Determining the market value of a vessel is key when trying to sell a boat. By doing your due diligence, you can better assess a boat’s value and make a decent profit. Here is a brief overview of best practices to follow when pricing boats.
How to Accurately Price a Boat for Sale
1. Search the Boat Manufacturer’s Website
One of the best means to sell a boat is to determine its worth straight from the source. Some manufacturer websites include pricing information and highlight builder tools that enable buyers to survey models and select add-ons. This tool can be helpful in calculating the value of your boat model and its features. However, not all boat manufacturers offer this search ability.
2. Check Current Guide Values
Guides such as the National Automobile Dealers Association (NADA) and BUC® can help you determine the value of a boat. NADAGuides collects data from dealers all over the country to update the latest resale values every two months. BUCValu.com™ advertises used boats and yachts for sale worldwide, which helps in determining the price value when trying to sell a boat.
3. Compare the Boat to Similar Listings
Comparing your boat to similar listings allows you to properly gauge its market value. Consider factors such as type, age, and size when trying to sell a boat. Assess mechanical conditions, electronics and equipment upgrades, cosmetics, and any added accessory gear.
Location can also play a role, as some buyers prefer freshwater boats as opposed to boats that have been docked in saltwater. Overall, it’s best to check as many sources as possible to verify average listing prices for comparable boats.
When you’re looking to buy or sell a boat, turn to World Class Yacht Sales, Inc. in New Port Richey, FL. This expert team of yacht brokers has served the local community for 15 years, specializing in marketing and selling used boats. Buyers can find quality used vessels to accommodate their price range and preferences, while sellers can rest assured they will receive a customized marketing plan to get a watercraft sold for a fair price. Call (727) 945-7500 or visit their website for more information.
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