What Is My Boat Worth? How To Find Its Resale Value

If you're thinking about selling your boat, one of the most important questions you could have is, "What is my boat worth?" Determining the resale value of your boat is critical for setting the correct price and attracting potential buyers. While several aspects determine a boat's value, recognizing the major features and using trustworthy information will help you discover an accurate estimate.

Determining the Boat's Cash Value

The first step in assessing your boat's value is to research its cash value in the local market. Factors like supply and demand, water accessibility, and regional preferences can influence the value. To get a reasonable estimate, consider consulting national resources such as the National Automobile Dealers Association Marine Appraisal Guide (J.D. Power), ABOS Marine Blue Book, and BOS guidelines. However, it's important to view these national listings as ballpark figures. For a more accurate estimate, explore local listings of similar boats in your area to gauge their selling prices.

Factors Influencing Value

Two key factors greatly affect a boat's value: its age and type. Larger boats with powerful engines and more amenities typically command higher prices, while smaller boats and sailboats generally have lower initial and resale values. Additionally, the brand name can impact resale value, with well-known manufacturers often fetching better prices than lesser-known ones. Furthermore, amenities such as towing equipment and water slides may retain value, whereas electronics tend to depreciate quickly.

Assessing Boat Condition

Boat condition plays a significant role in determining its value. Any significant damage, such as a holed hull, can substantially decrease the boat's value, regardless of its other qualities. To evaluate the condition, consider three aspects:

• Mechanics: Examine the engine hours and overall condition of the hull and deck. A well-maintained boat with a reliable engine will be worth more. Conversely, a boat that has required frequent repairs or has high engine usage will have a lower value.
• Cosmetics: Assess the non-essential aspects of the boat, such as paint, trim, and metalwork. Fresh paint, good trim condition, and shiny metalwork can positively influence buyers' willingness to pay.
• Rigging (sailboats only): For sailboats, the condition of the mast, boom, sails, pulleys, and lines is crucial. Up-to-date sails and well-functioning rigging can enhance a sailboat's value.

Saltwater Considerations

If your boat has been used in saltwater, take into account the potential impact of saltwater corrosion on its value. Boats used in saltwater generally depreciate more than those used in freshwater. Carefully inspect the paint and look for signs of corrosion, as these factors can affect the boat's worth.

Seeking Multiple Opinions

To avoid accepting a low offer from a dealer when trading in your boat, consider obtaining multiple offers. Having offers from different dealers can provide leverage during negotiations. Additionally, obtaining an independent appraisal from a third-party mechanic can be beneficial. Although it incurs additional costs, a third-party appraisal can provide insights and help determine if you are receiving a fair offer.