Understanding the tricks of how to buy and sell boats is a vital skill that boaters must develop. At least at one point in a boater's life, he would either buy or sell a boat, and most probably even do both.
Whether the boater is on the buyer or seller side, there are certain things that can be considered to get the best deal. Your buying or selling experience need not be a nightmare if you know what to look for and what to do.
In fact, buying and selling a boat is so much easier now with the Internet. Boat owners, dealers and brokers can easily target the boating community and advertise their products online in numerous websites that serve this purpose. Interested buyers on the other hand can search similar sites to canvass for boat models, compare boat prices, and find other important information that will help them decide on their purchase. Boat dealers sites would usually have a rich inventory of new and used boat models and online tools such as price calculators.
Examples of sites that offer buy and sell services of boats include YachtTraderOnline.com, BoatTraderOnline.com, Marine Source, Boats.com, etc.
Buying a Boat
Having the right information and understanding your boating needs and preferences are critical starting points in the boat-buying process.
Before even shopping for a boat, a buyer must first decide what kind of boat he wants. Key considerations include his own boating interests and that of his family and other boating companions; budget, body of water where the boat will be used; previous boating experience; warranty coverage; after sales service; ease of maintenance; availability of parts and service centers; among other.
Financial capability will usually dictate if you would buy a new or used boat. A new boat may have new furnishings and engines but it could still have a lot of bugs and breakdowns. Dealers say buyers of new boats would usually come back for a dozen or so problems that they've discovered after the purchase. New boats, however, get better terms from financing firms.
A used boat has much better value and less depreciation, but you can never be sure that you are getting a good one unless you do due diligence before you buy it. Check the boat's repair history.
Selling a Boat
Just as you took extra care on your boat purchase, so you must also give diligent attention in selling your boat. You would not want to just slap a price tag on your boat or it might end up under or overvalued. If you undervalue your boat, you are of course on a losing end but it doesn’t mean that you gain more when you overvalue your boat. Boats that are overpriced may just take too long to sell, and eat up costly advertising dollars.
Take the buyer's perspective even when you are the one selling the boat. Make all the necessary preparations to make your boat presentable, check what needs repairs, and consult classified ads and other pricing guides before you put value on your boat. Then decide which option works best for you in selling your boat. You can sell it yourself, trade it in, or sell it through a yacht broker. Each option would have its pros and cons and you should decide what would give you the greatest gain.
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