How to value a R5

[pburton]

I’m looking to buy my first boat. I’ve been reading and learning for the better part of a year - learning about up front costs, on going costs and maintenance. It is a big investment and intimidating. I’m looking at a 2016 cobalt R5 and trailer that seems to be in excellent condition (based on input from ChatGPT on various images I have uploaded to it.) The boat checks nearly all of my boxes of “must haves” and many of my “nice to haves”. My issue is that I have no practical experience buying a boat. I plan to have a marine survey done if I pursue this boat, but I don’t want to spend money on the survey if the seller isn’t willing to move on price. The problem is that I really don’t know how to value a boat. I don’t want to pay more than the boat is worth. The marine survey should provide me with the market value, but I won’t know that until the survey is done. ChatGPT is only somewhat useful and has provided price ranges between 85K to 105K CAD. The boat is at a marina and I like the comfort that brings to the sales process.

This community is full of experience and insight. What guidance would you provide to someone buying their first boat and how to avoid paying too much for it?

[Tandjmei8]

I would do a combo of 1) NADA used boat values 2) Look at all listing for similar R5’s 2 from 2014 to 2018 to understand listing prices 3) Check on this site and a Cobalt Facebook groups to gut check what price you’re talking about with the marina (and see if anyone has any recent purchase history on something similar).

Good luck!

[Kate]

"The marine survey should provide me with the market value . . ."

Not really what a marine survey does. If you want a good MV number, hire a boat appraiser.

[AsLan7]

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So glad you found us pb…

The boat trader tool can also provide some insight.
Link here.

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And welcome aboard mate!

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[billk2632]

Used boat pricing is tough, unlike cars, there is just not enough sales data to rely on the used vehicle sites like NADA. Brokers have access to the actual sales data from sites like BoatTrader - not what asking prices are, what they actually sold for - that's what you need. All that said, I would look at everything, but mostly the advertised prices ignoring the highest and lowest and then figure the actual sales price is probably 5-10% off that. Buying from a dealer your going to pay more than from an individual, but you have the dealership (hopefully) standing behind the boat and they have resources you can negotiate on - finance rates (if you are financing), service, accessories etc.
I've bought 3 boats in my adult life, one was brand new, I paid 5% off the boat show pricing and got some goodies thrown in, one used from a dealer/broker paid about 5% below asking, plus got some goodies thrown in and the last, Cobalt, bought from an individual, it was priced right - below what dealers were asking, in great condition and exactly what I would have gotten if I could have bought new, I knew another was not going come along anytime soon if ever - I paid asking for it and got everything he had with the boat (was getting out of boating).

Good luck, don't get too hung up on the pricing, these are not cars, not cheap, and low volume, so if you find a nice one, negotiate and get it, who knows when the next one will come along.

I love my R5, best boat I have had.

[jhnmdahl]

I've found that it depends a lot on where you are, the time of year, and other factors that don't influence cars as heavily. A clean Cobalt like mine might be significantly more expensive in Minnesota in spring than in Wyoming in winter, while a car the same age and value wouldn't vary much at all.

That said, websites like boattrader.com - https://www.boattrader.com/boats/make-cobalt/model-r5/ and yachtworld - https://www.yachtworld.com/boats-for-sa ... /model-r5/ are a good place to get a feel for what a fair price might be.

[pburton]

Thanks everyone for your insights. Greatly appreciated