How to Determine Your Boat’s Trade-In or Resale Value

A Complete Guide To Selling or Trading In Your Boat

You’ve had your boat for a while, and you’ve been thinking of upgrading to something new. To do this, you may want to get rid of your old boat. You have a few options: you could resell your boat or trade with a retailer for a new one. How do you know which option is right for you, and how can you get the best deal for your boat? The following guide will help you through every step of the process: you’ll determine a plan of action, and you’ll learn about which factors you should consider, as well as how to increase your boat’s value before putting it on the market.

Trading or Selling: Which is Better?

Trading is usually a quick transaction in which most of the effort falls on the retailer. They will likely determine what you pay, and they’ll walk you through the process. Meanwhile, selling your boat will put you in charge of determining the price, monitoring the sale, and searching for buyers.

Financially, selling your boat will almost always earn you a better deal than trading. However, some of the benefits of these options aren’t measured in dollars. For example, trading in a boat will save you the time and effort required to sell. This means you won’t have to coordinate with potential buyers or transport the boat to the buyer’s home.

There is no correct option between selling and trading, so do what is most convenient for you.

Factors to Consider

Age

An old boat won’t sell for as much as a new boat – especially if the old boat hasn’t had any of its components upgraded. Some buyers might be intrigued by an older boat for its vintage effect, but a new boat is more likely to capture buyers’ attention.

Mileage

As with selling a car, a boat’s mileage will affect how much a boat goes for. Some boats are so old that they don’t even have the necessary equipment to track mileage. This is a sign that a boat won’t sell for much.

Mechanical Condition

As a boat owner, your boat’s engine performance, hull, and deck status, and other mechanical factors are crucial to your boat’s wellness. These are also important when putting your boat on the market.

Most buyers would prefer a used boat that has received a full set of repairs over a cheaper boat that they will have to pay to repair. For that reason, it’s recommended that you work on repairs yourself before selling.

READ MORE: How to Navigate a Boat

Cosmetic Condition

Sure, the appearance of your boat doesn’t affect its ability to work in the water. But many buyers want a boat that looks great, so as a seller, you should give priority to your boat’s presentation. Is your boat shiny? If not, it may not sell for as high of a price. Keep in mind that you can restore a boat’s faded or oxidized gel coating with the right materials. It’s important to repair any chips or scratches as well.

Your Location

This might surprise you: a boat’s physical location can make an impact on its sale price. Usually, boats located inland sell for higher than saltwater boats. This happens because saltwater damages the electrical lining and metals on a boat.

Electronics

Your boat may be equipped with tech gear, which may assist you with fishing, orientation, general functioning, or even entertainment. It’s hard to say whether or not adding the price of the technology to your selling price is a good idea. New developments are constantly hitting shelves, so It’s easy for technology to become obsolete quickly. On the other hand, if your tech is fairly new or adds significant features to your boat, it could legitimately increase the appeal of your boat.

Type of Boat

The particular type of boat you have may or may not be in high demand. This, along with its rarity, can affect the price you’ll get for it. Additionally, if your boat comes from a particular brand, it may sell for a higher price. Consider researching what similar boats to yours sell for in your area.

Tips to Increase Your Boat’s Value

Always Winterize

To maximize the profit you get from your boat, make sure that your boat is taken care of when it’s not being used in the winter. This process typically includes changing a boat’s oil, using antifreeze, and storing it properly, among other steps.

Do this, and your boat will remain in top condition for when it needs to be sold.

READ MORE: The Importance of Professional Boat Winterization

Perform Regular Maintenance

You should always pay attention to the maintenance of your boat, whether you’re planning on selling it or keeping it for as long as possible. Particular areas of concern are its engine performance, hull and topsides, electrical systems, and moving parts.

If you are not sure about the steps required to take care of your boat, you should seek assistance from a boat maintenance professional. It’s better to be safe than sorry, and you’ll be glad your boat was kept in top condition when it’s time to sell.

Prioritize The Boat’s Appearance

You may prefer your boat to be stylish, or you may choose to keep it simple. No matter how you display your boat, at a bare minimum, it needs to look presentable to sell. This means it should be clean and as shiny as possible.

Add Upgrades

Upgrades can add comfort, functionality, and style to your boat. A new motor, an upgraded engine, or modern seating can boost a boat’s price.

They say that the two happiest days in a boat owner’s life are the day he buys his boat, and the day he sells it. By properly ensuring that your boat is in top condition and ready to be traded or sold, parting will make you as happy as the saying suggests.