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How To Use The NADA Guide to Determine a Boats Value
by Nada Book Info | Uncategorized
Last Updated on July 6, 2023
The memories you have created on your boat make it very precious and placing a monetary value to it may become a bit of a challenge when you want to sell it. Or you just may not have the knowledge needed to value it. And the same is true on the buying side - you want to make sure when buying boats, that you are not overpaying. Well that is why the NADA Guide is one of the best places to go when you want to determine the value of your boat.
One of the most common questions we receive at Nada Book Info is, "How do I find my boat's value?"
It may seem simple for many of you on how to value your boat, but it is understandable that many people may not know how to use the NADA Guide website to determine the value of the boat. There are a lot of different options to choose. But don't worry, below we will walk you step by step , and by the end of the article you will be sailing right through!
WHAT GUIDE DO I USE TO FIND MY BOATS PRICE?
NADA is the blue book that both buyers and sellers refer to when trying to price a water craft. In fact most banks refer to it when they are considering giving out a loan with the boat as security or if the client is considering buying a boat. That's why, this guide is so useful even when negotiating new boat prices with a dealer .
The NadaGuides.com website is where you will want to start off to determine the selling price (or purchase price) of a boat as it will give you the low and high value of the boat. Off course you should understand that NADA may not be able to ascertain the actual condition of the boat so damages to it may bring down its value when the bidding starts, but you may not get that information there.
LETS PRICE A BAYLINER 160 BR 2014 MODEL AS AN EXAMPLE
Now lets get practical about using the guide. Say you have a Bayliner 160 BR 2014 model and you would like to find out its value. You will start by going to the official NADA website here and go to the section for BOATS located at the top right of the site:
You will be welcomed by a prompt telling you to “ START HERE ”:
Once you click on that you will be directed to the page that lists all the manufacturers. However, you will be greeted with a pop up box that is going to ask you for your zip code. Typically, boats sell for more when they are closer to the water , so make sure you enter the correct zip code.
After you have entered a zip code, you just have to find your manufacturer. For our example, we are using Bayliner Marine Corp. Click on that:
Once you do, the site give you list of the different models of Bayliner boats and you should look for yours. Now here is an important note. You will see a special note that will tell you if the pricing includes the trailer, outboard motor or even both . Each manufacturer on the website will have it differently , so make sure you pay close attention to this so you don't value your boat incorrectly.
For example, with our Bayliner 160 BR, it says that the pricing includes the outboard motor(s) and trailer.
You will also see a general specification of the boat:
Once you click on your boat, you will be directed to a next screen that will have the options of a detailed checklist to choose the exact specs that you would like to be included in the valuation.
For purposes of this guide let us choose
- Canvas: Boat Cover- 7 ft. thru 14 ft.
- Electronics: Auto Pilot w/Remotes – boats to 20,000 lbs.
- Electronics: Fish Finder – Max Depth 100
- Electronics: GPS – Color Fixed Mount
- Electronics: Inverter/Charger – 600w
- Entertainment: DVD player
- Fishing: Bait Tank- 22 Gallon
- Galley: Dish Washer
- Jet Drive: Grate – Race
Now after choosing this all you do is click on continue and you will be directed to another page where you can input details of the outboard engine and trailer.
Lets choose 130 – 149 HP and for the trailer we will choose a 2014 model and Tandem axle and for the length we will choose 17 feet.
Below that you will see the miscellaneous optional equipment, lets go with aluminum step plates (4) and Fenders chrome (Tri Axel) Per Pair.
Now you can click next price option and it will give you the complete pricing for the boat. You might have a pop-up asking for your ZIP code in case you didn't enter it earlier so that you can get the price according to the area where you are.
Here we have used 91011 so we have suggested list price as $14,042 , Low retail with the options we selected is $21,295 and average retail is $23,675.
These prices will change as time goes by so make sure you always price your boat as close to possible as the actual sale.
WHAT DO I DO WITH THE NUMBERS FOUND ON NADA FOR MY BOAT?
With the blue book value , you are now able to state your average asking price which can either be below or above the range and when you indicate this price, be sure to state the specs that justify the pricing as many potential buyers will go through this same process and may wonder why you have chosen a particular price which is not exactly what their calculations show.
