Gotta sell a boat - Looking for some advice

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JD1967
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Gotta sell a boat - Looking for some advice

Post by JD1967 »

Hi everyone ... thanks in advance for any feedback ... it's all appreciated ... here goes

1. Got a jet boat to sell w trailer ... approx 5 yrs old ... perfect condition ... less than 20 hours on the engine ... don't ask me why i bought this thing bc i never use it

2. Want to sell it and the trailer ... will probably use a 3rd party to do the leg work etc ... here are my questions

- How do i got about determining what this thing is worth ... online site? a Kelly blue book for boats?.... i don't want to just rely on the 3rd party to tell me it's worth
- When dealing with a 3rd party, how do the arrangments normally work ... they want 10% of the purchase price with a max of $500 ...

thanks again in advance ... looking forward to hearing from people a lot smarter than me ... thanks
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Jack FFR1846
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Re: Gotta sell a boat - Looking for some advice

Post by Jack FFR1846 »

Unless you're in a "no winter" place, you really want to keep it until at least "ice out". I found that the key to selling my boat (about the same as yours, 4 years old, 25 hours) was to clean, clean, clean and then clean some more. You want the boat to easily look like indeed, you never used it. Mine was a Four Winns that I originally bought for $15k. Sold it myself through craigslist for $8k. I brought it with the perspective buyer to a local lake so he could try it out. He gave me envelopes of money and we hooked my trailer to his truck and he drove away.

I figured out value just like I do with cars. Lots of looking at ebay and craigslist to get a starting point, then drop the price if no initial interest until there is.
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fishboat
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Re: Gotta sell a boat - Looking for some advice

Post by fishboat »

What's it worth? Do some legwork..ahh..finger work and visit boat listing sites on the web.

http://www.boattrader.com/

Yacht trader may handle your boat..there's quite a few sites, just search for them.

Find your boat and see what other owners are asking (that's what your buyer will do) Figure the asking prices may be reduced to selling prices by up to 15%. Work that into your asking$.

Use searchtempest (https://www.searchtempest.com/) to do a nationwide search for your boat on craigslist..then same as above.

As for using a boat broker..no idea, but it'll be more than you think.
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White Coat Investor
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Re: Gotta sell a boat - Looking for some advice

Post by White Coat Investor »

There's a blue book. I find the best time to sell a boat is Memorial Day Weekend. Seriously. Probably worth waiting until then. Mine sold for $1500 more than I paid for it 5 years earlier in 6 hours that weekend.

http://www.nadaguides.com/Boats
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Re: Gotta sell a boat - Looking for some advice

Post by Sandtrap »

There's a saying goes like this, "There were 2 best days when it came to my boat, the day I bought it and the day I sold it."
That said, the price is what someone is willing to pay for it, especially boats.
Prices can be generalized by looking at what similar or same items are for sale on Craig's list and dealerships in your region of the country.
Make sure everything runs perfect and it looks perfect. A boat is not a necessity so buyers can be fickle, especially if there are a lot of comparable models for sale on the used market.
Expect to take a loss, maybe a big one. But then again, to the right buyer that's got a boat "itch", you can get a great price.
It took me 6 months to sell a Boston Whaler that was in perfect condition. Just as long for a sailboat. Know some folks that have been trying to sell various boats for years.
As other posters have mentioned, right time of the year/season is important too.
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JD1967
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Re: Gotta sell a boat - Looking for some advice

Post by JD1967 »

Thank you everyone ... appreciate the advice ... very helpful
Willing horses get flogged the most - Irish Proverb
shawndoggy
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Re: Gotta sell a boat - Looking for some advice

Post by shawndoggy »

Sometime after "boat show season" (which varies from place to place) is usually the best time to sell. Folks who are sticker shocked by boat show prices start looking to the used market and you get a stream of potential buyers.

Agree with above advice to get the boat detailed and any deferred maintenance done to the boat and trailer.

