If you are looking to buy or sell, you may be wondering; how much money is my boat worth? This is quite common. It's actually something you should look up, so you can make sure you come out okay on the deal. If you are buying or selling your watercraft, and are wondering, how much money is my boat worth, you have plenty of ways to find out. Let's take a look at some of the things to consider when you buy or sell, and how to find the actual value.
NADA: The NADA is going to be the easiest site to determine how much money your boat is worth, but there are some catches with the blue book value site. As you can guess, you can check out the site at NADA. The site will help you determine value for free, but it's not nearly as easy as it could be.
You will need to look up your hull, outboard motor, and trailer separately to determine how much money your boat is worth. While this is a little bit of a pain to find the value of the complete package, it really is the only way to determine the value effectively. You'll find that you can buy a new hull with virtually any new outboard on it, and vice versa. This simply means that to determine how much money your boat is worth, you must spend a little more time on the site, find the individual values, and then add them up.
How much money is my boat worth? The numbers don't seem right from the NADA blue book value site. You may notice that the "blue book" value of your unit is much higher than what you could actually sell for outright. This is somewhat common. Basically, the sum of all parts, the outboard motor, hull, and trailer, is sometimes just too high. When you add the numbers up, you get the value if you sell each of the items individually. Package deals will generally go for less. How much money is my boat worth? It will generally be a little less than the sum of all parts. Be sure you get real pricing, and not compare to repo watercraft for sale.
About book values:
When you are wondering, how much money is my boat worth, you will notice that you really need to know what accessories you have, to get a more accurate value. While many book value sites will allow you to enter generic accessories, like a fish locator, they only assume you have a basic or average accessory. As many fishermen know, this is far from the truth.
Try to determine the actual value of your accessories, keeping in mind that they are used, when you try to determine how much money your boat is worth. When you use blue book value sites, like NADA, you may want to include the accessories, and then add a few bucks, depending on what you have. For more accurate book values, it may be wise not to check any accessories, and then add them up manually on your own. How much money is my boat worth with the extra accessories? It really depends on what you have, but you can be sure it's more that the book value.
The NADA blue book value will be based on a large series of averages. You will select the condition, so you can at least get a little closer when you try to figure out how much your boat is worth, but there are plenty of other factors.
In different regions, you will be able to get more for your watercraft. When you wonder, how much money is my boat worth, you must do some comparison shopping, so you can assess the true value.
The real world:
How much money is my boat worth when the economy is bad? What is the value when it's good? Really, the book value of your watercraft only gives you a general idea. The real value, in terms of what the unit could fetch on the open market, is what matters. You may find a really high NADA blue book value, but find that you cannot get that much when you try to sell. Economic times must be taken into account when you try to determine how much money your boat is worth. Unless you are looking at watercraft junk yards, where scrap pricing is king, you need to do some homework.
To determine how much money your boat is worth, you may want to simply do some comparison shopping. As you can expect, the value is really determined by the market place, and not any book. This means you will only get a ballpark idea when you used the NADA blue book value guide, and nothing more.
Try to check out online classified to find how much money your boat is worth. You may not like what you see, in all cases, but it's really the best way to go. Be sure to stay in the same geographic area, so the results are not skewed. When you check the online sites, you will need to determine what an "average" price is, and then adjust accordingly. If you have a newer outboard, perhaps your package has more value. If you have fewer accessories than the others, you may have to lower your price. When you determine how much money your boat is worth, it really pays to check the classifieds.
Check out dealers when you determine how much money your boat is worth. Keep in mind that dealers can usually charge a little higher price. To make sure you are competitive in you pricing and value assessment, you will need to deduct a little, perhaps as much as 10%, from the asking price of the dealers. Dealers often have warranties, even if short, which offer peace of mind to customers. In addition, the feeling is often that the dealer has gone through the outboard, and fixed any problems. This may or may not be the case, but it is often perception. Realize what dealers are getting when you try to determine how much money your boat is worth.
How much money is my boat worth? Hopefully, you will be able to get a more accurate idea, one that goes beyond the NADA blue book value. If you follow the steps listed, you will be able to get a great idea of how much money your boat is worth in no time.