Tips for Selling a Boat
If you’re looking to upgrade your old boat and get a new one, selling your craft through a broker or trading in your vessel is an excellent option. We here at Kelly’s Port want you to get your money’s worth, so we’ve put together a few tips to get the best price when you sell your boat. If you want more information, or if you think you’re ready for making a trade-in, then contact us at our dealership in Osage Beach, Missouri. Our friendly and knowledgeable staff will make sure you find what you need at the prices you want!
Deciding the Right Price
There are several factors that impact the price of a boat, such as hours of usage, specifications, accessories and wear and tear. If you set your price too high, you likely won't get any buyers. If you set the price too low, you might miss out on some potential buyers. As a reference, you can check your local classifieds to see what the going rate is for similar boats. You should also have a chat with some brokers and dealers in your locality to know what they have to say about the pricing. Use this information to determine the price you’re willing to sell the craft for, then set your price a bit higher than that so that you’ve some room for negotiation.
Selling Through a Broker or Yourself?
The major options you’ll have for making the sale are to sell it yourself, trade it in, or sell it through a broker. Both the value and size of your boat will affect your final decision. Generally speaking, bigger crafts are sold through brokers because the negotiations can get complex. On the other hand, compact vessels can easily be traded in or sold by the owner since there isn’t much income incentive for brokers.
When you decide to sell the boat yourself, you will get all the most money without having to pay any commission to a third party. However, you also have to do all the work. If you go through a broker, they’ll handle all the work. The least amount of money you’ll earn from a used boat sale will likely be from a trade-in. You’ll have to explore the market to check what dealers are offering the most money for a trade-in.
Managing the Documentation
Last but not least, you need to get everything ready for the buyer, which includes all paperwork such as the registration, title, and service records. If you’ve made the sale yourself, you’ll be responsible to mention all the essential information in the invoice, such as the price, buyer and seller names, addresses, driver’s license numbers, size and type of boat, registration numbers, and a list of all major equipment. Keep in mind that it’s essential to cancel your insurance when the sale has been completed and the boat has left your possession.
We hope these tips help you get the best price when you sell your boat. If you’re ready to sell your pre-owned craft, get in touch with us at Kelly’s Port in Osage Beach, MO. We proudly welcome all those in Lake of the Ozarks and St. Louis, so stop by today!