I don't think it's that hard to sell it yourself ... I'm on boat #4 in the past 10 years and I sold the prior 3 myself. The used boat market is pretty crazy. Sold the first one in 2011 for what I paid for it (with 2x the hours 160 to 320). Sold the second one that I bought new for 2k less than I paid after putting 300 hours on it, sold the third for $1k more than I paid after putting 70 hours on it. I definitely don't accept the "you should expect to take a big loss" advice unless (a) you got ripped off on the front end, (b) you've really neglected the boat while you've owned it, or (c) you pay someone to sell it for you.
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Re: Gotta sell a boat - Looking for some advice

Post by jlcnuke »

shawndoggy wrote: Fri Jan 19, 2018 8:02 am Sometime after "boat show season" (which varies from place to place) is usually the best time to sell. Folks who are sticker shocked by boat show prices start looking to the used market and you get a stream of potential buyers.

Agree with above advice to get the boat detailed and any deferred maintenance done to the boat and trailer.

I don't think it's that hard to sell it yourself ... I'm on boat #4 in the past 10 years and I sold the prior 3 myself. The used boat market is pretty crazy. Sold the first one in 2011 for what I paid for it (with 2x the hours 160 to 320). Sold the second one that I bought new for 2k less than I paid after putting 300 hours on it, sold the third for $1k more than I paid after putting 70 hours on it. I definitely don't accept the "you should expect to take a big loss" advice unless (a) you got ripped off on the front end, (b) you've really neglected the boat while you've owned it, or (c) you pay someone to sell it for you.
or (d) you bought new....
bloom2708
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Re: Gotta sell a boat - Looking for some advice

Post by bloom2708 »

It is best to figure out what a similar boat is currently selling for. Retail is what a dealer or boat shop would sell it for. You hope to get more of a "Private Party" value as you are not a boat specialist.

You could try a few weeks on Craigslist/LetGo before going with a 3rd party. Take good photos. Explain the pros and cons in detail.

Price it at a price just a bit above what you would take so you can "negotiate" down a little. Give the buyer a "deal".

If you get no interest, then look into a consignment type scenario. They may or may not have better luck. Everything is worth what someone will pay for it.

You are approaching the best day of owning your boat. The day you sell. The second best day is the day you bought it. :wink: All the other days. Well. :x
shawndoggy
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Re: Gotta sell a boat - Looking for some advice

Post by shawndoggy »

jlcnuke wrote: Fri Jan 19, 2018 8:09 am or (d) you bought new....
You’d think, but the way new boat prices have risen in the past five years you might get be surprised. Boat #2 above that I took the $2k “hit” on (<4%) was bought new.
shawndoggy
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Re: Gotta sell a boat - Looking for some advice

Post by shawndoggy »

bloom2708 wrote: Fri Jan 19, 2018 8:19 am You are approaching the best day of owning your boat. The day you sell. The second best day is the day you bought it. :wink: All the other days. Well. :x
I’ve never understood this. Boat ownership has been one of the biggest joys of my life. I got to spend so much time with my kids and their friends on the lake. My only regret is not buying one sooner. I’ve never regretted it for a minute and I’m gonna cry like a baby when I sell my “last” boat.
jlcnuke
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Re: Gotta sell a boat - Looking for some advice

Post by jlcnuke »

shawndoggy wrote: Fri Jan 19, 2018 8:40 am
jlcnuke wrote: Fri Jan 19, 2018 8:09 am or (d) you bought new....
You’d think, but the way new boat prices have risen in the past five years you might get be surprised. Boat #2 above that I took the $2k “hit” on (<4%) was bought new.
The boats I've been looking at recently seem to have ~35-60% depreciation in the first 10 years (the lower depreciation ones tend to include adding upgrades or replacing major items like sails etc prior to resale), then seem to drop at about 1-2%/year after that.
bloom2708
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Re: Gotta sell a boat - Looking for some advice