Now this calculation is not enough to determine the value of your boat. It's a great starting point, but you will want to find out the price range of similar boats. You could have a rare boat or one that is in demand, which means you can charge more. To find this, you can still do this on NADA by checking the pricing for other boats of similar models with similar specs as yours. There are also websites we recommend to look for boats, such as boats.com which has a list of different boats for sale.
WHY SHOULD I TRUST THE NADA GUIDE FOR PRICING MY BOAT?
You however should be assured that NADA is one of the best options, because it carries out monthly surveys on pricing of different boats, gathering the prices from dealers of new and used boats and does extensive research on the pricing of the accessories and what determines the pricing so you probably would find the most accurate prices here than anywhere else.
It's no wonder why so many dealers, banks, sellers and buyers rely on this guide so heavily. However as a result of different variables including sentimental attachments, you may find that most of the prices quoted by NADA may be slightly on the lower side which is why it is okay for you to have an asking price that is a bit higher than the average range.
All factors considered, NADA is a guide and not a rule book. You want to also make sure you have the correct specifications and options of the boat you are trying to value. Engine models, and horse power can make a big difference to the pricing and getting them wrong will leave you with a wrong price as well.
Related Posts:
Used Boat Values: KBB And Nada Guides
When parting ways with a cherished boat, the foremost task is assessing its value. Estimating the worth of a used boat is a different science; numerous variables come into play. A frequent inquiry we encounter at this juncture is, " What is the value of my boat? "
The response remains constant : a cardinal rule governs boat pricing—you can ask any sum you desire for your boat. Still, its true value hinges on the current market climate. Typically, it aligns with the prices others have paid for analogous watercraft.
The past few years have witnessed a dynamic transformation in various markets, including the marine sector, owing to the unprecedented demand for new and pre-owned boats following the COVID-19 lockdowns. This surge in demand led to soaring boat prices, allowing sellers to command higher rates than in previous years . While prices are now beginning to stabilize, the demand remains robust. Considering this aspect when researching competitive boat sale prices spanning recent years is imperative.
This article delves into the intricacies of evaluating your boat's worth in preparation for a sale .
🚨 Don't miss this: Outboard vs Inboard Comparison
Determining the Price for Your Used Boat
Setting a price for your used boat can be a nuanced endeavor. Naturally, one wishes to maximize returns on this asset. Yet, pinpointing the precise value that lures potential buyers and positions the boat competitively within the pre-owned market can be challenging. Commence the pricing journey by following these steps :
Examine the Competition
- Begin with a thorough analysis of what comparable boats have commanded in recent transactions.
- Extend your research to encompass factors such as condition , equipment inventory , geographical location , and the water type in which the boat was predominantly used.
- Remember that a high listing price does not necessarily equate to an achievable sale price.
Establish a Minimum Price
While market dynamics play a pivotal role in determining pricing, it is vital to ascertain the lowest figure you would be willing to accept . Various factors, including your financial requirements for a new boat or the remaining balance on your marine mortgage, may influence this figure.
Check the offers
In determining your minimum acceptable price, consider that prospective buyers may express interest in negotiating. Employing phrases such as " Or Best Offers " or " Offers in the Region of " can stimulate additional buyer interest, signaling flexibility in the pricing discussion.
Leveraging Boat Price Guides: JD Power (formerly NADA Guides) and Kelley Blue Book
Just as the automotive industry employs valuation tools, the marine sector boasts websites that establish used boat values . Although only some boat models may be cataloged within these valuation guides, the final assessment hinges significantly on the condition of your vessel. These resources provide a valuable reference to help you pinpoint the appropriate asking price. In the United States, websites such as JD Power (formerly NADA Guides ) and Kelley Blue Book offer user-friendly methods to access your boat's estimated value:
- Select Boat Type : Begin by specifying the boat type, whether it falls under the category of power boat , sailboat, or personal watercraft.
- Choose Make and Model : Fine-tune your search by indicating the boat's make and model.
- Enter Your Zip Code : The geographical location in which you reside can impact your boat's value.
- Customize Your Search : Refine your inquiry by selecting specific criteria, such as engine size, canvas type, fishing equipment, electronics, entertainment features, galley amenities, and more.
- Retrieve Your Valuation : The outcome comprises three boat value estimates: a suggested list price, a low retail price, and an average retail price.
