After the new or used status of a boat, its class is the next most important factor determining its value. For example, you'd expect to pay less for a fishing boat compared to a sailing yacht. Additionally, it's important to know that depreciation affects different boat classes in different ways.

You can expect a bowrider to lose much more value than a sailing boat or cuddy cabin, for instance. The model of your boat will also affect its value. Iconic boats attract more interest, meaning you can charge more for a Leader 33 than something no one has ever heard of before.

Alongside iconic models, iconic manufacturers also attract higher prices. For example, vessels built by companies such as Princess Yachts and Beneteau will naturally have a higher price tag, whether new or used.

This one might sound obvious, but it's worth mentioning. Essentially, the bigger the boat, the more expensive it is. Don't forget that it's not just the initial price that will be bigger, but appraisals, wintering and maintenance will also be more expensive.

Another obvious one, but worth mentioning. Newer boats that are fresh out of the box will be more expensive than second-hand ones that have had a chance to depreciate. Even more, when a manufacturer brings out a new model, this can affect the price of their older models on the second-hand market.

Boats have a lot of components, from mechanical systems like the hull and engine to rigging and masts for sailing boats and other aesthetic features. The condition of all these components will all affect the price in different ways.

Much like other vehicles, if you've properly maintained your boat and it is in good condition, you can naturally ask for a better price. Second-hand boats that are well cared for will be a bargain for any potential buyer.

Buying a boat is always an exciting time and might even be a relief if the process has been difficult. But in all that excitement you may have missed the fact that as soon as you purchase a vessel, its value depreciates. It will continue to drop in value through the years, with different brands and models depreciating at different rates.

If you've bought any additional equipment for your boat, such as trailers to move them around, you can lump these in with the boat to boost the price. Of course, how much you can ask for depends on the quality of this equipment, but selling it as an all-in-one package can make your boat more attractive to potential buyers.

It's generally accepted that fewer engine hours means a better second-hand boat. However, the difference is more nuanced than that. You might think that a used boat with hardly any engine hours would be better than one with plenty. But you should also consider the year the boat was built when looking at the engine hours.

If a boat with hardly any engine hours is also very old, then this should give you cause for concern. Engines that have been neglected for years can be in horrendous condition, making them far worse than younger boats that have been regularly used and well-maintained.

Age, condition and engine hours should be considered together. Old boats with plenty of engine hours will usually be in pretty bad shape. Therefore, these boats won't be able to command large prices. Unless these older boats are classic models from big brands, it's safe to say they won't be as valuable. You should also remember that most of the depreciation occurs in the first year of ownership before tailing off year by year.

If you try to sell your boat in a popular boating area, you'll find you won't get the best price for it. This is because there is more competition in the area, meaning you'll have to try harder to attract buyers. Alternatively, you might try relocating your boat to a quieter area with less accessibility.