How do we value boats for sale?

How do we value boats for sale?

How does the process actually work when we set the market price for the boats we broker? Here, we provide an insight into how the valuation process is conducted prior to a sale.

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Once you have decided to sell your boat, the question of its value often arises early on. How much will we get for our boat? Will we lose a lot of money, or will we recover what we paid when we bought it? These are very important and relevant questions to ask in connection with a boat sale. When you hire us at Båtagent, this is one of the first issues we address in the sales assignment.

When we set a price for a boat we are selling, we do so in consultation with you as the seller. The asking price should not be too far above the market price; this usually only results in the process dragging out, requiring successive price reductions to meet the market. Nor should it be too low, as this attracts too many semi-serious speculators who won’t pay market price anyway, increasing the risk that we won’t achieve the boat’s full potential value.

Here is an extract from Båtagent’s method for valuing a boat before sale:

1. Inspecting the boat and consulting with the seller

The first step in finding the right market price for your boat is always to visit the vessel and speak with you as the seller. On paper, a boat may look mediocre, while in reality, it is exceptionally well-maintained and makes a fantastic impression. Conversely, a boat might appear to have every conceivable piece of equipment, but in person, it may be neglected and worn out. We must never forget that buyers purchase with their eyes and their sense of smell—their new boat is exactly that: “new” to them.

As a seller, you often have your own thoughts or expectations regarding the price of your boat. We listen to your input and discuss these expectations to ensure we are aligned.

2. Comparing with other sold boats

After seeing the boat in person and forming a fair impression of the specific vessel, we sit down at our desks to conduct research. At Båtagent, we have access to a database of over 2,000 boats that we have personally sold over the years. We often find similar listings there to use as a comparison. We also have access to even larger databases of sold boats via European advertising platforms, where we frequently find extensive statistics and information to form a correct assessment.

It is important to note that the asking price in advertisements across Europe and the actual sale price are often not the same. Especially in Southern Europe, there is a tradition of advertising a price with a massive margin for negotiation, so caution is required when looking at and comparing with current listing prices online.

3. Gut feeling and experience

At Båtagent, we collectively possess over 300 years of professional experience in the marine industry and have completed more than 2,000 boat transactions over the years. This extensive experience provides us with a “gut feeling” that often proves surprisingly accurate when determining a boat’s price. It is about being able to see the boat through the buyer’s eyes while simultaneously weighing current market conditions and data from previously sold similar vessels. We can never guarantee a specific final sale price, as it is always the market that ultimately sets the price. However, we can guarantee that you, as our client, will have full access to all our expertise and experience to create the absolute best conditions for a successful boat sale.