A $2,000 river rocket?? I

[Hole$hot]

A good friend of mine was unable to acquire the right amount of funds from a credit union and a bank because they found that the NADA Average Retail Value was only $1510 for a STV Pro Comp!.... How do they come up with that average?? I have never seen one sell for that. I don't think they took the time to look at any STV's for sale, so where did the "Average Retail Value" come from? This needs to be changed.

http://www.nadaguides.com/Boats/1990/Summerford-Racing-Inc

http://www.nadaguides.com/Boats/1990/Summerford-Racing-Inc/STV-PICKLEFORK-PRO-COMP/10178922/Values


I am in the market for a $2,460 River Rocket if anyone has one for sale...

http://www.nadaguides.com/Boats/1995/Summerford-Racing-Inc/RIVER-ROCKET-COMP/10178916/Values

[Hole$hot]

Does anyone know of a bank that deals with boats like this?

[Da Bull]

I am in the market for a $2,460 River Rocket if anyone has one for sale...




I do. I also have some beach front property in Arizona i can make you a smokin deel on!

In order to buy an older boat that is worth way more than the "book" says takes cash. Sorta like buying a 55 Chevy for 50K.

DB

[hydrochicken]

you have to have great credit and do it on a signature loan you can usually get around 10,000.00 on a signature loan or at least thats been my experience interest is a little higher on that type loan around 9.9 to 12.99 percent good luck with it

[frederick55]

Interesting. I saw on that site that my '89 Action Marine is worth $1270. Almost as much.

[revlimiter]

For a 23yr old piece of fiberglass that sounds about rite.These are not mutual funds,funny how many think there worth far more.Youd be surprised what people have actualy sold boats for.

[Fish]

For a 23yr old piece of fiberglass that sounds about rite.These are not mutual funds,funny how many think there worth far more.Youd be surprised what people have actualy sold boats for.

all i got to say to this...
http://jgcphotos.files.wordpress.com/2011/07/20100222_old_man_smokin_herb_3501.jpg

[albypine]

Lol thanks for the laugh fish :)

[Tom Foley]

all i got to say to this...
http://jgcphotos.files.wordpress.com/2011/07/20100222_old_man_smokin_herb_3501.jpg

:cheers::cheers::cheers:

[HStream1]

Hole$hot The problem with attampting to buy a 23 YO boat like that is--- The lending institutions don't have a clue about boats. So they have no choice but to use NADA. NADA uses a yearly percentage deduction just like they do on Cars, trucks,motorcycles etc. They (the lending institution) has to look at it this way. Borrower defaults. What can they expect to get in return for the boat they loaned the money for. They don't belong to S&F or any other boating forum. They are going to call up some marina/boat dealer and trust me thats all he is going to offer them.

When attempting to purchase a boat like that it's best to have CASH, Ability to obtain a signature loan or have a Equity line of Credit. If not forget it.

[Hole$hot]

It's the term "Average Retail Value" part about it that get's me. How hard is it to do a Google search to see what anything is selling for on Average?...

[Instigator]

all i got to say to this...
http://jgcphotos.files.wordpress.com/2011/07/20100222_old_man_smokin_herb_3501.jpg

No doubt.

Sold my '95 River Rocket, 2 yrs ago (worse economy = lower price) less power, in 24 hrs for $9500. In the case of a River Rocket, you also have to consider, "supply and demand". Considering they didn't build many, that means little competition/reason to negotiate on price.
My price is too high?? Compared to what ;)

Banks and NADA have no clue what "FAIR MARKET VALUE" is for O/B's or boats. Look up a '95 225HP Mercs value in NADA. Probably $1K - $1500. yet they sell all day long for $3500.+

I remember a few yrs back trying to buy a vrigin, mid '90's 29' O/B Progression on here from Lightspeed and the bank wouldn't even give me a loan for it.
Similar to my '85 Sonic now for sale, would be a cash only deal unless like Bud says, you have access to alternative funding/financing. I used to have a line of credit against my house for just such, emergency expenses ;)

Similar to todays housing market, yeah it's improved and prices are rising, now try and get financing. We just went through it and my wife and I both said, multiple times, screw it. Lets keep renting.
Many of the boat dealers down here no longer carry new boats because they can't get their customers financed.

[jembost]

Hole$hot The problem with attampting to buy a 23 YO boat like that is--- The lending institutions don't have a clue about boats. So they have no choice but to use NADA. NADA uses a yearly percentage deduction just like they do on Cars, trucks,motorcycles etc. They (the lending institution) has to look at it this way. Borrower defaults. What can they expect to get in return for the boat they loaned the money for. They don't belong to S&F or any other boating forum. They are going to call up some marina/boat dealer and trust me thats all he is going to offer them.

When attempting to purchase a boat like that it's best to have CASH, Ability to obtain a signature loan or have a Equity line of Credit. If not forget it.

You hit the nail on the head. Banks don't want to be in the boat selling business. So just like you said in a default situation they would most likely sell the borrower's boat to some local marina, at wholesale prices or below. Don't know if there are insurance companies that specialize in boats like Grundy and Hagerty do for collector cars.

[Hole$hot]

They had the value of a Merc 280 close. $18,000 new and $7,000 today.

[RNM018]

first off , most banks will not lend you money , to buy one of these under 20' tunnel hulls , once they realize what there getting as colladeral . Then if they do , the will require it to be insured with full coverage type of a policy . Most insurance companies won't touch an under 20' tunnel hull . So now your right out of the market for a boat loan , unless , your buying new from a dealer , that has a connection , to get these strings pulled for you .

So , if you need to borrow , the money , for one of these types of boat , your going to have to find another way to do it . Personal Line of Credit , Cash Advance , on a Credit Card , Equity from your Home . All of which will carry a much higher intrest rate , but not require insurance as your not borrowing against the boat .

Best Bet , is to sell off any toys your not using , and save as much as you can till , you can pay cash , and own the boat outright , with no strings attached .


Rich Martin 018

[Markus]

A good friend of mine was unable to acquire the right amount of funds from a credit union and a bank because they found that the NADA Average Retail Value was only $1510 for a STV Pro Comp

Tell your friend not to buy toys with borrowed money.

[JR IN JAX]

Tell your friend not to buy toys with borrowed money.Very good advice! I do everything in cash only now. If I don't have the money saved, then I don't need it.....

[revlimiter]

Getting a loan or cash advance on a 23yr old boat is flat out insane.If you need either of those you are in the wrong hobby.The only thing worse a guy could do is to purchase a boat from funds taken out on a home equity line,that in its self is the epitome of financial suicide.Its truly is sad when a guy actually believes hes paying cash by taking money out of a home.:nonod:

[RNM018]

Getting a loan or cash advance on a 23yr old boat is flat out insane.If you need either of those you are in the wrong hobby.The only thing worse a guy could do is to purchase a boat from funds taken out on a home equity line,that in its self is the epitome of financial suicide.Its truly is sad when a guy actually believes hes paying cash by taking money out of a home.:nonod:

You should probably reread , my post . I never sugested any of these where good options , or the same as cash !
Only options for getting a loan for this type of boat , as not many banks will lend against these type of boats .

And YES , I do agree , Cash is the best way to buy any toys . Even things in our daily lifes are better purchased with cash !

If , You Happen To Have It !!!


Rich Martin 018