Whether you're a potential buyer or a hopeful seller, everyone in the market should know how to determine a boat's value. It can be the difference between an extra few bucks and an overpriced purchase. Let's discuss tips to help you estimate a boat's real price tag.
The most effective way to gauge your
boat's value is to first determine its cash value. That just refers to how much
money something would typically sell for today. How can we do this? First, it's
helpful to check the National Automobile Dealers Association Marine Appraisal
Guide (J.D. Power), ABOS Marine Blue Book, and BOS guidelines. These sources
offer a solid first glimpse of what kind of market value your boat can command.
Keep in mind, though, that they derive estimations from a variety of national
listings; any claim seen there should be taken with a grain of salt.
This is largely because the price of a
boat is often affected by the area that it's being sold in; local supply and
demand can play a major role. To get a better estimate for your unique case,
check out some local listings for boats of a similar type and age as yours.
This will help nuance our national baseline estimate and paint a clearer
picture about your vessel's true value.
One thing that we've overlooked so far is
that every boat has a unique past. Many have some kind of aftermarket
modification, while others have been through some true wear and tear. The
present-day state of your boat, what sort of condition it's in, are the final
core factors that influence its resale value. How well does it operate
mechanically? Take note of engine hours and performance. Then move on to the
state of its cosmetics: is there any chipped paint, ripped carpet, or corroding
metalwork? Again, take note of anything that may drive your market price down.
A great way to accurately measure the
economic impact of such factors is with the help of a dealer or mechanic. They
have the experience, training, and eye to investigate your boat's true
individual profile and what it's worth. Keep in mind, however, that some
dealerships are looking to trade your boat in - they might try and fool you by
lowballing their predictions. You can overcome this potential obstacle by
leveraging different dealers against each other. If Dealer A knows that you've
got offers from B and C, he may be more willing to offer you extra and secure
the deal.
It's pretty clear that knowing how to
gauge the true value of a used boat is a valuable skill for both buyers and
sellers. It can tip the scales of negotiation slightly in your favor, and
prevent you from buying into something that just isn't worth it. Let's recap
what we've discussed: start with your actual cash value, and then translate
those estimations to your own boat's age and type. Finally, nuance your
research by seeking out a dealer or mechanic's guidance!
If you're on the market for a used boat -
or looking to sell one - then go check out The Boat Stop!
We’ve created a holistic marketplace that facilitates boating transactions from
end to end. Their solution caters to all types of vessels, and is reshaping the
boater economy.
