be able to Goggle them as well.

The other thing you could do to support a, perhaps lower, value would be comparative sales numbers of like vessels. Easy if your boat is a high production brand. Tough if not.

Make nice to a surveyor or broker who subscribes to Soldboats for the info and print-outs.

BassDaddy · 01-26-2007, 10:51 AM

Tried Googling. Didn't find anything helpful.

If you can send the fax in the next few minutes we can do this. I have to know in advance when a fax is coming in. I have to unhook my phone, and hook up the fax. (long story, fax is defective). Let me know if you have the scales handy and can do this now. If so, I will send you a private PM with my number.
Thanks for the offer.

baitkiller · 01-26-2007, 10:54 AM

got them right here. PM me number and Ill fax at 10:15 sharp

baitkiller · 01-26-2007, 12:15 PM

I checked soldboats and didnt find any new sales listed. This what I got, thought you might find useful.

Items: 1 - 24 of 24 Page 1

Length
Boats Year Listed US$ Sold US$ Location YachtWorld Member
23' Sea Pro 232cc 2004 33,900 (04/06) 28,000 (06/06) NC, USA Atlantic Mar...
23' Sea Pro 238 ... 2004 34,995 (03/04) 34,995 (03/05) CT, USA Beacon Point...
23' Sea Pro 238 ... 2004 45,995 (03/04) 36,995 (06/05) CT, USA Beacon Point...
23' Sea Pro 238CC 2004 34,900 (10/05) 28,000 (08/06) NJ, USA Jersey Shore...
22' Sea Pro 220 CC 2004 29,995 (07/04) 29,995 (10/04) CT, USA Beacon Point...
22' Sea Pro 220 WA 2005 31,900 (08/05) 28,700 (11/05) MA, USA South Shore ...
22' Sea Pro 220 ... 2004 30,995 (03/04) 36,995 (01/05) CT, USA Beacon Point...
22' Sea Pro 220CC 2005 29,900 (08/05) 29,900 (08/05) MA, USA Cataumet Boa...
22' Sea Pro 22WA 2004 -- (08/03) 100 (06/04) FL, USA
22' Sea-Pro 220 ... 2004 29,000 (07/06) 29,000 (10/06) MD, USA Jonathan Fos...
21' Sea Pro 206 2004 25,900 (07/04) 25,000 (08/04) MA, USA South Shore ...
21' Sea Pro 206 CC 2005 24,900 (06/05) 22,900 (06/06) ME, USA Island Marin...
21' Sea Pro 206CC 2004 27,900 (08/05) 25,000 (03/06) SC, USA Carolina Boa...
21' Sea Pro 220 2004 10,000 (07/05) 9,000 (09/05) SC, USA Certified Sa...
21' Sea Pro SV 2... 2005 27,900 (06/06) 26,900 (10/06) NC, USA Carolina Mar...
21' Sea-Pro 206 WA 2004 24,900 (03/05) 25,000 (05/05) FL, USA Yacht Centra...
20' Sea Pro 206 CC 2004 26,500 (07/05) 26,500 (07/06) FL, USA Starboard Ya...
20' Sea Pro 206 CC 2004 20,500 (07/04) 20,500 (03/05) CT, USA Beacon Point...
20' Sea Pro 206 ... 2004 22,900 (11/06) 22,000 (01/07) NC, USA Ocean Marine...
20' Sea Pro 206 ... 2004 24,995 (05/06) 23,000 (06/06) CT, USA Brewer Yacht...
20' Sea Pro 206 ... 2004 21,550 (06/06) 15,000 (06/06) VA, USA
20' Sea Pro 206 WA 2004 29,900 (08/05) 27,500 (11/05) MD, USA Yachts Unlim...
20' Sea Pro 206 WA 2004 21,990 (02/06) 20,000 (02/06) FL, USA American Off...
20' Sea Pro 206 ... 2004 25,995 (03/04) 29,995 (06/05) CT, USA Beacon Point...

Items: 1 - 24 of 24
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