📢Read also: Types of Boats: Your Ultimate Guide to Boat Varieties
Assessing the Worth of Vintage, Classic, or Custom Boats
Pricing vintage, classic, or custom boats introduces an additional layer of complexity . Such vessels often defy conventional valuation methods, rendering traditional guides like JD Power and Kelley Blue Book less applicable. Nevertheless, strategies exist to help you narrow down the value of your distinctive boat:
- Consider Rarity: Ascertain the rarity of your boat by investigating the number of units produced and the current operational status of these vessels. Invariably, greater scarcity translates into heightened value .
- Evaluate Condition : Understand that a boat's condition substantially influences its worth. Immaculate restorations command higher prices, and the need for restoration must be considered for wooden ships. Assess its seaworthiness.
- Assess Aesthetics : The visual appeal of your boat significantly impacts its valuation. Is it reminiscent of a James Bond-worthy vessel or a project boat needing extensive care and attention ?
Various resources are available to assist in establishing pricing for custom or vintage boats :
- Vintage Boat Clubs and Shows
- The Antique and Classic Boat Society
- Direct Consultation with the Manufacturer (if operational)
- Specialized Brokers
- Professionals Skilled in Vintage or Wooden Boat Restoration
Increasing the Value of a Used Boat
Elevating your boat's worth before listing it for sale can be rewarding. Such efforts not only have the potential to yield a higher selling price but can also expedite the sale process. Imagine the appeal of your boat in sales photographs and videos when it is in pristine condition. Consider the following strategies :
Maintain Regular Maintenance
Consistent, documented maintenance is invaluable to prospective buyers as it instills confidence in the boat's condition. Staying on top of maintenance proves more economical than replacing components.
Curate an Impressive Equipment Inventory
A comprehensive equipment list holds substantial allure for buyers and augments the boat's value . Consider including or investing in life jackets, flares, watersports gear, fishing equipment, or modern electronics.
⚡️Another article: Best Fishing Boat Brands: Your Comprehensive Guide
Upgrade the Interior
A well-executed interior upgrade can significantly enhance your boat's value. Explore possibilities like upgrading fabrics , salon cushions , portholes , windows , vinyl , carpets , and galley amenities . A fresh appearance can work wonders.
Adopting a staging approach akin to home sellers can elevate the presentation of your boat . Removing personal items and strategically incorporating home comforts and decor items can render your boat more visually appealing.
What Factors Affect the Price of a Boat? 4 Important Factors
Several factors exert influence over a boat's price :
- Boat Brand and Model : Certain brands and specific models carry higher valuations due to reputation, desirability, and reliability.
- Age and Engine Hours: A boat's age directly correlates with its price, though exceptions exist. Older boats with low engine hours, well-maintained, may surpass the value of newer counterparts that have been extensively used. However, unused older boats may suffer from neglect .
- Condition: As previously emphasized, a boat's condition is paramount in determining its value. Adhering to a strict maintenance regimen and attending to repairs is pivotal.
- Equipment: A substantial list of high-quality, relatively new equipment augments a boat's worth, often surpassing the value of the equipment itself when new.
What Are Common Mistakes When Pricing a Used Boat?
When setting a price for your boat, it's easy to become subjective and perceive it through rose-tinted glasses. Common pricing errors to avoid include :
- Overpricing: The foremost mistake is setting an excessively high price. Seeking more than the market can bear can result in frustration and prolonged selling periods.
- Emotionally-Driven Pricing: Personal attachment and financial investment in the boat can lead to overvaluation. Strive for objectivity.
- Ignoring Actual Condition: Overlooking areas needing attention while pricing your boat can lead to unrealistic expectations.
Researching Used Boat Values as a Buyer
While this article primarily addresses boat pricing from a seller's perspective, it is equally crucial for buyers to conduct thorough research. Buyers wield considerable influence over the boat-selling market and ultimately determine sale prices. As a buyer, consider the following when embarking on your boat-purchasing journey :
- Conduct Research: Check the listings on various boat sales platforms to gauge the current prices for your desired boat type. Utilize resources such as JD Power (formerly NADA Guides ) and Kelley Blue Book for detailed pricing based on specifications, make, model, age, condition, and customizations.
- Compare Similar Boats: Maintain objectivity when comparing different boats. Ensure you assess boats with equivalent make, model, age, and condition. Price should not be the sole determinant; evaluate the overall package .
