Surrey, Kent, Sussex, Hampshire, Berkshire, Greater London
Choosing a suitable starting price can make or break the sale of your marine vessel. It is the most challenging phase of selling a boat as it entails detailed market research and product analysis.
Why should I have a pre-purchase boat valuation?
A pre-purchase valuation survey can be commission by either by the buyer or the seller. A buyer may want to get a professional opinion on how much the vessel is worth, so they can set a reasonable asking price for a smooth sale. Sellers can use the result of the survey to help decide whether the vessel is worth the asking price, so they can be sure that they are getting value for their money.
As Itâ€™s not uncommon for sellers to overprice their second-hand boats, which make it risky to use historical trends alone to determine an accurate value. Itâ€™s also unreliable as market value tends to fluctuate depending current demands.
Here are some of the most important factors that can affect the price of a marine craft:
Size and Model
As a general rule of thumb, bigger crafts tend to cost higher than the smaller ones, but this is not always the case. The make and model of a boat is one of the most influential determinants of price, as some models are very sought after for their skilful artisanship.
Much like vehicles, there are manufacturers which are known for their high quality and prestige; these boats may be more expensive, but they often hold their value very well.
Physical and Mechanical Condition
Similar to any machine, a boat's age and physical condition will largely determine its value. The price will be in line with the state of its hull, super structure, interior, domestic/mechanical systems engine and stern gear. Despite the difficulties in translating the mechanical soundness of the boat into monetary terms, the total cost of repair will be the basis of any price. Needless to say, a well-maintained vessel will likely be worth more than one which has more wear and tear.
The accessories and equipment fitted to a boat, or included as part of the sale, can influence its price. This includes, but not limited to: navigating equipment, furniture, and safety equipment such as distress flares and lifejackets. The seller should provide a clear inventory of what is included in part of the sale, which could also increase the asking price.
Type of hull
Boat hulls come in different materials i.e. steel, timber, iron, aluminium and fibreglass. We also sometimes see ferro-concrete hulls. The type and condition of the hull can affect the selling price of the boat as some hulls are more expensive to maintain. The construction of the hull is also a factor to consider; for example, boats with timber hulls are likely to have been built by hand.
Though marine crafts rarely appreciate in value unlike real estate; they certainly donâ€™t depreciate as sharply as vehicles. You can generally expect newer boats to have a higher asking price, however, older boats which has been well-maintained with full service history and newer replacement parts also offer no compromise in terms of quality and value for money.
Cetec Marine Ltd has over 50 years of experience in surveying marine vessels; our principal surveyor is a proud member of the IIMS, so you can be sure that you are working with qualified professionals. Over the years, we have worked with vessels of all shapes and sizes (up to 150ft in length). Although we are based in Sussex, we have carried out surveys throughout UK, and have built an outstanding reputation in the industry. All of our surveys include a detailed written report, supplemented by photographic evidence.
The need for fair and honest prices for boats necessitates boat evaluation. We offer reliable services to help determine the suitable costs of various vessels by considering their sizes, brands, physical and mechanical conditions, accessories, and types of hull. If you have any questions regarding our service, please contact us via 01784 456872 to speak to our experienced surveyor.