I was curious to see what my boat was worth so I went out to the Internet and Googled “What is my boat worth?" The only useful site I found was the NADA Guide - www.nadaguides.com/boats. It provided an easy to use, logically sequenced app that asked for the boat manufacturer, the model, size, and age of the boat; followed by a detailed listing of possible optional features, all of which would seemingly affect the value of my boat. When the process was completed, the app gave me its answer -- $42,150.
The only problem was that a recent valuation of my boat done by a licensed professional boat surveyor and appraiser executed for insurance purposes was over $100,000 more.
The app was over $100,000 off the mark. What is the lesson to be learned?
When you are planning to buy or sell a boat and need to establish its fair market value, you are far better off talking to a professional.
There is an art to pricing a boat. We know comparable boats and where a specific boat fits in the marketplace. Improper pricing can mean lots of money left on the table or fewer qualified buyers will be attracted to your boat. Anyone can look up asking prices on boats in the marketplace, but it takes someone in the business to accurately assess all the factors that determine the value of a specific boat (e.g. condition, outfitting, location etc.) and to be familiar with selling prices.
That is why you need to speak with a professional. Any of our sale staff at Fairbanks Yacht Group would be happy to speak with you, carefully review the value elements of your boat and help you arrive at an accurate estimate of its fair market value.
A realistic price is one of the keys to successfully selling a boat. Price it too high and it will likely sit on the market piling up expenses without selling. Price it too low and you will be leaving money on the table and folks will think there is something wrong with the boat. For buyers, the lesson is the same. Let Fairbanks Yacht Group help you get it right.
Email Ed Fairbanks at firstname.lastname@example.org
for a no-charge professional valuation.
Old Saybrook, CT 06475
Newport, RI 02840
1000 N. US Hwy 1
Jupiter, FL 33477