How to Determine the Value of a Boat
Selling your boat requires you to appraise it accurately to get the best price. It can be a challenge to set the right price because of your history and emotional attachment to the boat.
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Instructions
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Consider the boat's "true age" and factor in standard depreciation. Boat values depreciate greatly in the first year. Check with N.A.D.A. Marine Appraisal Guide online for an accurate starting value for your boat's make, model and age.
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Look at various online boat listing services to get an idea of what others are asking for similar crafts. It helps if you can find an exact duplicate in the same area of the country. Location makes a difference.
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Examine the hull of your boat critically. Look for any nicks, dock rash, scrapes, missing chunks of fiberglass, dents in metal and cracks in rubber or plastic pieces. It is normal for a boat to show appropriate age, but the buyer expects the price to reflect the true condition. The structural integrity of the hull is a primary consideration in assessing value. You must repair any damage that compromises the hull to the point of leakage, rot or sagging.
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Make sure the engine runs well and is completely serviced for the appropriate time of year. Hopefully, you have complete maintenance records. The second most important component is the motor and its components. Any malfunctioning parts in the drive system greatly reduce the boat's value. In fact, a hull, no matter how good the condition, is worth very little without a strong, working engine.
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Make a list of the optional items you will include with the sale of your boat. Make sure the items, such as life jackets, are in good working order.
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References
Resources
- Photo Credit boat image by pearlguy from Fotolia.com
