Boat Restoration And Upgrade Costs
In case you skimmed over it just before this section, I want to highlight again the importance of understanding that upgrades or restoration costs to a boat do not pass on directly to a buyer. You may have loved that new Garmin Electronics upgrade, but your buyer is a Raymarine fan. Why should they pay full price for your favorite gear? They wont They just wont!
How Much Should I Sell My Boat For
For most people selling a boat, the priceIsnt Right. And what I mean by that is that they either set their price to low or too high .
What is essential when pricing anything, much less an item as expensive as a boat, is to research the heck out of it and then price it just a hair higher than you conclude. We will get to the why in a bit.
The most obvious starting points will be public listings. If you want to know the best places to look for boat sales try these websites first:
Where Can Kelly Boat Blue Book Be Found
There are quite a number of great resources that can direct you when you want to buy a boat. Good examples are the NADA Appraisal Guides and the Kelly Blue Book.
The Kelly Boat Blue Book is simply referred to as the Blue Book. KBB is the original and most reliable source of information to determine what the value of the boat is. It has been useful in providing information for over 75 years now.
The NADA Appraisal Guides on the other hand had been founded since 1933. This is also a very useful source of information and it can be used to obtain latest review on the worth of the boat.
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Boat Prices And Boat Values
How and where you can find an accurate value for your boat, to determine boat prices and insurance values.
- NADA guides are the first step in assigning a boat value prior to selling or insuring it.
- A thorough survey of similar boats for sale on the open market can give more of a real-time feel for boat prices.
- You need to account for your individual boats unique perks and flaws.
The NADA guides are an excellent starting point, when determining boat pricing and value.
Find A Boat Dealer You Can Trust
We cant stress this one enough. Youll run across some dealers who are in the business of selling boats because they have a passion for boating, and others whose main interest is making a profit. Fortunately, there are a lot of boat nuts out thereand accordingly, there are a lot of dealers and salespeople who truly enjoy matching a person up with the boat theyre going to love. Yes, they still need to make a living and they will want to make a profit. But when you find a dealer you can trust, look them in the eye, and ask them to give you the bottom-line best price, youre likely to get an honest answer.
A good place to start is making sure youre buying from a .
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High Net Worth Insurance
If you have a range of high value items you may be best placed to consider a specialist high net worth insurance policy where you can cover a range of high value items with more extensive cover than a standard insurance policy may be able to provide. Insuring high value items can be complex, and it is vital to get it right given the value attached to these possessions. That is why working with an expert insurance broker in this area can give you added peace of mind.
At Anthony Jones we offer a bespoke service to individuals needing to protect high value possessions. We work closely with our insurance partners to provide insurance solutions for many types of high value possessions, including yachts, sailing and speed boats. Talk to us about our High Net Worth Insurance offering today on 0208 8290 9086 or email us at .
How To Use The Nada Guide To Determine A Boats Value
The memories you have created on your boat make it very precious and placing a monetary value to it may become a bit of a challenge when you want to sell it. Or you just may not have the knowledge needed to value it. And the same is true on the buying side – you want to make sure when buying boats, that you are not overpaying. Well that is why the NADA Guide is one of the best places to go when you want to determine the value of your boat.
One of the most common questions we receive at Nada Book Info is, “How do I find my boat’s value?”
It may seem simple for many of you on how to value your boat, but it is understandable that many people may not know how to use the NADA Guide website to determine the value of the boat. There are a lot of different options to choose. But don’t worry, below we will walk you step by step, and by the end of the article you will be sailing right through!
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How To Increase Boat Value
So you are considering selling your boat and want to get the most value for it as you can.Well, this guide should help assist in extracting as much value and pushing the price of your boat up when selling.
The first thing to do is work out the price of your boat in it’s current state so you have a baseline figure to work with. Once you have this number, it’s time to start improving the boat to get the most value.
Now, before we get into tips and tricks to increase the value, if your boat is already in top condition, these ideas will add a few hundred dollars to the value so you’ve got to balance out whether it’s worth it or not to add certain things.
