How much is my boat worth?
There comes a time when the excitement every boatie has for their current craft begins to wane. Suddenly, you find yourself browsing ads on Hunts Marine's website, drooling over the classic, contemporary and captivating crafts gracing its pages. The only problem is your old boat - it's become an obstacle between you and your new craft.
Hunts Marine's boat valuation takes into account a number of factors.
Unfortunately, you may not have a clear idea of how much your craft is worth on the market. Like the Goldielocks' dilemma, its important that boaties value their craft just right.
Price tags that are above or below the actual valuation amount can have negative consequences on your ability to sell the craft. If you set your price too low, you won't get a fair amount. If it's too high, you'll scare away potential buyers.
Luckily for you, we have compiled four considerations drawn from our own boat valuation process that can help you find the right price.
1. Mechanical and physical condition
Like all machines, a boat's value will be primarily determined by its condition. If your boat is an inboard or an outboard, with the motor included, price will align with the condition of the motor as well as the state of the body and interior.
The mechanical soundness of the boat can be hard to translate into a money amount. However, the cost of repair, including labour, will form the basis of any price. On the other hand, the boat's condition is typically used as a sign to determine whether there could be any unforeseen problems on the horizon.
Simple low-cost repairs like replacing split canvas and ripped seats can make a massive difference to how it's seen. Other afflictions can have greater impacts. For instance, faded or oxidised coatings will demand a bit of elbow grease, while heavy oxidisation will need to be looked at by a cleaning crew. All these factor into the price that is determined after the boat valuation process has been completed.
2. Brand and size
Not all boats are created equal. Brand can be a major determiner of price, as some manufacturers are known for their skillful craftsmanship and higher quality. Experts will tell you to buy boats built by Quintrex and other high-quality manufacturers, and for good reason. While they can be more expensive, the quality and features you get from them can and do out-shine the others.
Top boat brands remove the fear of the unknown that comes with major investments. As such, when you are looking to value your own boat you can expect a higher price for a craft built by larger, more premium brands.
A proper boat valuation will offer a fair and honest market price.
The size of your boat is also a consideration. Typically, the bigger the craft the more it will fetch. However, this is not always the case. And back we are to the brand of the boat. Size vs. quality can leave some wondering why their craft has not fetched the same price, if not more, than a boat of the same age but smaller in size.
3. Type of hull
Boats come in all manner of types, but the two most common are aluminum and fiberglass. Pressed aluminum is a common material for entry level trailerboats. Generally smaller and more lightweight, they feature riveted or wielded hulls and simple bench or pedestal seating. Bigger aluminum boats use plate aluminum , which offers better stability and durability.
Those looking to buy pressed aluminum boats tend to use them for calmer water, such as rivers, lakes and estuaries. New examples include the Quintrex Explorer. Plate aluminum is typically used for craft that traverse bay, costal and offshore areas.
On the other side, you have fiberglass, which is often used for larger craft but also finds its way into smaller trailboats. Generally heavier than aluminum boats, fiberglass craft are sought after by more experienced sailors as they require a little more care in the water.
While not the main part of an evaluation, fitted extras can impact the price of a boat. If a craft is, for instance, fitted with wakeboarding accessories, it can fetch a higher price than if it was stock-standard.
The main accessory purchasers look at is your trailer. It can make or break a sale, so you should ensure that it's in the best condition possible.
When it comes to boat valuations, you need to make sure you are talking to the right people. At Hunts Marine, we have a robust and fair boat valuation process that ensures you get a fair price for your craft.
Not only do we consider these four factors, we also do a full evaluation of your boat, weighing up the pros and cons of purchasing your boat, ending with a value that fully encapsulates all that your boat offers. Make sure you contact the experts at Hunts Marine today.