August 14, 2018
How do you estimate the market value of your boat? Our advice to find the right price!
The big day is here. You have decided to sell your boat. But how can you be sure of its value? It's not always easy to find the right level amongst all the boats for sale on the Web. Here is our advice to find a sensible market value for your boat.
1. Steer clear of sentimental value
First of all, you must step back from all the emotions attached to your boat and your experiences aboard her over the years. Put aside your memories of various escapades, fishing trips, and cruises. You must think of your boat as a material possession only. Having taken this painful but necessary step, you can now determine its price according to some very specific criteria.
2. Situate the age of your boat.
Your boat's age is a factor in the initial estimate. Bear in mind that a one-year-old model is subject to a significant devaluation with respect to its new value. This first reduction is difficult to accept, but it allows you to set the price on the second-hand market at a level where it is not competing with new boats, which are often advertised with promotional offers. In subsequent years, further devaluations are smaller but continual.
3. Evaluate the condition of your boat.
A simple arithmetic devaluation, however, is not enough to give a reliable figure. The condition of your boat must be taken into account. You have taken care to have your boat serviced, with the recommended periodic replacements, and each year you store the boat in a dry place after the end of the season. You are a model student! With no anticipated repair costs, no penalty is applied to your boat's price, and that is a good point.
4. List the equipment included
The equipment supplied with the boat is another essential element. A recent set of sails for a sailing boat, or a recently replaced motor for power boats, would be investments that you can factor into the appraisal. Take care, however, not to add the value of all your options, at the risk of overestimating the total price.
5. Consider the external context
The value of your boat will also depend on the economic and geographical context at the time of placing your boat on the market.
6. Assess the popularity of the model
In parallel to this, you must assess the popularity of your boat. Is that model still on the market? Is it a model that has received special recognition in the sailing world? You should investigate this question by seeking information from manufacturer websites and looking through specialist magazines. Also remember to compare it to similar models, for a better overview of the segment to which your boat belongs.
7. Look through the classified ads.
Finally, the classified ads on the internet can give you an approximate price range. Take the time to look at several sites, both French and international, to reach an average figure supported by facts. The advertised prices are rarely the actual selling prices, which is why you need to carry out your study from A to Z in the most neutral frame of mind possible.
Despite all of this advice, estimating the market value of your boat without assistance is a difficult thing to do. Band of Boats makes it easier with SmartValue: an immediate estimate for your boat according to a unique method based on years of boat evaluation experience.