How To Price Your Boats: The Selling Price vs. Asking Price

Selling your boat? It can be a lot of work, but the payoff is well worth it.

But what if there's no one on the selling price? You may get a lot of offers on the asking price, but you're probably not going to get many for the same amount on your boat.

You're in luck! We've got some tips for pricing your boat that will make it easier than ever before.

A sad but often common sight is that of rundown, shabby-looking yachts dotted around the marinas. These once beautiful vessels are left to deteriorate under nature’s harsh elements whilst waiting to be sold. Why are they just left to rot? One of the two main reasons: is the asking price is too high!

So how does a buyer, and a seller, know if the price is right? It is important to understand the market value of your boat. It is essential to compare prices, and research online for similar vessels, model, ages, and locations – use this comparative price as a guide.

There are several ways to do this. The most common is to search online for boats similar to yours that are currently on the market. Take notes of their features, prices, and locations. You can also visit yacht brokerages and marinas to see what they're selling or talk with friends or colleagues who have boats similar to yours.

Another option is to use a website that publishes information about used boat values based on sales data. Some websites charge a fee for this service, while others make it free of charge.

Naturally, an owner will have an inflated idea of their boat’s value while factoring in all the money spent over the years upgrading the vessel. Do not fall into this trap where your emotional attachment will skew the genuine value of your vessel.

Eventually, boats left to sit like this, are sold months or years later, sometimes at a fraction of the original asking price; all this at the expense of your time and money. In order to avoid this scenario, it’s worth starting out with a realistic price that will automatically attract a stream of potential buyers.

Be aware that if the value of your boat is relatively ‘low’, often it makes more sense to swallow your pride and make a small loss rather than incur the ongoing cost of mooring, insurance, maintenance, and repairs while waiting for your boat to sell. Look at the bigger picture – get something back rather than spending more.

So what is your boat’s true value? In addition to online research, ask local or regional independent boat advisers who have knowledge of the market, what they believe is the best price, and what is an attractive price for a quick sale. It all depends on how fast you want, or need to sell.

Online boat shows are a great way to determine the current market value and can provide immediate results. In addition to potentially quick turnover, an online boat show can identify whether your asking price is realistic. If there are numerous bidders then you have priced it right.

If the yacht does not generate much interest, then this will be an eye-opener for you and will re-set your thoughts regarding price and help readjust your selling strategy going forward.

The moral of the story – do your homework! Because the process of selling your boat can be frustrating and discouraging.

It's important to get an accurate estimate of what your boat is worth. Pricing it too high can result in loss of potential buyers and potential profits. Too low, and you may end up losing money.

But if you price your boat correctly from the beginning, you'll save yourself a lot of headaches later on