Your Boat’s Value: You Need to Find it Out.
From the viewpoint of the seller of a boat or yacht, but just as well for other involved people such as buyers, brokers, and marine surveyors, finding out the monetary worth of a marine vessel is one of the most crucial but also one of the most harrowing aspects of marine life.
For the seller, pricing the boat well will make the difference between walking away with the right amount of funds to but an even bigger and more performing watercraft, or finding himself undersold and unable to retrieve its investment in full.
At first glance buyers may think that the subject is less crucial for them as there is a lot of choice of similar boats with clear prices, but make no mistake – don’t become complacent and forget that not getting the best deal may mean losing tens of thousands of dollars.
For both boat buyers and sellers, it is a hard evaluation to make, especially because boat prices fluctuate a lot due to circumstances that are hard to understand, not only due to perceived value but also due to factors such as seasonality and location. It is easy to enter what looks like a great deal, only to later discover that you have been had.
Which is why boat evaluation cannot just be an afterthought or a given, but must be considered with care. First of all, the prospective buyer or seller needs to decide whether to go solo, or whether to hire a boat evaluation pro. Marine brokers can help to sort out the issue for you.
But then again, doing your own evaluation is a perfectly legitimate tactic, as long as you are willing to put in some work to educate yourself. And believe it or not, many people manage to do their evaluation better than the professionals.
Casting your net wide when seeking information is crucial when doing your own boat evaluation. Try to read a lot about the subject, determine the kind of vessel that you are concerned with, and try to establish possible minimum and maximum asking process.
Online or paper trade magazines are a very popular source to compare the min-max values of your boat with comparable objects – check out classifieds, journals, various yards and boat traders. You will find plenty of listings with prices, and if you look at various ads over time (in different issues) you will get an idea of how fast objects are selling, that is if the asking price was right.
Your next stop should me your local marina’s party or some other kind of social get-together, where you can find other boat owners that can brief you on the current state of the market.
Another good place to spend some time at are boat and yacht shows, even if you are ultimately buying or selling second hand. Finding out by yourself what kind of features and accessories are in fashion helps in determining what is currently in demand and what isn’t and this applies to used boats too.
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