- Avoid Being Distracted by Equipment: While equipment is important, prioritize the boat's structural integrity and condition over impressive add-ons. Ensure that the boat's fundamental components are sound.
- Engage a Surveyor: Hiring a professional surveyor is advisable for larger boats. They can objectively evaluate the boat's hull, condition, rig (if applicable), and engine. Armed with this information, you can negotiate more effectively.
- Choose a Trustworthy Dealer: If purchasing through a dealer or broker, select one with a reputable track record. Many reputable brokers prioritize fair deals over exploiting customers.
Used Boat Pricing for Insurance and Loans
Also, valuing your boat may be necessary for insurance or when seeking boat loans . Insurance providers and lenders often request valuations to assess coverage needs and asset value accurately.
Selling Your Boat: The Next Steps
Once you have determined the value of your boat, you can proceed with the sale process . We plan to publish a guide on this soon.
In conclusion, pricing a used boat entails a combination of research, objectivity, and a keen understanding of market dynamics. By following these guidelines, sellers can maximize the value of their ship. At the same time, buyers can make informed decisions based on reasonable pricing expectations.
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- Articles and Guides
Used Boat Values: A Guide to Pricing Your Boat
2nd dec 2023 by samantha wilson.
If it’s time to sell your boat then the first step in the sales process is to figure out how much it’s worth. Setting a value for a used boat isn’t an exact science, and there are many factors that can affect it. One of the top questions we get asked at Rightboat is “What is my boat worth?” Our answer is always the same: there is a golden rule to pricing a boat—you can ask as much as you want, but it’s only worth what the current market supports.
Normally that figure will be based on what others have paid for similar yachts—and the best route to that information is usually through partnering with a professional yacht broker with experience selling your type of boat. But whether or not you work with a broker, this article will cover all the factors that go into pricing your boat.
The past few years have been a complex time for many markets including the marine market, with unprecedented demand for new and used boats following the COVID-19 lockdowns. The surge in purchases pushed boat prices sky high and has meant that there has been a lack of boats on the market with sellers able to charge far more than in previous years. Prices are now starting to settle but demand remains high. It’s worth taking this into account when researching competitive boat sales prices over the past few years.
Here we take a look at how you can value your boat when it’s ready for sale.
Setting a value for a used boat isn’t an exact science, and there are many factors that can affect it.
Pricing a Used Boat
Putting a price on your used boat can be tricky. It’s human nature (and common sense) to want to get the most for your asset, but finding the sweet spot that attracts buyers, makes it competitive on the used boat market, and gives you a satisfactory return isn’t always straightforward. Start the pricing process by following these steps;
Research the competition
Find what others have paid for similar boats, then some more homework and see what others are charging for the same model boat as yours. Be sure to compare everything from the condition and equipment list, to its location and how it was used ( freshwater vs saltwater boats ). As the market dictates the pricing, keep in mind that just because a boat is listed for a high price, doesn’t mean anyone will pay it.
Decide on your minimum price
While the market dictates the price, you do need to know the lowest figure you will accept. It might be governed by how much you need for a new boat or how much there is left on your marine mortgage.
Be open to offers
When deciding on the minimum price you’ll accept, factor in that buyers may want to make an offer. Adding “ Or Best Offers” or “Offers in the Region of” is a good tactic to get more buyer interest when they will feel there may be some flexibility.
Boat Price Guides: JD Power (NADA Guides) and Kelley Blue Book
In the same way that there are valuation tools for cars, there are websites that offer used boat values. While not every model is listed in the boat value guides, and the value will depend hugely on the condition of your boat, it’s another source you can use to get the final asking price right. In the US, websites such as JD Power (previously NADA Guides) or Kelley Blue Book offer simple ways to look up your boat’s value:
- Browse by boat type : Select the type of boat, i.e. whether it’s a power boat, sailboat or personal watercraft
- Choose the make and model : Refine your search with make and model
- Enter your zip code : where you live will make a difference to you boat’s value
- Customize your search : You can then further refine your search by selecting everything from engine size to the type of canvas, fishing equipment, electronics, entertainment features, galley amenities, and more.
- Get your valuation : You will be presented with three boat value estimates; a suggested list price, a low retail price and an average retail price.
