What Is The Value Of My Boat?

8 key things that determine the value of any boat

Are you considering the best way to sell your boat but don’t know what it’s truly worth? The old adage about the value is based on "what the market will bear" naturally depends on supply and demand and these days because supply is low people are receiving more for their used boast than ever before.

There are many factors that determine the value of a pre-owned boat. The most obvious ones include size, age and model but there are additional features to keep in mind.  Some of the key determinants of perceived value are location and equipment upgrades. There are also ways to maximize the price you receive for your pre-owned boat with a moderate amount of effort.

Here are the 8 key things that determine the value of any boat

1. Age - Boats, like cars, lose value over time. - without new technology upgrades combined with normal wear-and-tear from usage, your old model starts losing its residual value quickly. This is why purchasing a boat that has recently been updated can help avoid expensive maintenance repairs down the line.

Conversely, a vintage boat, is all about age! In this scenario it is vital that the vessel has been carefully maintained and additionally updated with the latest technology. The Antique & Classic Boat Society has five different categories, each based on the age of antique vessels:

CONTEMPORARY - A wooden boat built within the last 25 years

LATE CLASSIC - A boat built 1976 to the year 25 prior to the current year.

CLASSIC - A boat built between 1943 and 1975.

ANTIQUE - A boat built between 1919 and 1942.

HISTORIC - A boat built up to and including 1918.

2. Physical and Mechanical condition - The condition of a boat is just as important as its age. Some older boats remain in great shape and are worth more than newer models that have not been properly maintained, so it's crucial to examine both aspects before selling your boat. Old motors can cause significant problems if they're put into service without checking their value or functionality beforehand. Further examination will reveal whether there are any signs of corrosion on the exterior metalwork; this could point out potential leaks inside which need fixing.

3. First impressions - Good cosmetics and a nice visual appearance is very important. A boat that is clean and detailed will always be more appealing than one that is dirty and rusty. It’s important to make sure the boat has been washed, waxed and ideally detailed before you try to sell it as potential buyers are sure to notice how much care was taken when maintaining the yacht.

Keeping a boat in good condition and keeping up with the maintenance is one of the most important things you can do if you if you’re every planning to sell your boat. Regular upkeep, protecting it from sun damage, proper winterization and frequent oil changes all show that your vessel hasn’t been neglected. A boat kept in great condition, can command a higher price.

4. Make, Model & Size - Some boat makers have a reputation for their quality of work and the longevity of life in their boats. Some manufacturers are known for producing high-quality, long-lasting products that withstand any water or weather conditions with ease, while some lower costing models still perform well but may be less durable than higher priced ones.

In general, the larger the boat, the more valuable, however, keep in mind that a somewhat smaller craft by a more reputable boat builder can retain a higher value than a bigger boat from a less respected manufacturer.

5. History - Your boat’s history can make it less desirable if it has weathered a storm-battered past. Even if you have refurbished the vessel to perfection, you may find that buyers are not so interested as soon as they learn of your craft’s wrecks or being sunk and then renovated; this could leave a dent in its value for sure.

6. Accessories - The way a boat is outfitted (equipped) makes an impact on the boats appeal. Newer updated electronics are attractive and will make boats more appealing, but these grow outdated quickly so buyers should not put much of a premium if they're getting older. If the boat has advanced technology like AIS, satellite communications or radar systems that have been updated recently - typically less than ten years ago - then this would raise their price

7. Fix it up - As with selling cars or homes, fixing parts that are broken and updating what needs to be updated will help you establish the real value of your boat. Sometimes even minor upgrades can make a major difference in how much buyers would pay for it. Make sure your boat is ready before putting her up for sale. Taking photos in good lighting and removing any personal items might also increase your crafts appeal.

8. Comparative sale - Boat prices are constantly changing and fluctuating. If you're looking to sell, try comparing boats of similar types and size in recent sales. Comparing against other boats within your region gives a more accurate representation of how much they might be worth at this point in time. 

Boat buying and selling can be tricky, but can be easily managed. Focusing on the 8 key things we have reviewed will help you navigate the process and be successful.  

If you’re looking for additional help a boat broker is a great resource to help you determine the value of your boat and get you the best price. Boat brokers have an experienced-eye, a sense for the local market and also access to a massive database that shows the actual SELLING prices for boats.

For more information about getting the right price for your boat contact Shane Faunce at Tampa Yacht Sales at (813) 696-3477 for more information or view our current listings.