And for those wondering, this applies to all owners of vessels like:
- Replacing Worn Items
- Add New Features
We’ll get into more details below and the ideas should have your boat and at worst looking and feeling like new. So it’s a win win situation.
Right, let’s start to increase that boat value!
The Kelley Blue Book Of Boats
Here is the meat of the article that you’ve been waiting for! There are 3 widely recognized sources for boat pricing, and I’ll discuss each of them briefly. The NADA Marine Appraisal Guide is absolutely my favorite of the bunch. It includes pricing for everything from motors to trailers, and is used by banks, finance companies, insurance companies, and even government agencies. Now that is accuracy you can rely on!
The next Kelley Blue Book of boats would be the ABOS Marine Blue Book which has ‘blue book’ right in the name. It is quite comparable to the NADA and is also used by a variety of institutions, but is locked behind a paywall which is why I don’t suggest it nearly as often. Overall it has almost the exact same functionality, except that you need to pay for it. If you’ve got money to burn or you just really dislike browser ads then it might be worth a subscription, but I suspect that most people will choose the free option.
Our last option for boat pricing is BoatWizard’s Sold Boat Database. I personally can’t attest to the quality of this one, as it requires an app download and my phone is already filled to bursting with apps and pictures that I can’t bring myself to delete quite yet. From what I understand it is based on the actual prices that boats were sold at, which leads me to believe the variation in pricing is much greater than what you’d find in one of the aforementioned boat Blue Books because of all the variables involved.
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Visit The Boat Manufacturers Website
Some boat manufacturers offer a builder tool on their website, and many include pricing. Some will offer to email you a quote after you complete a virtual build. These often allow you to price different features and options and can be very helpful in determining the value of the package youre looking at.
We have a list of links for NMMA Certified Boat Brands & Manufacturers to help lead your search.
Kelly Boat Blue Book True Value Of A Boat
How does Kelly Boat Blue Book give idea of the true value of a boat?
Kelley Blue Book boat value is determined based on the year of manufacturing, the model and the make of the boat. Present working condition of the used boat is also considered by the Blue Book. A host of other factors, like the mileage, is also put into consideration. The two sources of information are made available free of charges online. You can use their very easy-to-use calculators to determine what the true value of the boat is. This way, you will be able to get a honest buyer or seller for the boat.
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How Boatscom Can Help
The pictures you see at left and right are from listings for identical model 2008 Sea Ray Sundancers. The one on the left is in mint condition while the one on the right clearly shows its age. And even though these two boats rolled off the assembly line the very same year with the very same equipment, their difference in price is over 20 percent.
What Affects Used Boat Value And Price
There are a number of factors that determine the value of a pre-owned vessel. The most obvious ones include size, age and model. After that, there are more subtle elements like condition, location and equipment.
Condition divides into three general categories. Mechanical , rigging , and cosmetics
Boat location and condition are big factors in the value and asking price for boats for sale.
As previously mentioned, location will increase or decrease the price as well. In areas where boats are highly-concentrated such as lakes, rivers and the East Coast of the U.S., prices may be somewhat depressed due to a larger supply. However, selling a boat where there is a small population can also decrease the number of buyers and the price may adjust 10-15% downward. Use in salt or freshwater also affects the value since freshwater boats often have fewer corrosion issues.
Finally, the way a boat is outfitted makes a difference. Updated electronics are attractive and will raise the appeal of a vessel. However, electronics become obsolete quickly, so a savvy buyer will not put much of a premium for these if they are getting older. If the vessel has advanced electronics including AIS, satellite communications and radar, these will generally raise the price because they arent typical upgrades.
Boat electronics, navigational and communications equipment can add value to the vessel making them worth more in the eyes of interested buyers.
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What Will Increase A Boats Value
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.
Is There A Kelley Blue Book For Boats
Pricing a boat can be a nebulous equation that takes into account science, art, and of course personal taste. The final price generally depends heavily on how much the buyer likes the boat versus how savvy the dealer is at forging a deal. It’d be great to have a starting point. So is there a Kelley Blue Book for boats? As a matter of fact, there is. Multiple options are available and while they vary a bit in price, they should at least give you a decent starting point.
