Thursday, June 30, 2022

How Much Is My Boat Worth

What Will Increase A Boats Value

How Much Is My Boat Worth In My Opinion

Good cosmetics and visual appeal always add value or at least they get the boat noticed by a potential buyer. A washed, waxed and covered vessel shows it has had good care and that raises the perceived value.

Good cosmetics and visual appeal always add value and help the vessel get noticed by interested boat buyers.

A well-documented history and maintenance records help immensely. Regular upkeep, proper winterization and frequent oil changes all show that a vessel hasnt been neglected and the boat will command a higher price perhaps 10% 20% over the listed average.

A Couple Of Extra Things To Consider

Emotional pricing

Sometimes owners put so much money and hard work into a boat that they value the boat higher than the market does. It takes time and a few low ball offers to wear down the emotional seller to a more rational price point. Sometimes, the seller sets an idealistic price and wont budge because they dont really want to sell. We have encountered this a few times and we move onto the next boat.

Emotional buying

The corollary to emotional pricing is emotional buying. Sometimes we fall in love with a boat something about the interior layout or the lines or the color of the hull, even the name can have a profound influence. We cant help but let our emotions in to the decision making process, but we have found that they should be reserved for the final decision. In order to minimize our emotions we try to quantify everything in terms of numbers and put it in an excel sheet.

A final note, take all of this with a grain of salt and USE YOUR JUDGMENT! The calculator and recommendations above are in no way fool proof. As Publilius Syrus wrote: Something is only worth what someone is willing to pay for it. Good luck and happy boat buying!

What If A Boats Price Is Over That Stated In Guides

Although valuation isnt an exact science and values in guides are broad brushstroke averages, if a boat is priced well over these guidelines, youll want to ask the broker for the reason. Sometimes, sellers are emotional and unrealistic or they dont really want to sell the boat and are fishing for an offer they cant refuse.

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Step : Value By The Numbers What Will It Cost To Get The Boat To Fair Condition

When we go to inspect a boat, we write down any projects and repairs that will need to be done . Our goal is to list all the boat systems that need work and any parts that should be repaired or replaced. Next we assign a material and labor cost to each project.

In general, we dont add normal maintenance costs because that would skew the value and be unfair to the seller. The exception is if the seller hasnt been maintaining the boat and we would be playing catch up.

We add all of the repair costs to the list price for a total . Often we often multiply the repair costs by 1.25 as weve found we are usually optimistic about price and time.

Example:

Upon inspecting the Dufour 35 I discover there is some work to be done! The GPS doesnt work , the main sail is wrecked beyond repair and the furler needs to be replaced . Ill have to spend at least $6,000 fixing up the boat, which I multiply by a factor of 1.25 . So, I estimate it will be $7,500 to get the boat into fair condition.

How Much Does A Used Cabin Cruiser Boat Cost

How Much Is My Boat Worth? Full Evaluation Guide in 2021 ...

On average, a used cabin cruiser boat can cost anywhere between $20,000 and $300,000. However, depending on the make, model, condition, and used hours, you can get a used cabin cruiser for $20,000 or less, and likewise, you can get a used cabin cruiser for $300,000 or more.

As mentioned earlier, the cabin cruiser boats are the bigger version of the cuddy cabin boats. These boats are large enough that a couple or family can easily spend a long weekend in one. Unlike cuddy cabins, many of these boats are not small enough to be put on a trailer.

This makes them versatile boats for vacationers who dont necessarily live on the water year-round.

Here are the average prices of some of the used cabin cruiser boats available in the market.

Cabin Cruisers Boat
2017 Sea Ray 370 Sundancer$359,995

These boats are good for spending long weekends in one, and you can get an old used cabin cruiser for $50,000 or less. However, it can cost you $100,000s for bigger ones.

Related post Why are boats expensive ? Check this article to know all the reasons why they are priced so much and the best time to buy one.

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Find The Right Surveyor

Your dealer usually has a surveyor who appraises your boats value, but a second opinion doesnt hurt. Youll want someone to survey your engine, deck, hull, and general condition. With the engine, an oil sample analysis should be taken. This wont increase the value of your boat, but it will help you get an idea of how much your boat is worthincase your dealer tries to pull a fast one on you.

Having your boat surveyed may also help to uncover any cosmetic or mechanical damages that you were unaware of.

Kelly Blue Book Boats Tips

You need to be sure about the genuine value of the boat before making a purchase. You should be well prepared, or you will get scammed while purchasing a boat. A good understanding of the value of a boat can help you arrive at a good final price.

