Boat Value Appraisal Done Right

Boat value appraisal may look like a daunting task but it's not something limited to specialists, as long as you know how far you can go and what can go wronbg. Estimations could turn out to be wildly off the mark if you do not use the right sources, especially if you then also neglect using the services of a professional appraiser.

Even more so if you have not appraised a boat's value before, either as a buyer or as someone who wants to sell, you should be aware that the lack of experience may let you make an error that will cost you a lot. The only workaround to this is that you inform yourself thoroughly before making an assessment.

Even when buying a vessel, it is not enough to just look at available listings on the Internet or at your local boat club and go for the one that seems best value for money. By knowing what to look for when evaluating a boat, your ability to negotiate will be increased and you may be able to reduce the original selling price by a quarter or more.

Appraisal research is also of paramount importance because it will allow you to better decide what kind of vessel you would like to acquire, and to better educate yourself about options. Otherwise, one might end up buying a boat according to specifications that sounded great in the first place but that in reality don't stand up to a lot of scrutiny.

Several methods to evaluate a boat exist, and the best thing is to use them in conjunction. A good initial grounding in the subject matte can be had by reading boating magazines, which are usually full of specific information.

There are specific publications for all kinds of craft - motor yachts, fishing boats, pontoon boats, houseboats, dinghies and sailing boats, even commercial boats such as ferries and cargo carriers. From these journals' classifieds, one can compare different makes and models and also to get an idea of depreciation over time.

Reading and comparing these listings is a great way to find out what's available and to get first rough ideas of the characteristics and values of certain vessels and their accessories. As a next step, you will probably want to check out the main guides, which are called BUC and NADA.

As both these databases only give average boat values, you still have to take the specific condition of a vessel in to the equation. NADA is a data base that specializes in motor boats and accessories (such as trailers and outboard motors), covering all products in trade since 1978. BUC also covers sailing boats, including multi-hulls.

However, while DIY evaluation is perfectly OK for small boats, if the ship or vessel that you are going to trade is expected to fetch more fifty thousand dollars, a professional appraisal will very probably be able to help you fetch you the best prices for your vessel, and the additional expense will well be worth it.