Pricing Vintage, Classic or Custom Boats
If boat pricing seems like a detailed process then just wait until we start talking about custom, vintage, and classic boats. These are notoriously difficult to price, and you can throw the JD Power and Kelley Blue Books out of the window. Don’t panic though, because there are procedures that can help you narrow down what your boat is worth, and you can also find specialist yacht brokers with expertise on pricing and proven ability buyers in this market sector.
The first hurdle in pricing a vintage, classic, or custom boat—whether you want to sell it or to buy it—is that there won’t be much to compare a unique boat against. To narrow it down, ask yourself the following questions;
- How rare is it? Find out how many were built and how many are still in operation today. The rarer the boat, the more value it has.
- What condition is it in? It goes without saying that the better the condition, the more it’s worth. If it’s been restored, be objective about how good the restoration project was. If it’s a wooden boat, does it need restoration? Is it seaworthy?
- What does it look like? The aesthetics of the boat will play a huge role in its price. Is it James Bond cool? Or a project boat that needs lots of TLC?
There are many places to look for guidance on pricing for your custom or vintage boat including;
- Vintage boat clubs and shows
- The Antique and Classic Boat Society
- The manufacturer (if they’re still in operation)
- Specialist brokers
- Specialist vintage or wooden boat restorers
The first hurdle in pricing a vintage, classic, or custom boat is that there won’t be much to compare a unique boat against.
Increasing a Used Boat’s Value
There are many things you can do to your boat to add value to it before you list it for sale. By putting in that extra effort now, not only might you get more money for your boat, but it will likely sell faster too. And imagine how appealing your boat will look on the sales photos and videos if it’s in tip top shape. Things you can consider doing include:
- Perform regular maintenance: This might seem obvious, but a regular, proven maintenance schedule is worth its weight in gold to prospective buyers as it provides reassurance and confidence in the boat’s condition. Stay on top of maintenance throughout your boat ownership, it’s easier and cheaper to maintain than to replace.
- Offer an impressive equipment list: A long equipment list is appealing to buyers and certainly adds value, so you might want to consider including (or investing in) items such as life jackets, flares, watersports gear or fishing equipment. Likewise, installing some new electronics will certainly give your boat a modern makeover. Media control centers, onboard WiFi, speakers or FishFinders are highly sought after.
- Upgrade the interior: Giving the interior a good spruce up can make a huge difference to your boat’s value. You could upgrade the fabrics and saloon cushions, update the portholes or windows, or replace interior vinyl or carpets. And don’t forget the galley, some new décor, and gadgets can give your boat a major facelift. For more advice check out our guide on Boat Interior Restoration Tips .
- Set the stage: In the same way that house sellers stage their homes for sale, you can do the same with your boat. Clear out all of your personal possessions and get your boat looking catalog-ready by adding a few strategically placed home comforts and décor pieces.
For more ideas check out our guide to 8 Ways to Increase the Value of Your Boat
What Factors Affect the Price of a Boat?
- Boat brand and model: Certain brands and specific models will be valued higher than some similar models. Generally, well-known brands or award-winning models that are highly sought after and have a good reliability record will have a higher price tag.
- Age and Engine Hours: As with used cars, the age of a boat will affect its price. It makes sense that the older a boat, the lower the price tag (unless it’s a classic). Having said that, however, an older boat that hasn’t been used much and whose engine has fewer hours on the clock (but maintained well) could be worth more than a newer boat of the same model that’s been heavily used. Keep in mind, though, that an older boat that has been unused might not have been well maintained.
- Condition: As we’ve seen above, the condition of your boat makes a big impact on the value. Keeping a strict maintenance schedule, doing regular repairs, and taking care of the interior will go a long way to ensuring your boat is at the top end of its valuation bracket.
- Equipment: A long list of good quality and relatively new equipment certainly adds value to your boat (often more value than the equipment is worth new).
The condition of your boat makes a big impact on the value.
Common Mistakes When Pricing a Used Boat
When pricing your boat it can be difficult to stay objective and see it with unbiased eyes. As a result you may end up pricing your boat incorrectly for several reasons. Some of the most common mistakes we see when people are pricing their boats include:
- Pricing it too high: Quite simply, the No. 1 mistake people make when pricing their boat is pricing it too high. Trying to get more for your boat than the market is willing to pay will end up in frustration and wasted time.