Also Read: How to Use the NADA Guide to Set Boat Values

Following are some tips that you need to keep in mind:

i. No one can compel you to purchase an over expensive boat if you have set your mind and budget on a particular type of boat.ii. The dealer might try to turn your mind towards expensive boats to make a good profit.iii. Referring to Kelly Blue Book Boat will help you in saving a lot of money if you already have made your mind on what kind of boat you want to purchase.iv. Do not get trapped into purchasing an expensive boat that is out of your budget.

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How Much Does A Used Cuddy Cabin Boat Cost

On average, a used cuddy cabin boat can cost anywhere between $10,000 and $100,000. However, depending on the make, model, condition, and used hours, you can get a used cuddy cabin for $10,000 or less, and likewise, you can get a used cuddy cabin for $100,000 or more.

The name CUDDY implies a small room or compartment, especially on a boat. These cuddy cabin boats will have a small cabin inside the boat, offering a sleepover in the boat. A benefit to this type of boat is that it is small and light enough to attach it to your towing vehicle on a trailer.

Smaller cuddy cabins will consist of a bed only inside the cabin, and larger ones will hold a sleeping area, a dining area, and even a bathroom. But bigger it becomes, it is known as cabin cruisers, which you will see next to this part.

Here are the average prices of some of the used cuddy cabin boats available in the market.

Cuddy Cabin Boat
2019 Bayliner 742R Cuddy Cabin$104,207

You can get a good used cuddy cabin boat for less than $40,000. So, if cruising and sleeping in the boat is your thing, a cuddy cabin boat is a good choice.

Step : Do Some Comparison Shopping

How Much Does a Boat Cost to Buy?

We always start by comparing the boat were interested in with similar boats in the local area. The easiest way to do this is by searching yacht brokers, Craigslist, and Kijiji within a 500 mile radius.

Next, we do a search on Yachtworld and Sailboat Listings of the boats exact year and model. While searching, weve noticed that in places like Mexico, boats will be much cheaper. So searching in other areas has limited applicability for buying a boat locally.

There are three important things to consider when comparing used boats

  • The condition Some boats are better maintained than others which will be reflected in the price
  • The location some boat markets are cheaper than others
  • The year the boat was built expect lower prices for older builds

Example:

I search for Dufour 35s on Craigslist, Kijiji, Yachtworld, and Sailboat Listings and here are the results:

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Five Criteria To Help Assess Vintage Boat Values:

  • History who owned it , did it win any famous races, and was it used in a notable event or movie? Documentation is generally needed to prove any of the above.
  • Rarity how many were initially launched and how many have survived?
  • Styling as with cars, a unique or much-appreciated aesthetic will raise the boats value.
  • Condition is the boat in excellent and original condition or was it restored and how expert and accurate was the restoration?
  • Seaworthiness can the boat be used on the water?
  • To help price a vintage boat you want to purchase or sell, get acquainted with available online resources. Boat clubs and shows are great places to learn the basics and classic and wooden boat shows take place all around the country. Other resources include the Antique and Classic Boat Society, the Chris-Craft Antique Boat Club, the Antique Boat Center, Antique Boat America and Woody Boat magazine. Also, a visit to a wooden boat restorer will help assess what it takes to work on, maintain and budget for classic boat ownership.

    Use A Price Curve To Estimate Used Boat Market Values Over Time

    In evaluating a particular boat we have as gone as far as making depreciation curves. Dont worry it sounds complicated, but its not. You can .

    We collect all the listings for comparable boats in Excel and then plot them on a scatter-plot graph.

    For example, if we are looking at a 41 Beneteau, we search for all Beneteaus in the 40-43 range. We put the age and price of every boat into an excel document and plot them on a scatter-plot graph.

    Next, we add a trend line to fit the data. This will give us an idea of what the price of the boat is doing over time and we can project where the price will be going in the next few years.

    If we are planning to sell in a few years we would want to be near the beginning of a low slope segment of the trend line. Sometimes the trend line is skewed by overly-idealistic sellers or junk boats, which we consider outliers and often strike from the data.

    Example:

    I plug the prices I find into the Calculator and I get the following trend line. The more data points you add to the excel sheet the better your estimate will be! 5 data points is not great, but its all I could find for a Dufour 35. Based on this curve line I should assume that a 1979 Dufour 35 is worth ~ $29,000.

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    Kelly Boat Blue Book True Worth Of A Boat

    Now, many of you would have this question in mind that on what basis does Kelly Boat Blue Book indicate the true worth of a boat? So, there are a lot of factors that play a crucial role in deciding the actual worth of a boat. The boat value is set depending on the manufacturing year, the model, and also the brand. A bunch of other factors like the present working condition of the boat and the mileage is also taken into account. Kelly Boat Blue Book also allows the customers to use the free calculator to find the price of the boat.

