You’ve nurtured your boat like a proud parent. The teak shines brighter than the North Star, the engines purr sweeter than a kitten’s meow. She’s your baby.
But now difficult times have blown in and you need to sell your precious vessel. As you toss and turn at night, the same vexing questions churn through your mind…
How much is my boat really worth?
Is there a Kelley Blue Book (KBB) guide for boats like there is for cars?
How can I get top dollar without getting swamped?
This complete guide will help you navigate the choppy waters of boat valuation so you can safely sail into fair skies ahead.
You’ll discover:
- Why there’s no KBB valuations for boats and what to use instead
- 9 little-known secrets that significantly impact your boat’s true value
- The #1 key to unlocking maximum value for your boat
- Essential resources to consult before listing your boat for sale
- A simple 5-step system for selling your boat faster and at the best possible price
So batten down the hatches and prepare to set sail on a voyage to finally understanding boat values!
Why There’s No KBB for Boats
Kelley Blue Book (KBB) provides used car values to millions of people each year. So why isn’t there an equivalent KBB guide for boats?
The answer boils down to one word — complexity.
Boats come in vastly more styles, sizes, brands, ages, conditions and equipage than cars. The variables that determine boat value seem endless.
Where a car model may have a handful of configurations, even entry-level boats can have thousands of build permutations.
For example, Boston Whaler offers 70+ floor plans, options, and accessories for just one of its boat models — the 270 Dauntless.
Given the customization and fact no two boats are exactly alike, creating accurate valuations is exceedingly difficult.
That’s why there will likely never be a definitive “Blue Book” for boats. The market is simply too complex and fluid.
But while a KBB for boats doesn’t float, it is possible to accurately value vessels. This guide will unravel the mystery so you can get top dollar when buying or selling.
First let’s drop anchor on alternative valuation sources that work better than any mythical KBB for boats.
Alternative Anchors for Boat Values
While a definitive Kelley Blue Book for boats may not exist, there are several respected marine valuation guides:
1. NADA Guides
Founded in 1933, NADA Guides creates pricing information for vehicles, including boats and other marine craft.
NADA’s Marine Appraisal Guide uses confidential surveys of actual sales data to determine the latest average book values. Values are determined by:
- Boat type
- Year
- Make/model
- Engine type
However, NADA does not take into account the vastly important condition or specific equipage of individual boats. So treat NADA values only as a ballpark reference point.
2. ABOS Marine Blue Book
Published quarterly since 1959, ABOS contains retail valuations for both new and used boats. Values are determined by:
- Boat type
- Year
- Make/model
- Engine/drive type
- Boat length
Listings include MSRP for current model year boats and estimated retail values for models dating back 20+ years.
However, like NADA, ABOS does not account for the condition or custom outfitting of specific boats. Use ABOS valuations as general guidelines.
3. BUCValu Pro
BUCValu Pro contains used boat prices, updated bi-weekly, for specific makes, models and model years. Boat valuations try to account for variables like operating hours and condition.
However, with pre-set brackets for hours and condition, the accuracy still suffers compared to custom appraisals. BUCValu Pro works best for very common, non-custom boats.
In addition to these marine valuation tools, there are two primary ways to determine a more accurate value for your specific boat:
4. Sold Boat Databases
By searching databases of recently sold boats comparable to yours, you can find the true current market value. Resources like BoatWizard contain searchable sales data to analyze.
5. Professional Survey & Appraisal
Hiring an accredited marine surveyor to assess your vessel’s specs and condition will provide the most accurate valuation. Expect to invest $300-$1000 for a detailed appraisal.
Now let’s drop the sea anchor to examine what really moves the needle on boat values.
Key Factors That Impact Boat Values
Like an orchestral opus, a boat’s value comprises many instruments that must harmonize in sync. Make one instrument (factor) discordant and the whole performance sounds off.
Let’s examine the 8 most critical instruments that compose a boat’s value. How finely they are tuned significantly impacts the valuation.
1. Condition
Of all value factors, condition reigns supreme. Well-maintained boats in Bristol fashion can be worth 50%+ more than boats needing elbow grease and repairs.
Cosmetics also matter immensely. Refinished, shiny brightwork (teak, mahogany, stainless steel, chrome) indicates a meticulously cared for vessel.