Post by bloom2708 »

shawndoggy wrote: Fri Jan 19, 2018 8:44 am
bloom2708 wrote: Fri Jan 19, 2018 8:19 am You are approaching the best day of owning your boat. The day you sell. The second best day is the day you bought it. :wink: All the other days. Well. :x
I’ve never understood this. Boat ownership has been one of the biggest joys of my life. I got to spend so much time with my kids and their friends on the lake. My only regret is not buying one sooner. I’ve never regretted it for a minute and I’m gonna cry like a baby when I sell my “last” boat.
No worries. It is just something fun non-boat owners and former boat owners like to say to make current boat owners angry. Sorry.

My last boat was destroyed when straight line winds over 100 mph came across the lake I was living on. Boat was 1/4 mile down the beach. Lift was a tangled mess. Millions love their boats. Enjoy your boat!
shawndoggy
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Re: Gotta sell a boat - Looking for some advice

Post by shawndoggy »

jlcnuke wrote: Fri Jan 19, 2018 8:49 am
shawndoggy wrote: Fri Jan 19, 2018 8:40 am
The boats I've been looking at recently seem to have ~35-60% depreciation in the first 10 years (the lower depreciation ones tend to include adding upgrades or replacing major items like sails etc prior to resale), then seem to drop at about 1-2%/year after that.
My experience is with inboard wakeboard/wake surf boats. Ymmv
Nowizard
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Re: Gotta sell a boat - Looking for some advice

Post by Nowizard »

Was in same situation when selling a recreational home on a lake. Would suggest you go to a consignment place on a lake, not a marina. Paid 10% of the set price with the selling agent going through the cost I paid and the sites he used to determine the price. His charge included cleaning the boat and, of course, taking it out on the lake for a buyer. Sold within two weeks of a March placement date in a state where boating begins typically in late April, early May. Had owned for four years and sold for $15,000 after an initial cost from the same location of $16,000. Wish the house had sold as quickly!

Tim
btenny
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Re: Gotta sell a boat - Looking for some advice

Post by btenny »

It is easy to sell a boat but it does take work. You have to get the boat in showroom condition and then advertise it. Yes this means you polishing and shining the hull until it gleams. Plus you have to clean the interior and upholstery until it shines. Then open the engine compartments and anchor wells and clean in there as well. Use a power washer for these areas. The idea is to make the boat look like new. You can do this work your self or hire a detailer. If you do this you can expect to get a good price and sell the boat fast in the spring, some time between March and early June. If you do not make the boat look great you may never sell the boat. It is almost that simple.

Then take 15 to 20 pictures of the boat. Take pictures of the engine, the interior, the dash, the captains area and then the exterior. Also take a few pictures of the trailer. Look at boattrader.com for examples.

Oh yea you also have to price it fairly. Look at Boattrader and the Boat Blue book for the price. Then price it right. Do not get greedy. If a boat is priced well and clean it sells fast. There is a shortage of good used boats that are nice.

Then advertise it in Craigs list and Boatrader with your phone number. It costs $199 for boattrader if you do the picture taking and picture posting and answer the ads. Post your ads starting in about late April to May 1st. Then screen the calls and start showing the boat. Ask for cash only. Do not fall in love with your asking price. You might have to settle for 10% discount to your price. You might want to adjust your starting price to allow some wiggle room.

Oh yea you can hire a dealer. They will only take pictures of the boat and post them on Boatrader for a 10% or so commission. You will still have to do the cleaning and show the boat to buyers. Or you can take your boat to a local boat dealer and get them to sell it. I have no idea what this cost or who does what.

Good Luck. .
michaeljc70
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Re: Gotta sell a boat - Looking for some advice

Post by michaeljc70 »

I used boattrader.com. I don't think I even had to pay to list it (though this was 8 years ago). I also used that to come up with the price by looking at what else was out there.
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