Selling your existing boat is as important than buying your next one

Boaters generally prefer to spend time choosing the next boat rather than selling the old one - it is generally considered to be more fun. But if you spend a bit of time on your boat valuation, preparation, pricing and paperwork you can ensure you get the Blue Book Value, or possibly even more.

By selling smartly you can easily increase the amount you can put down on your new purchase, or if you decide to stop boating, it will put more liquidity in your pocket for other needs.

Like for most important transactions, you need to value your asset (your boat) and plan well. But a little planning goes a long way - it will allow you get the best price, and also to spend less time on the process overall.

Make sure you consider the following four important topics and you will be assured to get a very good deal. You need to value your boat and set a price, improve the boat's looks, decide on the sales approach, and get the deal through.

When setting the price, most people usually either go too low (losing out on money that may have made) or too high (and the boat doesn't sell). First of all, make sure that you value the boat correctly, doing it yourself or possibly employing the help professional. You need to settle on a realistic low-high range based on comparable offers on the market, adjusted for your boat's condition.

To improve the boat's condition, consider that any small repairs and improvements that you may make will pay their money twice over as they will increase the boat value. These include cleaning the boat thoroughly, doing a new paint job, changing the upholstery, and replacing any small worn parts.

As for the sales approach, there are three options: sell it yourself, trade it in, or sell it through a broker. All are covered in more detail in other BoatValueGuide.com articles, but here is a quick rundown:

The smaller the boat, the higher the broker commission will be and the less likely that you will find one willing to deal with your vessel. Also, larger boats equal more paperwork, so the larger the boat, the more likely that you will need a broker. If your watercraft is worth more than twenty thousand dollars you should consider a professional intermediary. If it's worth more than sixty, you should most probably enlist one.

Trading in your boat is easy when you're buying a new boat, but most dealers won't take trades on used boats. Unless you are a very good at negotiating or have a personal relationship with the dealer, you are unlikely to get a good deal if selling used for used or used for cash.

Also, don't forget that the beginning of the boating season is the best time to sell your boat since buyers will be most interested. Out of season sales attract less buyer competition and the seller is often left with a mediocre deal.

As for the paperwork, the procedures are different depending on the country that you are in, but you will generally have to deal with the deed of ownership, with insurance, with the transfer of money, and possibly with import formalities if you are doing a cross-border transaction. As the seller, your main preoccupation should be that you aren't scammed for your money. See our dedicated guide for more info on that subject.