2. Engine Hours
Low engine hours signal a lightly used, babied boat. But high hours don’t necessarily torpedo value if properly maintained (regular oil changes, tune-ups, winterizations).
Documented maintenance logs indicating strict adherence to factory schedules can help ease buyer concerns over slightly elevated hours.
3. Electronics & Navigation Equipage
The latest high-tech marine electronics, especially desired brands like Garmin and Raymarine, can add significant value — often more than their original cost.
Conversely, outdated electronics can ding value. Today’s boaters expect modern conveniences like radar, broadband radar, touchscreen chartplotters, thermal cameras, and more.
4. Accessories & Amenities
Much like luxury homes, amenities help boats stand out. Premium sound systems, air conditioning, generators, stabilizers, hydraulic swim platforms, hardtops with enclosures, and dinghies are just some “must-haves” to today’s buyers.
Their absence can be negotiated down or be built into upgrade offers during the sales process.
5. Brand Prestige & Reputation
Pedigreed brands like Viking, Hatteras, Sea Ray, Boston Whaler, Chris Craft, etc. enjoy elevated prestige that keeps resale values buoyant. Their craftsmanship and performance often justify higher prices.
Conversely, lessor-known brands can suffer from perceived inferior quality — whether founded or not. This instantly limits their appeal among discriminating buyers.
6. Recent Upgrades & Improvements
Major refits like engine/generator rebuilds/replacements, electronics upgrades, etc. can significantly boost value if properly documented. The increased value often exceeds the cost of upgrades.
Cosmetic touch ups like brightwork refinishing, replaced canvas/weather enclosures and cushions also help attract buyers and increase offers.
7. Location & Market Conditions
Regional demand plays a major role in valuations. Boats listed for sale where inventories are low and buyer interest is high will fetch higher prices.
The same exact boats listed where inventories are saturated and buyer demand is soft will sell for less — often far less.
8. Buyer Motivation & Psychology
Perhaps the most unpredictable factor is the mentality of buyers at the time of sale. Pandemic fears, stock market crashes, high fuel prices, and more can deflate buyer confidence and prices paid.
Conversely, a red hot stock market and flush discretionary budgets can activate a boat buying frenzy with bidding wars erupting. Timing listings to capitalize on peak demand is essential.
Now let’s drop anchor on specific tips to accurately value your boat.
7 Must-Know Tips for Accurate Boat Valuation
Determining your boat’s maximum value potential while avoiding lowball offers requires diligent research and analysis.
Follow these essential valuation tips:
1. Get a Professional Survey & Appraisal
Certified marine surveyors combine physical inspections with their extensive valuation knowledge to generate the most accurate appraisals. The $500-$1000 cost is well worth it.
2. Search Boat Sale Databases
Research recently sold comparable boats in your area to gauge true market values. BoatWizard contains the largest database of sold boats in North America.
Analyze by make/model, year, equipment, hours, condition, and length to find the closest comparable sales. This real data reveals true market value.
3. List on Multiple Sites
Getting maximum exposure by listing your boat across a network of sites will attract more buyers. Leverage both national networks like Boat Trader and BoatQuest plus regional sites popular in your area.
4. Price 10-20% Above Comparables
Pricing just above recently sold comps gives you wiggle room to negotiate. Price too low and you leave money on the table. Price too high and you scare away buyers.
5. Highlight Investments & Improvements
Prominently document any major upgrades, repowers, refits, electronics additions, aesthetic improvements, etc. Their cost should be recaptured in the sale price.
Provide maintenance logs proving strict adherence to factory schedules. Meticulous care and investments translate to higher valuation.
6. Get Multiple Broker Opinions
Experienced boat brokers constantly track sold data and know the current market. Their valuation guidance can help set realistic pricing. Some may even list your boat.
7. Consider a Marine Surveyor Assessment
Unbiased third-party condition reports confirm a boat’s seaworthiness. Identifying issues needing addressing ahead of listing can reduce sale objections later.
Recommendations to boost value like electronics upgrades, aesthetic touch-ups and more also prove worthwhile.
Now let’s chart a course to top resources for buying, selling, maintaining and assessing boat investments.
