Selling Price vs Asking Price

A sad but often common sight is that of rundown, shabby-looking yachts dotted around the marinas. These once beautiful vessels are left to deteriorate under nature’s harsh elements whilst waiting to be sold. Why are they just left to rot? One of the two main reasons: the asking price is too high!

So how does a buyer, and a seller, know if the price is right? It is so important to understand the market value of your boat. It is essential to price compare, research online for similar vessels, model, age and location – use this comparative price as a guide.

Naturally, an owner will have an inflated idea of their boat’s value while factoring in all the money spent over the years upgrading the vessel. Do not fall into this trap where your emotional attachment will skew the genuine value of your vessel.

Eventually, boats left to sit like this, are sold months or years later, sometimes at a fraction of the original asking price; all this at the expense of your time and money. In order to avoid this scenario, it’s worth starting out with a realistic price that will automatically attract a stream of potential buyers.

Be aware that if the value of your boat is relatively ‘low’, often it makes more sense to swallow your pride and make a small loss rather than incur the ongoing cost of mooring, insurance, maintenance and repairs while waiting for your boat to sell. Look at the bigger picture – get something back rather than spending more.

So what is your boat’s true value? In addition to online research, ask local or regional independent boat advisers who have knowledge of the market, what they believe is the best price and what is an attractive price for a quick sale. It all depends on how fast you want, or need to sell.

Online boat shows are a great way to determine the current market value and can provide immediate results. In addition to potentially quick turnover, an online boat show can identify whether your asking price is realistic. If there are numerous bidders then you have priced it right. If the yacht does not generate much interest, then this will be an eye-opener for you and will re-set your thoughts regarding price and help readjust your selling strategy going forward.

The moral of the story – do your homework!

(Note: Do you have a boat for sale? Download this FREE Template & Boat Selling Strategy to start getting more sales enquiries for your boat today!)