Boat Evaluation - A Crucial Step for all Owners

By John Howard

Establishing the monetary value for a boat is one of the most important and sometimes the most difficult aspects of dealing with pleasure boats, from the perspective of the seller but of course also for other parties such as buyers, brokers, insurers and marine surveyors

If you are selling, the proceeds that you will get on your motorboat, sailing yacht or fishing pontoon will either determine how much you will have in your pocket if you are moving away from marine life, or if you are upgrading, it will settle on the size of your next vessel.

At first glance buyers may think that the subject is less crucial for them as there is a lot of choice of similar boats with clear prices, but make no mistake - don't become complacent and forget that not getting the best deal may mean losing tens of thousands of dollars.

But doing this is easier said than done. Without adequate knowledge of boat values, without knowing about the current market situation (often influenced by season and location), chances are that you will end up less well off than you thought. There are possibilities that you will do a deal which might seem to you very profitable in the beginning, but that a few days later you might realize that you could have got a much better deal in the nautical transaction.

Therefore, the correct amount of forethought and organization is essential before finalizing any deal and for this, you have the option of either doing the evaluation yourself, or to hire a broker. Hiring a broker is the most straightforward solution, but it remains to be proven that the broker will earn his money's worth.

On the other hand, why should you hire a broker and spend money and time waiting for other peoples judgments to affect you? There is plenty of information available on industry publications and on websites, so if you have the option of doing the boat evaluation yourself, then why not do it?

To become your own appraiser for boat values, you need to look at as many resources as possible - and there are plenty of books and websites on the subject. Your aim should be to come up with realistic minimum and maximum process for the kind of boat you want or are about to sell.

Online or paper trade magazines are a very popular source to compare the min-max values of your boat with comparable objects - check out classifieds, journals, various yards and boat traders. You will find plenty of listings with prices, and if you look at various ads over time (in different issues) you will get an idea of how fast objects are selling, that is if the asking price was right.

Marine get-togethers such as boating festivals are also a great source. At your local marina, you could just meet the right experienced seaman who is willing to chat about boat values with you, giving you the insights you may have missed.

Lots of new makes and models are introduced in these festivals every year and so you Going to trade shows will also allow you to get an idea of current fashion. What is in fashion sells, and if you can add slight modifications to your vessel to make it look hotter, your boat's value will increase.

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