- Putting too many emotions into the decision: Sometimes owners put so much time, money, and passion into their boat that they value it much higher than the market does. Try to remain objective and unemotional about your pricing.
- Not being realistic about the boat’s condition: Again it’s easy to see your boat through rose-tinted glasses and overlook some of the areas of your boat that might need attention. Comparing the same model in a better condition than yours and giving it the same price tag won’t generate lots of interest.
Researching Used Boat Values for Buyers
In this article, we’ve focused on correctly pricing a used boat from the point of view of the seller. But it’s important as a buyer to also do the same research so you can know that you’re not paying too much for your next boat. You, as buyer, are the driving force behind the boat-selling market and ultimately dictate what used boats will sell for. If no one will buy a boat at a certain price point, then it isn’t worth that much. Having said that, it’s vital that you know what a reasonable price is for the type and age boat you’re looking to buy. When you’re starting out your boat-buying journey, here are five tips:
- Do your research: Start looking at used boats on boat-selling marketplaces such as Rightboat to get a feel for how much the type of boat you want is selling for. Once you’ve started to narrow your search down to specific boats, use websites such as JD Power (previously NADA Guides) or Kelley Blue Book to see prices based on precise specifications, make, model, age, condition, and any customization.
- Compare boats that are truly similar: Be sure to stay objective when comparing different boats, and that you’re truly comparing similar boats. When comparing boats of exactly the same make, model, and age, look at the condition, maintenance record, how many hours the engine has on it, and the equipment on board to truly compare. One boat might seem like a bargain, but it could cost you far more to get it to the same condition as a similar boat in far better condition that is priced slightly higher. In short, don’t just look at the price tag. See what you’re getting for your money.
- Don’t be swayed by equipment and extras: While we’ve said to look at the equipment list, it’s important not to get dazzled by an impressive list of extras. It’s a common sales technique to offer electronics, soft furnishings, safety gear, and more but in fact it’s the integrity of the boat where you need to maintain focus.
- Hire a surveyor to appraise a boat before buying it: Unless you’re buying a particularly small boat, it’s a good idea to find a professional surveyor to come and inspect the boat. They will be able to give you an unbiased report on the hull and general condition of the boat, the rig if it’s a sailboat, and the engine. Armed with this report you’ll be able to make a better assessment on the price being asked for the boat, and be in a stronger position to negotiate.
- Find a boat dealer you can trust: If you’re going to buy through a dealer or broker then find one you can trust, who comes with good reviews or recommendations. There are many passionate and reputable brokers and dealers out there who will work hard to ensure that they get the best price for their client and a good commission for themselves, but without ripping off their customers.
For more help on becoming a boat owner, check out our Guide to Buying a Boat for all the answers.
Be sure to stay objective when comparing different boats, and that you’re truly comparing similar boats.
Used Boat Pricing for Insurance or Boat Loans
Another reason that you might want to get your boat valued is for insurance purposes or when getting a boat loan. It’s common for insurance providers and lenders to ask for a valuation to be included so that they can accurately cover your boat in case of accident or damage, and for lenders to know what the asset is worth.
How to Sell Your Boat
Once you’ve answered the question ‘how much is my boat worth?’ you can move on to the next step in the process of selling your boat. Check out our comprehensive and step by step Guide to Selling Your Boat for all the answers.
This article was published in September 2023 and updated in December 2023.
Written By: Samantha Wilson
Samantha Wilson has spent her entire life on and around boats, from tiny sailing dinghies all the way up to superyachts. She writes for many boating and yachting publications, top charter agencies, and some of the largest travel businesses in the industry, combining her knowledge and passion of boating, travel and writing to create topical, useful and engaging content.
More from: Samantha Wilson
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Home » Blog » Buy a boat » Used boat values guide
Used boat values guide
By Author Robin Urquhart
Posted on Last updated: August 18, 2023
Understanding used boat values should be like understanding car prices, right? Just look up the NADA or Kelley blue book value and you’re on your way.
Unfortunately, it’s not that easy! Why? Because many personal watercraft and boat models aren’t listed in boat value guides.
How do I find the value of my boat?
There are a few different ways to find out what a boat is worth .
- Hire a professional. Pay a surveyor or broker to tell you what your boat is worth
- Use online calculators. If you have a common boat make and model, there are several sites you can use to look up used boat values. These are especially helpful if you’re interested in popular and new models, but less useful for uncommon and old boats.
