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Determine Your Boat’s Value or be Undersold!

January 28th, 2009

by John Howard

Determining how much your vessel is worth a fundamental, but also one of the hardest elements of owning a hobby watercraft, especially when the boat is up for sale, but also for the buying counterpart, as well as for professional such as surveyors and insurance representatives.

If you are selling, the proceeds that you will get on your motorboat, sailing yacht or fishing pontoon will either determine how much you will have in your pocket if you are moving away from marine life, or if you are upgrading, it will settle on the size of your next vessel.

Even if you are buying, or trading in used boat for a new one, you should not let anyone fool you into believing that you should get anything but the best from the arrangement, and for this it is crucial that you manage appraise your boat correctly as a precursor to getting the best value out of it. .

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.

Therefore, the correct amount of forethought and organization is essential before finalizing any deal and for this, you have the option of either doing the evaluation yourself, or to hire a broker. Hiring a broker is the most straightforward solution, but it remains to be proven that the broker will earn his money’s worth.

In fact, as there is a lot of information available on the subject for those who are willing to spend some time educating themselves, you can do this yourself if you prefer not to be dependent on someone else’s opinion.

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.

For this, trade magazine classifieds (whether online or offline) are a fantastic place to start. Systematically collecting and comparing ads for similar boat classes over time will give you a very good idea of offer and demand, and therefore of current price levels.

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.

New boat exhibitions are good to gauge current fashions. Fashionable items demand a better price, and you can increase the value of your marine transaction by finding out what features and accessories are currently over- or undervalued.

About the Author:

BoatValueWorld.com is the premier resource for boat prices on the Net, with information on subjects such as how to buy a boat, as well as on yacht prices, selling boats, boat sale negotiation, value-for-money refurbishments - and much more!