The right price of a boat is extremely important. There is no point in undervaluing or overvaluing your boat. Second-hand boats can take months to sell and sometimes even years. Keeping your boat clean, taking good photos and preparing an appealing advertisement all take up a lot of time. However, deciding on an appropriate price tag can be even more so. To find your boat’s buyer and avoid your boat lingering on the market, fixing the right price is one of the most important steps.
When you enter a boat selling marketplace like Boats and Outboards, you can see that price is one of the filters that help buyers find the right boat for them. Once a buyer defines a price bracket, they significantly reduce the number of boats that they will browse through. This is crucial for boat sellers who want their boat to appear in the results as many times as possible and stand out against the other boats for sale.
It is important to determine the right price for your boat. Undervaluing or overvaluing your boat makes no sense.
Identify The value of your Boat
A boat's value can be determined by researching the second-hand market and the prices of boats similar to yours. In the case of a rare boat, compare the price of similar boats based on the year it was built, the brand, and the length. With this information, you can get an idea of how much your boat is worth and the range in which you should price it. However, you should be aware that boats that have sold quickly may not be gone, leaving them with inflated prices- so take it with a grain of salt.
If you are interested in learning how much your boat is worth, there are both paid and free services available to you. Boats and Outboards have a large selection of boats listed for sale by a variety of manufacturers. Once you select a manufacturer and model, the results will appear showing the building year, the highest, lowest and average prices.
Comparing Similar Boats
The next step is to compare your boat with the ones you found. Comparing boats of the same year and model will be easier if you find boats with the same characteristics. You can filter the results by location if your search produces many results to get an idea of prices near you and your potential buyers. You should also focus on a boat's maintenance history and its engine condition. Whilst you are analysing the competition, do a comparative analysis and prepare a list of pros and cons for your boat. A well-maintained boat and up-to-date equipment are factors in your favour.
In addition, if your boat has infiltrations or the bathroom doesn't work, you should also consider that. You may want to consider improving your boat to make it more appealing by taking into account the negative aspects. Some improvements are inexpensive and can add a lot of value. They will also improve your photos- don't overlook aesthetics.
On Boats and Outboards, you can browse similar boats and see what price they are askings for.
Compare Prices on Boat Selling Sites
A quick and easy way to price your boat is to browse through websites selling similar boats and see what prices they are asking. It’s important to remember that every boat and every seller is different when comparing boat prices. When you see a boat that is similar to yours being offered at a lower price than the market average, there could be many reasons, such as an urgent sale, a hidden problem or because the boat is in an isolated location where the seller wants to encourage people to visit the boat.
Factors that Influence Boat Prices
Location
If your boat is in a more populated area where there are many other boats, prices may be more competitive but it will be easier to find buyers. Boats that are in quieter, more inaccessible areas tend to suffer when buyers need more.
Condition
The condition of your boat's mechanical system (engine, performance, hull, etc.), rigging (for sailing boats, you have to consider the condition of the mast, sails, etc), and aesthetics (everything else including interior, wood trim, gel coat, etc.).
Engine hours
In general, second-hand boats with fewer engine hours are better. However, the truth is often more complex. For example, if you had the choice between two boats, one with many engine hours and the other with hardly any, you should consider the year the boat was built before choosing it. The boat with the fewest hours should raise alarm bells, especially if it is much older. Poorly maintained and neglected engines are in much worse shape than ones that have logged more engine hours but have been properly cared for.
Poorly maintained and neglected engines are in much worse shape.
Model and Brand
If your boat’s model and brand are popular. It will be easier to sell and value. The shipyard the boat was built can also affect the price of a boat. Boats that are built by well-known high-end builders, such as Beneteau and Princess yachts, will command a higher price.
Size and Age
Age plays a significant role in a boat's condition and its engine hours; older boats are generally in poorer condition and have more engine hours which can cause concern for buyers and therefore increase their price. Unless the boat is a classic or antique, the rule of thumb is the older a boat is, the less valuable it is. A boat will depreciate the most during its first year of ownership, after which it will depreciate at a slower rate year by year. In general, the larger the boat, the higher the price. New boats are usually attractive because of up-to-date technology and systems. With older boats, buyers may also have concerns about the condition of the boat, particularly the engine.
Equipment
Often, boats are sold with accessories such as trailers and equipment that were bought by the previous owner specifically for that boat. The equipment, depending on its quality, can raise the price of the boat when it is sold as a package. Owners often offer the option of selling the boat separately.
Season in which you sell
The season can affect the speed at which you sell because boats are more likely to sell in the summer months than in the winter months since people want to take a boating trip during the summer heat best time to sell your boat.
If your boat is in an inaccessible location, consider lowering the price or moving it to a busier harbour.
How to Sell your Boat Quickly
Now that you have a much better idea of what your boat is worth, you can decide whether you want to sell your boat quickly or get the best price possible. Don’t think that a relatively high price will get your boat sold quicker, statistically speaking it’s very unlikely unless it’s a special boat. To sell your boat quickly you should fix a price between 10 to 20% lower than boats with similar characteristics, conditions and accessories. This will catch the eye of potential buyers and get your phone ringing. What you may lose in opting for a lower price, could be made up by a quick sale. By selling your boat faster, you can save maintenance, mooring and wintering costs.
Additionally, having all the necessary documents handy and organised will also considerably speed up the process of selling your boat. You should prepare a folder with all the relevant information to assure your buyer. This also conveys security and credibility. If your boat has been well looked after and is in good condition, but days go by without any calls from potential buyers, it could be because of your price. Try and compare your boat again to others on the market and adjust your price accordingly. You can also offer electronics and other accessories as add-ons for a competitive edge.
If you are buying or selling a boat, it is highly recommended that you opt for a paid method to ensure the best valuation of your boat. This can be done by hiring a professional surveyor to conduct a valuation of your boat. A professional will be able to thoroughly assess your boat’s condition and compare it to the market value to determine a price.
