What Is The Value Of My Boat?
You’re considering the best way to sell or trade your marine pride and joy, but how do you know what it is truly worth? The adage about value based on “what the market will bear” naturally depends on supply and demand for comparable boats.
In any case, always having an idea about its market value beforehand, should be useful for someone who looks for replacements every couple of years. Knowing how boats are priced out might help make finding one cheaper than expected too!
There are many factors that determine the value of a pre-owned vessel. The most obvious ones include size, age and model but there is more to it than just these features. Condition, location and equipment all affect a boat’s worth. We have just the tool here to find out your boat’s value but, there are ways to get that higher price you’re looking for.
Here are the key points that will determine the value of any boat;
Age – Boats, like cars, lose value over time. – without new technology updates combined with normal wear-and-tear from usage, your old model starts losing its residual worth quickly. This is why purchasing one that has recently been updated can help avoid expensive maintenance repairs down the line.
A vintage boat on the other hand, is all about age! As long as the vessel has been taken good care of and even updated with the latest technology. Antique & Classic Boat Society has five different categories, each based on the age of antique vessels;
- HISTORIC – A boat built up to and including 1918.
- ANTIQUE – A boat built between 1919 and 1942.
- CLASSIC – A boat built between 1943 and 1975.
- LATE CLASSIC – A boat built 1976 to the year 25 prior to the current year.
- CONTEMPORARY – A wooden boat built within the last 25 years.
Mechanical & Physical condition – The condition of the boat is just as important as its age. Some older boats remain in great shape and are worth more than newer models that have not been properly maintained, so it’s crucial to examine both aspects before selling or making a purchase. The mechanical state should be checked first-old motors can cause significant problems if they’re put into service without checking their value or functionality beforehand! Further examination will reveal whether there are any signs of corrosion on the exterior metalwork; this could point out potential leaks inside which need fixing.
First impressions? Good cosmetics and visual appeal always goes a long way! A boat with clean paintwork will always be more appealing than one that is covered in dirt. If the vessel has been washed or waxed recently, potential buyers are sure to notice this as well because they know how much care was taken when maintaining the yacht.
Keeping a boat in good condition and keeping up with the maintenance is one of the best things you can do if you are wanting to sell it. Regular upkeep, proper winterization and frequent oil changes all show that your vessel hasn’t been neglected. A boat kept in these conditions, can command a higher price!
Make, Model & Size – Some boat makers have a reputation for their quality of work and the longevity of life in their boats. Some manufacturers are known for producing high-quality, long-lasting products that withstand any water or weather conditions with ease, while some lower costing models still perform well but may be less durable than higher priced ones.
In general, the larger the boat, the more value, if for no other reason than these required more material to build. However, keep in mind that a somewhat smaller craft by a more reputable boat builder can retain a higher value than a bigger boat from a less respected manufacturer.
History – Your boat’s history can make it less desirable if it has weathered a storm-battered past! Even if you have refurbished the vessel to perfection, you may find that buyers are not so interested as soon as they learn of your craft’s wrecks or being sunk and then renovated; this could leave a dent in its value for sure.
We make this easy for you… On each listing at Boatcrazy, you are able to get a report of the boat’s history.
Accessories – The way a boat is outfitted (equipped) makes an impact on the vessel’s appeal. Newer electronics are attractive and will make boats more appealing, but these grow outdated quickly so buyers should not put much of a premium if they’re getting older. If the vessel has advanced technology like AIS, satellite communications or radar systems that have been updated recently – typically less than ten years ago – then this would raise their price
Fix it up – As with selling cars or homes, fixing parts that are broken and updating what needs to be updated will help you establish the real value of your boat. Sometimes even minor upgrades can make a major difference in how much buyers would pay for it. Make sure your boat is ready before putting her up for sale. Taking photos in good lighting and removing any personal items might also increase your crafts appeal.
Comparative sale – Boat prices are constantly changing and fluctuating. If you’re looking to sell, try comparing boats of similar types and size in recent sales. Comparing against other boats within your region gives a more accurate representation of how much they might be worth at this point in time.
The real value of buying and selling a boat! – Boat buying and selling can be tricky, but don’t let it stress you out. With a little research up front, taking advantage of your time on the water with an experienced guide, speaking to brokers who know their way around boats in your area and comparing resources like histories or C&V surveys from reputable dealerships-you should have all you need to make an informed decision about selling or buying your next craft!
But no matter what type of boater you are, we can help by providing everything from boats for sale all the way through to financing options.
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