The NADA Marine Guide, published by NADA Appraisal Guides, is now offering a more accurate value on its listings of new non-current boats, the National Marine Manufacturers Association, Marine Retailers Association of America and the National Marine Bankers Association announced today.
The addition of new language specifically calls out a more accurate value of new non-currents and comes in response to the issue of banks devaluing new non-current boats as a result of consulting used listings in the NADA Marine Guide.
When determining the value of new non-current boats, banks have only been willing to finance these boats at an inaccurate used price, much less than the new non-current price. As a result, boat dealers and buyers have been unable to secure proper financing, ultimately deterring the purchase of new non-current boats by qualified buyers.
The NMMA, MRAA and NMBA all support the addition of this new language.
The new language reads: "'Brand New', Non-Current - The average retail value does not represent 'brand new' non-current year vehicles. Recent market research shows that 'brand new' non-current models can increase the used value of an identical model by 6 percent -12 percent."
The inclusion of this new language can be found in the January-April edition of the 2010 NADA Marine Guide released in December.