When selling a boat, it can be difficult to know if you’re selling for the right price. This is because there are many variables that go into selling a boat – including location, size of boat, and condition of the boat. However, there are some basic guidelines to make sure you generate as much profit as possible when selling your vessel.
We’re going to explore a few ways to get the best bang for your buck when selling your own boat!
Selling Strategy
The first thing you need to think about when selling a boat, is your selling strategy. This will depend on your personal preferences and the type of boat that you’re selling. For example, if it’s an old boat then selling privately is likely going to be more profitable as opposed to selling at auction or through a dealer where profits are often less.
It is a good idea, in general, to consider selling privately to generate the most profit, especially if your boat is old or in poor condition. If you plan on selling through a dealer then it’s best to go with reputable dealers that are known for giving their customers excellent deals and customer service.
Restoration, Maintenance Or Cleaning
Many people selling their boat will often overlook the value of cleaning, restoring or maintaining their vessel before selling. This is because it can be a lot of work to get done and they assume that potential buyers are looking for bargains. However, giving your boat a quick clean, polish or check up can vastly improve your chances of getting a great sale!
Timing The Market Correctly
Timing the market correctly simply means waiting until prices are at their highest point before selling – this applies whether you plan on selling privately or through an auction house.
If selling your boat to a dealer, it’s important to be aware that dealers will often purchase at any time and sometimes even when their prices are low in order to turn the highest profit margin possible – this is something you should keep in mind if selling privately!
Price Comparisons
The price of boats varies widely depending on where they’re sold. This means before selling your boat it’s best to make sure you do some thorough research into how much other similar vessels have been selling for recently. You can find out by asking around or online.
The selling price of your boat will also depend on the condition, size and type. For example a dinghy in poor condition with no maintenance is likely to be sold for less than a luxury yacht kept in tip top shape! So it’s best to keep this in mind when selling privately – selling at the right time can make all the difference between selling your vessel quickly or having it stick around on someone else’s driveway for months!
Boat Classifications And Regulations
These are examples of laws that vary depending on where you plan to sell. It’s important before selling any boat (especially if selling privately) to check what regulations come into play regarding age restrictions, safety standards etc… This way you can find out what your boat needs to meet before selling and if you’re selling privately make sure these rules are met!
For further information on selling a boat refer to the Boating Industry Association (BIA) website. This site contains valuable resources for both boat owners and potential buyers alike
Fix & Flipping Boats
Another selling strategy you can use when selling your boat privately is called Fix & Flip Boats which involves fixing certain parts before selling it at a higher price.
This selling strategy is great for boats with an older design or in poor condition. Fixing & Flipping Boats works by finding parts that are still in working order but may need to be fixed up a bit, which isn’t expensive and then selling your boat quickly at a higher price!
Knowing the Value of your Vessel
To ensure selling your boat for top dollar you need to know the value of your vessel. This is something that shouldn’t be overlooked when selling!
Researching how much similar boats are selling for will help give you an indication of how much yours could potentially sell for. If possible, ask around or online with owners who may have recently sold their vessels in order to see what price they were sold at and why this was the case.
If selling through a dealer then it’s best not to rely on them giving you accurate information about potential selling prices – instead do some research yourself so that you can maximise any opportunities by getting closer than ever before towards achieving the highest selling price possible!