How to Determine Your Boat's Fair Market Value

If you’re kicking around the idea of selling your boat, or if you’re looking at buying a used boat and want to know what a fair price for it would be, there are some important things to keep in mind. 

Arriving at a fair boat valuation isn’t always as simple as looking at eBay for completed auctions of similar boats (though this can help). There are numerous factors to consider, like make and model of the boat, its age and condition, the amount rigging features and electronics, the region and type of water where it has been used, and the total operating hours on the engine, just to name a few. 

At Fort Myers Marine, we specialize in buying, selling, and servicing outboard powered boats of all styles and sizes. We’ve facilitated the sale of thousands of new and used boats, so we know a thing or two about how to arrive at a fair value. Read on to get some useful tips for determining what a fair price is for the boat you’re interested in buying or selling. 

Boat Values Are Unique

The first thing to know about boat valuation is that it closely resembles the auto industry. In the automobile industry, websites like Kelly Blue Book allow vehicle owners to get a general idea of what their car, truck, or SUV will fetch from both a trade in or private party buyer. 

Much like the Kelly Blue Book is used for valuing automobiles, there are three main price guides used for valuing boats: NADA Marine Appraisal Guide, BoatWizard’s SoldBoats database, and the ABOS Marine Blue Book. All three are great tools but each uses a slightly different method of calculating values, which can vary significantly; so be sure to run more than one report. 

Alternatively, another resource to consider is J.D. Powers’ boat value estimator tool, which you can use to get a very general estimate for what your boat might be worth given ideal selling conditions. 

Remember that at the end of the day, any boat is only worth as much as someone is willing to pay for it. There is no objectively true value for any boat, with the exception of new boats that have a manufacturer-suggested retail price. 

For More Help Valuing Your Trade or Consignment, Contact Us! 

If you’re not interested in going through all the steps needed to buy or sell a boat on your own, don’t forget that the pros at Fort Myers Marine are here to help! 

In today’s fast changing world of valuations, our team can work with you to ensure that you get the most out of your trade or consignment. 

Want more information? Just reach out to us!