How to Determine The Value of a Used Boat

Used boat value is a subjective figure that can be determined by taking a number of factors into consideration. If you're buying or selling a used boat it's essential that you determine its value to make sure that you don't pay too much or receive too little.

Instructions

1. Assess the condition of the boat. Used boat value is primarily determined according to four condition categories - excellent, good, fair, and poor. Things like leaky seals, chipped paint, and ripped or torn upholstery will all affect the overall condition rating. Boats in excellent condition will command the highest prices while boats in fair or poor condition will experience a dramatic reduction in value.

2. Check classified ads to see what other people are asking for similar boats. This is a great way to get an idea of what market value is for a specific boat. Make sure that you look at a number of boats to get obtain an accurate average value, because some people list their boats at inflated prices hoping to catch inexperienced buyers and these prices aren't representative of actual boat values.

3. Use a valuation book. You can purchase a boat valuation book at most marine shops or book stores that you can use to determine a range of values for a specific make and model of boat. These values are sorted according to year as well, so it's very easy to find accurate information.

4. Call a dealer and ask for their opinion. Most marine dealers have lots of experience in pricing boats and should be able to give you good idea of how much a boat is worth. As soon as they answer the phone, ask to speak to someone in used boat sales and give them all of the information that you have about the boat. It should take less than a minute and they'll be able to give you an idea of what it's worth.

5. Place your boat for sale and gauge the response to your ad. This step pertains to people who are selling a boat rather than buying one, but it is very effective. Sometimes the best way to know if your price point is correct is to try it out. If you don't receive any calls or emails about your boat, or people tell you that your price is too high then you know it's time to make a change.