Key Resources for Informed Boat Ownership
Beyond leveraging the extensive data within BoatWizard and engaging brokers and surveyors, numerous other resources exist to help value, operate, upgrade and sell boats:
Boat Buying & Selling
- Boat Trader – Largest boat classifieds site
- YachtWorld – Leading brokerage marketplace
- SoldBoats.com – Searchable sold boat database
Marine Surveyors
- SAMS – Society of Accredited Marine Surveyors – Find certified surveyors
- AMS – Association of Marine Surveyors – Locate local boat inspectors
Maintenance & Repairs
- AMM – Association of Marina Managers – Marina locator
- NMMA – National Marine Manufacturers Association – Dealer/repair locator
- AMI – Association of Marine Industries – Marine trades association directory
Armed with these secrets of boat valuation and essential marine resources, you now have the navigational charts and compass to sail confidently — rain or shine — toward your intended destination!
Fair winds and following seas!
How to Avoid Common Boat Valuation Mistakes
With so many variables affecting boat values, errors get made. Here are 5 all-too-common mistakes to avoid on your valuation voyage:
1. Assuming Boat Value Appreciates Like Real Estate
Unlike homes that generally appreciate over time, boats actually depreciate — often swiftly.
The moment a new boat leaves the dealer lot, it loses up to 40% of MSRP as buyers now consider it “used.” And the value decay accelerates from there.
Proper maintenance and limited use help offset depreciation. But don’t expect your boat investment to mirror housing appreciation.
2. Not Accounting for Refit & Upgrade Costs
Major upgrades like repowering don’t automatically translate into valuation increases. The only exceptions are commercial fishing boats where new engines directly impact earning potential.
For recreational boats, upgrades add minimal value. Buyers expect sailing-ready vessels — not fixer uppers. The cost of upgrades generally will not be recouped in the sale price.
3. Using NADA Values as a List Price
Since NADA does not account for individual condition and equipment, their values only offer rough ballpark guidance. In reality, well cared for boats with abundant amenities often sell for 50-100% over NADA suggested pricing.
Rely more on recently sold comparable boats to gauge true market value.
4. Not Checking Regional Market Demand
Listing amidst market saturation will handicap selling price potential regardless of actual value. Monitoring regional boat inventories, buyer demand, and economic outlook is critical before pulling the listing trigger.
5. Forgetting About Closing Costs
When setting your target selling price range and evaluating offers, don’t forget closing costs which include:
- Broker commissions (10% average)
- Listing fees
- Transport logistics
- Title transfer / documentation fees
The net check you pocket could be 5-15% less than the actual boat selling price.
Now let’s fire up the twin inboards and run down a 5-step system to sell your boat for maximum value.
How to Sell Your Boat Fast for Top Dollar
Selling privately rather than engaging brokers allows you to net more cash. But listing correctly remains critical to attract qualified buyers.
Follow this simple 5-step process:
Step 1: Research Market Values
Leverage boat sales databases to analyze recently sold comparable boats. Factor in refits, condition, equipment, and custom features to determine pricing range relative to your specific boat.
Aim to price around 10% above sold comps to allow negotiating buffer while remaining attractive for buyers.
Step 2: Get Professional Appraisal & Condition Report
Hiring marine surveyors serves a dual purpose — accurate valuation plus identifying issues needing addressing before listing. This proactive inspection saves hassles during buyer sea trials and negotiations later.
Step 3: Create Compelling Listings & Ads
Briefly highlight custom features, recent major upgrades/refits, strict maintenance history, garage storage benefits, and all desirable accessories/electronics. Support with high-res photos and videos showing the boat in best light.
Step 4: List on BoatTrader & Regional Sites
Cast a wide net by listing across both national marketplace BoatTrader and locally popular classifieds/forums. Many serious buyers scour regional sites in addition to big boards like BoatTrader and Boats.com.
Step 5: Prepare for Sea Trials & Offers
Address requests for maintenance logs, survey reports, title abstracts swiftly. Schedule sea trial appointments promptly while the buyer enthusiasm runs hot.
Have spec sheets, informational binder, factory manuals, and equipment documentation organized as reference tools during showings. Prepare to negotiate any offers armed with sold data and valuation report.
Weighing anchor and setting sail to sell your beloved boat can feel daunting. But armed with these boat pricing secrets, valuation resources, and listing strategy tips you now have fair winds and following seas!
