How to Price Out a Boat Properly and Fairly

Price Out a Boat Properly and Fairly: As the saying goes, “Money makes the world go round”. Well in this case, price (and awareness) is what will make your boat sail off into the sunset. It’s a tricky predicament when pricing your boat: ask too much and you won’t have many people interested but if you ask too little then buyers will wonder if there is something wrong with it!

Price Compare

An essential part of pricing is doing your research properly to find out what is available in the market. Online research is very effective as you are exposed to a large number of vessels worldwide, however, a more local approach is also necessary so best to talk to brokers, dealers and your yachty friends in the marina to evaluate a fair price. Most importantly, make sure you are dealing with a comparative boat that is the same model, year, brand and so forth; compare apples with apples. Once you have a vessel with similar specifications then the only real difference is the option choice: additional equipment added, upgrades, clean, and maintenance. A ballpark figure of these upgrades can be added to essentially give you an overall fair price for your vessel.

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Validate your Asking Price

Once you have a general price range of comparative boats with similar specs, give or take a few upgrades, then factor in any other issues that will help you reach the absolute minimum price you are willing to accept for the Sale of Your Boat, such as outstanding loans or associated costs, transfer costs, and so forth. Ideally keep an updated maintenance record and take note of equipment upgrades as this will help when negotiating and will validate your asking price.

Allow for Negotiation

Don’t forget to leave yourself some room for negotiation; as certain buyers feel cheated if they have not haggled a little. As tempting as it is to advertise “OBO – or best offer’ to hook a prospective buyer, don’t do it as this will only weaken your position. While you want to give the impression that you are open to talks, you don’t want to come across as desperate to sell. Of course, if selling is a must and a necessity then you may opt for this quick sale standpoint.

(Note: Want more buyers for your boat? Download this FREE Template & Boat Selling Strategy to start getting more sales enquiries for your boat today!)