NADA values for used Bigfoot - what is your experience buying a used BF? - Fiberglass RV


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Old 11-19-2010, 08:17 AM   #1
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NADA values for used Bigfoot - what is your experience buying a used BF?

We are looking at various Bigfoot TTs and the prices listed by private sellers (not RV dealers) are a good 40% higher than the highest NADA value. What has been your experience purchasing a used BF? Did you pay over the NADA listing? [I checked the 'sold' listings from various online sites and the ranges of prices is very wide, some are higher while others are not - so it is hard to draw any conclusions.]

Thanks for your help!
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Old 11-19-2010, 08:32 AM   #2
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In the molded fiberglass world, NADA is worthless. Insurance companies love it, buyers would like to use it and (knowledgable) sellers ignore it. Since it's a supply and demand world, from a sellers point of view, why would anyone use something like NADA to price a molded fiberglass trailer for sale? I certainly would not.

If you want to use NADA values to purchase a trailer, you'll need to find a seller less knowledgable or perhaps a tad desperate for a sale. But if the value is good for the selling price, you'd better be prepared to jump on it immediately. You snooze, you lose.

YMMV
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Old 11-19-2010, 08:35 AM   #3
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Thanks, Donna, for your insight. I wonder why the RV dealers use it then - wouldn't they want the best price, too? Their prices are much lower than the private sellers - but probably because they just want to move the inventory and it does not make much sense for them to wait a couple of months to make a sale.
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Old 11-19-2010, 08:43 AM   #4
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M. you'll find sticky RV dealers use NADA. Most don't have a clue to what a molded trailer is worth... at least until they're inundated by calls because of low pricing. It usually only takes them to sell one molded trailer to gain the knowledge.

I think Bigfoot is the only manufacturer (currently new truck campers only) that have a dealer network, all the rest sell manufacturer direct.
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Old 11-19-2010, 08:59 AM   #5
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I totally agree with Donna- forget NADA

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Originally Posted by Donna D. View Post
M. you'll find sticky RV dealers use NADA. Most don't have a clue to what a molded trailer is worth... at least until they're inundated by calls because of low pricing. It usually only takes them to sell one molded trailer to gain the knowledge.

I think Bigfoot is the only manufacturer (currently new truck campers only) that have a dealer network, all the rest sell manufacturer direct.
Donna,
I totally agree with you. With all the molded fiberglass trailers we have owned and sold (including 5 Bigfoots), if the potential "looker" starts talking about NADA prices, I'm done. I feel they haven't educated themselves enough and I'm wasting my time.
Deb
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Old 11-19-2010, 03:36 PM   #6
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Thanks for all of your help - I really appreciate it.

I have been watching BigFoot TTs that have been on the market for up to 30 weeks and was wondering if their high prices was the reason.
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Old 11-19-2010, 06:47 PM   #7
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I would suggest that in some situations how long a Bigfoot stays on the market may have a lot to do with its location. Here in BC Bigfoot trailers are not rare and you can normally find a few for sale at any given time. My big thought on location is if the trailer is located on Vancouver Island for example the local market may not be an easy sale as a lot of people who live on the Island prefer to have a camper vs a trailer (Bigfoot campers are very popular on Vancouver Island). This is due to the *high* cost of taking your rig on and off of the island. It cost me to take a 16' trailer on BC ferries about $120 each way in the summer. Another thought on location is if it is in the northern portion of BC it would take longer to sell than if it was in Vancouver for example. This is mostly due to lack of population for local buyers and the fact many outdoor types in the north are hunters who tend to prefer campers on the logging roads. Having said that they do indeed hold their prices and one should never expect to pay NADA price on any fiberglass trailer regardless of location.
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Old 11-19-2010, 09:30 PM   #8
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I have sold one Bigfoot trailer and bought another within the past three years. I followed all the classified ads and sales of dozens of Bigfoot trailers during that time. None of them actually sold anywhere close to the NADA price. They are not reporting on market price or actual transactions like in the used car auction market. They simply have a formula that requires a certain percentage of depreciation depending on the age of the trailer. If you are in the market for a Bigfoot you are not going to get one for the NADA price period.

That being said, NADA creates two huge problems with their incompetence. First it messes up financing. If you need to finance your trailer no financial institution will cover more than the “NADA value”. That is about 60% of the average actual sale price of the ones that sell. Second, no insurance company that I can find will insure one for the amount you pay for it so you wind up carrying your own insurance on 40% of the value of the trailer.

My bank discovered the NADA value on the trailer I bought after they had approved financing and I made the deal with the seller. I was in route to Colorado to get it when they (the bank) backed out on the deal. That would have shot down most people but I cashed out some stock from my IRA account and paid for the trailer myself. Then my insurance company refused to insure it for the purchase price after I bought it. If I wreck it or it burns to the ground then I will go from there. I am not worried about it.

By the way, if anyone knows of a clean Bigfoot trailer for sale I need two more at the NADA price. NADA can kiss my rump.

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Old 11-20-2010, 05:14 AM   #9
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Thanks, Bruce. That is really good to know and I will call my insurance company tomorrow and see what they say (I have USAA which has always been a great company - so perhaps I will get lucky). Thanks, again.
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Old 11-20-2010, 09:42 AM   #10
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The uselessness of NADA is precisely the reason we keep the archive of our for sale ads on this site. Very occasionally, people have successfully used some of this data when working with their insurance company on a settlement. I don't know if it would help with financing...
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Old 11-20-2010, 09:52 AM   #11
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Thanks, Mary. I agree the historical data is a good starting point - even though the marketplace has changed drastically in the past couple of years so they may take that into account.
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Old 11-20-2010, 12:03 PM   #12
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The marketplace for stickies has changed because of the economy... molded trailers not so much.
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Old 11-20-2010, 01:41 PM   #13
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In regards to insurance I ended up with what is known here as replacement insurance and I had to set a replacement price. But I was also told to keep a file of sales of trailers like mine as I will probable need it if and when I ever had to use the insurance. I know that I actually pay a little bit more for this type of insurance - in fact my broker called the other day suggesting I drop the replacement value on the trailer to get my costs down as most trailers they insure depreciate about 15-20% from new cost per year. I explained to her why that does not apply to a fiberglass trailer and she agreed I need to keep a file of sales I see.
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Old 11-29-2010, 07:57 PM   #14
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Quote:
Originally Posted by Donna D. View Post
The marketplace for stickies has changed because of the economy... molded trailers not so much.
thats for sure..
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