When buying a used boat, selling an existing vessel or calling for a boat insurance rate it is important to know what your boat is actually worth; but when it comes to boat value it can be difficult to define. Here is how to research boat prices and values:
- If you are contemplating a fairly new boat then drive down to the dealership and compare it against similar makes and models of the same year. This will provide a very rough estimate, but keep in mind that each boat is unique. How well the boat was maintained, serviced and used will radically alter the value of the specific boat in question.
- Price guides. There are actually three price guides commonly used to value boats: the BUC Used Price Guide, the NADA Marine Appraisal Guide and the ABOS Marine Blue Book. The valuations are only guidelines, so once again the value of the specific boat can vary dramatically based upon the geographic area, wear and tear, seasonality and many other factors.
- Classified advertisements and nationwide listings. These can be valuable resources, but keep in mind that asking is not the same as getting! Don't get excited when you see someone asking double for the same make and model. ... Remember, everyone loves their boat and emotional attachment often takes place over objectivity.