The time has come to sell your boat. Perhaps you want to buy a new boat or take a break from the water. We get it, but the process is not as easy as some people will make you believe. A lot of things come into play to determine a value. One question we have heard numerous times is, “How do I price my boat?” Our comprehensive guide takes you through the sell-my-boat process so you can know how much to price it and what you need to do.
When pricing your boat, remember that your boat is only worth what the current market supports. Buyers want to pay the lowest fair price possible, yet you also want the best value for your boat. No wonder many people find it hard to determine a boat's value. If your price is too high, it is not going to sell. How can you price your boat appropriately?
Factors that Affect the Price of a Boat
Like all used goods, a boat is much cheaper than its new counterpart. While there are different factors that affect the price of your boat, some common ones include the following:
1. Boat Class
The boat class is one of the factors to consider when buying a boat. For instance, a sailing boat and a fishing boat have different prices. Depreciation also affects the value of the boat.
2. Model and Brand
The boat model also affects the price of the boat when you want to sell it. High-end models will sell at a higher price compared to their lesser-known counterparts. Boats built by renowned builders will have a higher resale price than others.
3. Size
This is a rather obvious factor that affects the price of a boat: the bigger the boat, the higher the price tag. The size of the boat also affects maintenance and appraisal costs.
4. Age
Older boats can be a concern for most buyers. They are generally in poor condition and have more engine power. Unless it is a classic, the older the boat, the less valuable it is.
5. Condition and Engine Hours
The boat’s mechanical system and aesthetic also affect the price of a used boat. Inspect things like the engine, wood trim, and interior before determining the value of your boat. A used boat in good condition will definitely sell at a better price than one that is not well-maintained. The fewer engine hours, the better: this is a general rule of secondhand boats.
6. Equipment
A list of good quality and new equipment will add value to your used boat. Ensure that you factor this in when you want to value your boat.
7. Location
You may not have as many buyers in a remote location as you would in a thriving coastal city. It is important to remember that the location is an important factor to consider in determining boat value.
How do I Price My Boat?
“Now that I have checked all these factors, can I price my boat?” Well, not quite. Putting a price on a boat can be challenging. We understand that you want to get the most for your boat. Follow this pricing process to determine boat value before selling:
1. Do Your Research
Do your homework to find out what others have paid for similar boats. Also, check what other sellers are charging for the same used boat. Check everything, like the boat’s condition, age, and equipment list.
2. Set Your Minimum Price
Decide on the lowest figure you can accept for your used boat. The figure depends on your marine mortgage or how much you need for a new boat.
3. Be Open to Offers
Let buyers know that there is wiggle room. It is a good tactic that can attract more buyers and make you sell your boat faster.
How to Increase the Value of Your Boat
Now I know you are wondering, “Should I sell my boat?” The answer is yes, and no. If you have read the checklist above and everything is per your standards, it is time to sell your boat. However, if you need to add a few tweaks to add value to your boat, you should put it on hold first. Putting in extra effort means you might get more money, or it is likely to sell faster. A few things you might consider doing are:
1. Improve the Equipment List
Have a long equipment list to add value to your boat and appeal to buyers. You might want to consider investing in items like fishing equipment, life jackets, and anything else your boat needs. You may also include some of the latest electronics to give your boat a modern touch.
2. Upgrade the Interior
Give your boat a nice spruce by upgrading the fabrics, replacing the carpets, or updating the windows and portholes. That major facelift might attract more buyers and make your boat sell faster.
3. Boat Staging
Clear out your personal items and arrange the furnishings and decor to give your boat a fresh, updated appearance.
4. Perform Regular Maintenance
Have a regular maintenance schedule to give buyers the confidence that your boat is in good condition. Ensure that you perform regular maintenance of the boat throughout your boat ownership. Remember that it is cheaper to maintain than to replace. Inspect the mast at least once a year if you have a sailboat. Cover your boat when it is not in use. Don’t forget to save all the maintenance records of the boat.
Rookie Mistakes to Avoid When Pricing Your Used Boat
One mistake that most boat owners make is pricing their boats too high. Avoid setting your price higher than the market wants to pay to avoid frustrations. Don’t put too many emotions into your decision that you fail to give it a fair rate that people are willing to pay.
Another mistake that you need to avoid is overlooking some of the areas that need attention. Be realistic about your boat and its current condition. If you compare your boat with a similar model while overlooking its condition, your boat may take longer to sell.
How Long Will It Take to Sell My Boat?
It is important to consider how long it takes (on average) to sell a boat to determine boat value. The duration it takes to sell a boat varies depending on the factors we have outlined above. Set a realistic price that will attract a steady flow of buyers.
So, How Much Should I Price My Boat?
Now that we have shown you the whole price-my-boat process, you should be able to set a fair price that attracts buyers to make your boat sell faster. It is also clear that you need to do your research to determine boat value. It is sad to say goodbye to your old boat after it has served you for years. We hope that your price will be worth it in the end.
