When selling your boat, how do you decide what a fair price is? It is important to determine the right price before you put your boat on the market so you don’t end up losing out by charging too little or have trouble selling it at all by asking too much. Here are a few tips on how to establish a fair price so that everyone wins.
Many boat sellers will simply opt to look up the book value of their particular model and set the price accordingly. However, it’s not always as straightforward as that and one has to consider a few factors.
Face Value
As a buyer, one should never accept something at ‘face value’. It may look fantastic but one can never know what cracks have been plastered over, so to speak.
Conversely, as a seller, you should always ensure that your boat at least looks spectacular, as this could be the deciding factor with an easily persuaded buyer. A new gelcoat, reupholstered seats, and replacement of broken fi ttings are a cheap alternative to what you’ll have to knock off the price if your boat’s cosmetic condition isn’t quite what it should be. A boat that runs perfectly but looks dreadful could see you lose out on as much as half of what you’re looking for.
On the other hand, a well cared for boat in pristine condition – superficially speaking – could push your boat even above book value. So, spruce her up. It’s worth it.
Electronics Won’t Sell
There are two problems with wanting to bump up your price because of an electronic unit(s). Firstly, boaters and anglers are usually quite particular in their preference of electronics and the buyer might not like the Garmin fish finder you have installed and will rather opt for a Lowrance unit.
Secondly, electronics, be it a fish finder, chart plotter, GPS, or anything else, become obsolete very quickly. Last year’s model is already out of date and the buyer will usually want new technology to go with his or her new boat. So, if you were counting on your electronics to increase your selling price, think again. A more realistic estimation would be to add no more than a third of the replacement value of your electronics to the book value of your boat.