If you want to get the best price possible, your boat will need to look its best. The Better Boat is here to help with that! Whether that’s keeping your deck looking amazing with , shining the hull with boat marine polish, or keeping your chrome and metal gleaming with a quality marine metal polish. Maintenance is extremely important when it comes to the possibility of reselling. You can’t undo decades of wear and tear overnight, so keep your boat looking great at all times.
No matter how great your boat is looking, there will be a bit of discrepancy in the price which is up to you and the buyer or seller to decipher. We will go over all of these options that you can use as a Kelley Blue Book for boats. There are some significant pros and cons, so we’ll assist you in finding the pricing method that is the right one for you. Buying or selling/pricing a boat doesn’t need to be difficult, and we will make it as easy as possible for you. So let’s get started!
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Final Thoughts On Boat Pricing
After checking with guides, speaking with brokers, comparing online resources and histories and paying for a C& V survey, the bottom line on boat pricing is how much is the boat worth to you? That may move the price up or down. If youre the seller in need of fast cash, youll take less. If youre an emotional buyer with the dream of a wet summer, youll pay more.
Frequently Asked Questions
Negotiating Your Boat Purchase
Before you even begin to negotiate a final deal, make sure youve already gone through all of the above research and come to the table armed with solid background knowledge. Boat dealers know that todays buyers are savvy, can research boat prices, and have probably already talked with their competition. They know just what their overhead costs are and what level of profit they need to make to stay in business. Ask an honest dealer what the bottom-line price is, and youre likely to get a straight answer.
That doesnt mean, however, that you cant make some special requests. Dealers can sometimes add an extended warranty or an option or two to sweeten the deal, without taking too much of a hit. And remember, youll often be able to get a better deal if you:
- Buy a boat during the off-season or at the very end of the boating season, when dealers really want to move their inventory.
- Buy a leftover model year boat, which the dealer wants to move to make way for the next model year.
- Buy at a boat show, where the dealer may offer special incentives or reductions.
- Order a boat as opposed to buying off the lot, so the dealer doesnt have to pay floor plan .
To learn more about the entire buying process, financing or ownership costs, be sure to read:
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Boat Values From Nada Guides
Recreational Boating is a $100+ Billion industry. Over 12 million boats are registered each year. With an industry of this size, it is no wonder why many consumers research NADA boat values when they are looking to sell their own boat or trade it in to a local dealer. Many consumers can find a retail value but want to know what a boat trade-in value is if they want to trade their boat in to their local dealer. NADA boat values are the gold standard in the industry. Dealers, banks, and insurance companies all use NADA boat values. Not only do consumers need to value the boat itself, but they also need to value their motor and/or trailer too.
There are many different types of boats that include: Bowriders, Center Console Boats, Bay Boats, Freshwater, Wake & ski Boats, Pontoon Boats, PWC , Cruisers, Stern Drives, Outboards, and more. Some of the top boat manufacturers include: Sea Ray, Boston Whaler, Chaparral, Grady-White, Pursuit, MasterCraft, Yamaha, Formula, Malibu, Wellcraft, Glastron, Baja, Lund, Bayliner, Centurion, Ranger, and many more.
Use our FREE NADA Boat Value tool below to instantly value your boat to find out what a dealer might pay you for it. This will also give you an idea of what it might be worth if you try to sell it on your own.
How Much Does A Boat Broker Charge
Typically a Boat or Yacht broker is going to charge a commission fee of between 5% and 10%. Thats typically and the factor that is usually going to affect what you will pay is the size of the boat. A broker selling an 80ft Yacht can and should charge more for their services than someone who is simply listing your 20ft center console for you.
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How To Improve Your Boats Value And Bring Out Its Best Side
When you show off your boat, whether its on the water or to a buyer, you want any onlookers jaw to drop. This wow factor is often viewed as your boats value from little touches like keeping it clean to big changes like upgrading the upholstery, each change will help increase your boats worth. If you want to take your boat up a notch, heres how to improve your boats value.