Unlike a road vehicle, a boat won’t necessarily depreciate in value as soon as it gets out on the water. Within 5 years, a boat’s value will decrease between 25 percent and 35 percent, as compared to a car, truck or SUV, which depreciates approximately 60 percent in that time frame. If you plan to resell a boat anytime soon, it makes sense to have some idea of how to sell a boat privately by maximizing its resale value. Read below to find out how.
A well-cared for boat is worth more than one that isn’t. Regular maintenance includes keeping the boat covered and clean, performing regular inspections, repairing problems as they arise, keeping paint in good shape, etc. A checklist can help you stay on top of this.
Wiping your boat down, inside and outside, cleaning drains, upholstery and storage areas, as well as keeping the boat clean in well used areas, ensures that it looks its best and you can detect potential issues, should they arise.
Upgrade Your Systems
Upgraded navigation and electrical systems increase the value of your boat, so consider this step if you want to sell it anytime soon. Quality and current technology makes your boat more attractive to potential buyers.
How to Sell a Boat Privately: Importance of Inspections and Certifications
Having the paperwork in order is vital for selling a boat. Staying up to date with your documentation and certifications is part of being responsible so stay on top of it.
When You Sell a Boat Privately Pay Attention to the Engine
The more you drive the boat, the more the engine needs attention. Take good care of your engine and upgrade as needed so that you get the most resale value you can when you sell your vessel.
Upgrade and Fix
Anytime there are problems or repairs needed, it’s best to take care of it right away. That includes corrosion, engine troubles, and basic appearance issues.
Hire a Boat Broker
This person will work with the boat buyer and seller to help both negotiate the most attractive terms for the sale. A broker can also help you advertise your boat to get the most interest for it.
When the Time is Right
Certain times of year are naturally better to sell a boat than others. Spring or summer are a good time to list your boat for sale, with February to June being the peak season for buying and selling a boat.
Get a Boat History Report
Before buying a boat, it’s a good idea to get a boat history report that tells you what you need to know about it so that you can decide if it’s a good buy or not, in terms of value. A history will tell you about previous ownership, maintenance records, etc.
If you need help with figuring out how to sell a boat privately, we are here to help you facilitate the entire process. Contact the US Vessel Documentation Center today for all of the assistance you need.