How to conduct market research and look at today's market trends to decide on a competitive price for your boat.
So you want to sell your boat! How do you decide on a price? Below you will find some tips and tricks our professional Yacht Brokers use to determine the market value of your boat.
1) Use a Yacht Broker to provide you with a vessel valuation and market price.
We highly recommend filling out a Yacht Valuation Form on our website. Upon completion, one of our Brokers will conduct extensive research using a mix of proprietary tools and techniques that allow us to find every boat listing on the market that is similar to your boat.
We will create a report and walk you through our findings to help you determine a listing price.
From this point, you have the option to utilize our services and we will work to get your boat sold! CLICK HERE TO GET A FREE YACHT VALUATION.
2) GOOGLE is your best friend!
You can easily Google Search your boat year, make and model and receive results on current listings. Read a handful and see if there are any boats that are similar to yours (consider features, add-ons, location, engine hours, etc) - figure out the average price of similar boats listed, and you should have an idea of the market value of your boat.
At United City Yachts, this is one of the many techniques we implement to find similar vessels and determine a good competitive price.
3) Look at boat listing sites (Boat Dealers, Yacht World, etc)
Search Boat Dealers website, Yacht World website and others to find similar boats that fit in your category. Consider the length, year, make, model, add-ons, engine hours, etc. Average out the prices you have found.
4) Contact a Boat Dealer and a Yacht Broker
It is always good to understand the "trade-in value" of your boat. Boat dealers will provide you with a wholesale price - then you can search listing prices for similar boats and determine a competitive price that works for you.
Then contact a Yacht Broker like United City Yachts and get a valuation. A Yacht Broker will give you market prices for the boat and what they think will help sell your boat - and can work for you to get it sold!
5) Consider what you might owe compared to current market values
Boats are much like your personal vehicle. They go through phases of depreciation, especially if you've purchased it new. Fear not! As your boat ages, the depreciation curve slows down which means if you financed it - the longer you own it, you will eventually be in a break-even or positive equity position.
If you need to get out of your boat, however, your best option is to utilize a Yacht Broker like United City Yachts. We utilize state-of-the-art technology and marketing techniques to get your boat sold. We also provide financing options and opportunities to upgrade to your dream boat!
6) What are the current market conditions?
Just like real estate, current market conditions and trends determine what people are willing to spend. During a market downturn, being more competitive with your price will result in more interest - during a market upturn, you can get more aggressive with your price and ask for more.
The best way to consider our current market conditions is to read the news. See what interest rate trends look like, and current economic conditions and keep an eye on the real estate market. You can adjust your pricing based on how the external market is behaving - and you might need to list your boat for less (or more) depending on current and future trends.
7) Free listing sites & advertising
There are a handful of free websites you can list your boat on. Facebook Marketplace and Kijiji are great contenders. They offer free listings and will showcase your boat based on their algorithms. These are great low effort, no-cost opportunities to get interested in your boat.
8) Let United City Yachts help you!
The best solution to selling your boat and determining a competitive price is utilizing United City Yachts Brokerage Network. United City Yachts is Canada's Yacht Broker Network and specializes in selling boats of every shape, size, year, make and model.
Our expert team of brokers conducts extensive research to help price your boat competitively. Our marketing team lists your boat on every major platform available and gives your boat the best chance to sell at or near the asking price - and our support staff help ensure a smooth, seamless and safe transaction utilizing trust accounts and well-thought-out processes.
Get started with the best Yacht Brokerage around by visiting our website and receiving a boat valuation: CLICK HERE.
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