    Also Read: What Guide do I use to Discover my Boats Price?

    Tips To Increase The Value Of Your Boat

    How much is my boat worth?
  • Save all maintenance records
  • Wash and polish at least once a season
  • Cover the boat when not in use and especially in the winter
  • Follow manufacturer instructions for winterisation and maintenance schedules
  • On sailing boats, inspect the mast annually and replace fatigued rigging
  • Rinse trailers thoroughly, especially when used in salt water
  • Liked it? Share it!

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    What Guide Do I Use To Find My Boats Price

    NADA is the blue book that both buyers and sellers refer to when trying to price a water craft. In fact most banks refer to it when they are considering giving out a loan with the boat as security or if the client is considering buying a boat.

    The NadaGuides.com website is where you will want to start off to determine the selling price of a boat as it will give you the low and high value of the boat. Off course you should understand that NADA may not be able to ascertain the actual condition of the boat so damages to it may bring down its value when the bidding starts, but you may not get that information there.

    Boat Values And Prices Shouldnt Be A Mystery Heres How They Work

    Understanding boat prices should be like understanding car prices, right? Just look up the NADA or Kelley blue book value and youre on your way.

    Unfortunately its not that easy! Why? Because many personal watercraft and boat models arent listed in boat value guides.

    Fortunately there are a few different way to go about determining what a boat is worth. Well walk you through each of these options.

  • Hiring a professional pay a surveyor or broker to tell you what your boat is worth
  • Use online calculators well list a few different sites you can use to look up boat values for the most common makes and models.
  • Do your own boat value calculation HIGHLY RECOMMENDED. Well show you how to calculate the value of ANY boat by walking through an example. Dont worry, the math is easy and weve provided a free downloadable calculator at the end of this post.
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    How Does A Boat’s Condition Affect Price

    The biggest single determining factor in just how much a boats value will vary when measured against other boats of the same type and age is its condition.This includes both mechanical and cosmetic conditions.

    Obviously if the engine doesnt run, you have to expect to price your boat at a fraction of the competition. Cosmetic condition is nearly as important, because no one needs to buy a boat and its usually an emotional purchase. So a great-looking boat that a buyer falls in love with at first sight can command a much higher price than one that looks old and drab.

    In many cases, its worth investing in some repairs and/or elbow grease, before you price and sell your boat. Trying to sell one that doesnt run can require extremely low pricing or even be virtually impossible. And spending a day or two waxing and shining up a boat makes it much more likely youll be able to get top dollar.

    Research Local Boats For Sale Listings

    I put a Engine Dive Bracket on my Boat! Was it worth it? {Before & After Results}

    Whether youre looking at a local newspaper, magazine, or localized internet listings like those on Craigslist, since the volume of listings will be lower than the national numbers you may have a tougher time finding directly comparable makes and models for sale.

    That said, if you do find similar boats listed you may see a more realistic number because the location the boats being sold in is the same as your own and location does impact value. On the flip side of the coin, its still normal to see somewhat inflated numbers as boats priced properly tend to sell faster and be listed for shorter periods of time than those that are overpriced.

    After looking at these three sources you may feel like youve managed to uncover how much you should ask for your boat, but there are still variables you need to account for before you can answer the how to price my boat for sale question. These include:

    • The boats condition
    • The quality of its electronics and how modern they are
    • Accessory gear and/or upgrades youve made to the boat

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    Step : Evaluate The List Price

    We always take the listed price with a few grains of salt. From talking to yacht broker friends and from our own experiences, boats almost never sell for the list price. In fact, its just a starting point for negotiations. It is usually set high because the culture in sailing is to offer 70-80% of the list price.

    Craigslist is especially useful for finding cheap boats, we share the secrets for searching out great deals on Craigslist.

    If we are interested in a boat we usually ask for a copy of the most recent yacht survey. The survey will tell you a bit about the boats history and what the boat was worth at the time of the survey. Beware of sellers who use 10-20 year old survey reports to justify their current asking price.

    Example:

    I go on Craigslist and find a Dufour 35 sailboat from 1979, listed at $20,000. I contact the seller and ask for the most recent survey. They send me a 15-year old survey that lists the boats value at the as $45,000.

    Boat Values Kelley Blue Book

    Valuing a boat relies on many elements. Sellers will frequently ask, How much is my boat worth? and also buyers consequently regularly wonder, Will I pay too much for my boat? Naturally the final price hinges on both the buyers affection for the vessel and the vendors tendency for negotiating.

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