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Advice on used boat prices |
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Determining used boat prices can often be a tricky and confusing exercise. This is because the actual cost of a used boat is not just based on its original book value but outside factors have to be considered as well.
There are several things you can do to find a price for a used boat. You can search for similar boats to find out the prevailing market prices for the boat category that you are eyeing. A professional boat surveyor should be able to give you a more accurate value to a used boat.
You may also compare values by checking pricing guides or boat blue books, as well as consulting with boat brokers and dealers. Another step to take is to ask boat financing and insurance companies up to how much they will insure the used boat.
Note that the value of a used boat may also vary depending on its physical condition and the additional equipment that goes with it. Geographic location and the type of boat (whether it was a fresh water or saltwater boat) could also tweak the pricing scheme of used boats.
Other costs
Aside from the actual price tag of a used boat, there are also other costs involved in buying it. You should be ready to dish out extra dollars for one-time fees such as sales tax. There are recurring fees as well: storage costs, personal property taxes, slip fees, maintenance, and insurance fees.
The cost of your marine insurance fees would also depend on several factors. These include the extent of your boating experience; whether you have previous insurance claims; the kind of navigational equipment in your boat; where you will use your boat; and the boat's value.
To avail of tax deductions, be sure to check with your tax adviser if you plan to use your boat as a new home. It is possible that you can deduct the interest on your boat loan if your boat meets certain conditions.
Pricing guide
You can also use the Internet to check for a number of sites that offer thousands of used boats on sale. Just make sure that you are comparing apples to apples as slight differences in engines and equipment can affect pricing. Some sites also have facilities that allow you to check for used boat prices.
UsedBoats.com offers a tool for both buyers and sellers of used boats. By simply entering a boat's information, the boat's estimated market value will be calculated by comparing it with the prices of boats on the UsedBoats.com network. Of course, this may be limited but it would more or less give an idea of the price range of your used boat.
BOATUS has a pricing service available for members called Value Check, which provides price guidelines for specific boats by telephone or Internet.
For a more technical valuation, a marine "blue book" is your best resource. These guides are usually found in banks, insurance agencies, or boat dealerships. You have to understand how to use the blue book to be able to get the right pricing. However, do not depend entirely on the blue book guide for the final pricing of your boat.
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