- Do your own boat value calculation . We’ll show you how to roughly estimate the value of a boat and walk you through an example. Don’t worry, the math is easy and we’ve provided a free downloadable calculator at the end of this post.
Hire a professional: marine surveyors, boat brokers, marine mechanics
While there’s no substitute for doing your own research, sometimes it’s helpful to get a professional opinion. Here are some of the service providers that can help you value a used boat.
Marine surveyors
What does a marine surveyor do.
A marine surveyor will physically inspect the boat and tell you what they think the boat is worth. Usually, this takes place on the dock or in a boatyard and doesn’t include sea trials.
How much should a marine survey cost?
Boat survey cost varies depending on the type of survey being performed. A purchase survey may cost upwards of $18 per foot of boat length , whereas a less detailed insurance condition and valuation survey may cost upwards of $16 per foot.
What is involved in a marine survey?
- Purchase condition and valuation ($18+ per foot). This involves a deep 3-6 hour inspection. The surveyor will ask to see the boat both in the water and out of the water. The final report for purchase surveys will list both a “replacement value” and a “market value” as well as any deficiencies.
- Insurance condition and valuation ($16+ per foot): This survey is less expensive and less detailed. It’s more for boat owners who are looking to insure their boats. Most insurance companies ask owners to submit a recent survey of the vessel. While not as detailed as the previous survey, it will still provide you with a suggested boat market value.
Do I really need to hire a professional marine surveyor?
It comes down to your boat knowledge, the complexity of the boat, and your financial risk tolerance.
If you’re new to boating you’ll want an experienced eye to help you assess the boat for safety and help you figure out a fair price.
If you’re buying something small and simple like a kayak or dinghy, a visual inspection will likely reveal any potential problems.
However, boat systems can be extremely complex on larger vessels and that’s where a professional marine surveyor’s opinion will pay dividends .
Keep in mind, that while a boat survey may seem expensive, it could actually save you money over the course of the sales transaction. A surveyor will be able to spot problems with the boat that you might miss which can help you negotiate a lower purchase price .
Generally speaking, if you’re spending more than $5,000 on a boat , or plan on financing it through a boat loan it’s probably worth having it professionally surveyed.
How do I find a good boat surveyor?
Your best bet is to look for surveyors affiliated with the National Association of Marine Surveyors (NAMS) or the Society of Accredited Marine Surveyors (SAMS) . You can search for a surveyor in your area on the NAMS and SAMS websites.
Ask other boaters for a recommendation on a marine surveyor in your area. Some surveyors are more experienced, knowledgeable, and expensive than others.
For example, there is a surveyor in the Pacific Northwest who earned the nickname “Dr. Doom” by being so thorough that he almost always finds problems with a boat.
Interview potential surveyors and ask what type of boat they specialize in . Some will be more familiar with sail, while others may have a specialty like pontoon boats, houseboats, or wooden hulls.
Boat brokers
A boat broker or boat dealer is the equivalent of a realtor in the boating world . They can be very helpful in determining used boat values, not only because brokers have an experienced eye and a sense for the local market, but also because they have access to a very special data set.
Boat dealers who advertise on YachtWorld (which most do) have access to a massive private database that shows the actual selling prices for boats (not just the list prices that regular users see).
Should I use a boat broker to buy a boat?
While boat brokers generally represent the selling party, you can hire one to represent you as a buyer.
If you don’t hire a broker it’s still worth calling their offices to get their thoughts on the value of your boat or a boat you’re interested in. Usually, they’re very friendly and happy to share their knowledge. They may even point you in the direction of a good deal that you’d missed.
How much is a boat broker?
A broker is paid a commission by the seller (usually in the neighborhood of 10% of the selling price).
Marine mechanics
Used boat values are heavily impacted by the condition of a boat’s engine because engines are so expensive to replace. In some situations, a boat might be worth next to nothing if the engine is shot.
While engine hours can be a useful indicator, even a brand-new engine could have lurking issues. For that reason, some potential buyers will hire a marine mechanic to inspect the outboard motor or engine before purchasing a boat.
If you’re concerned about a boat’s engine you can also take a sample of the boat’s fuel and send it off to a fuel lab, they’ll send you a report with valuable information on the condition of the engine.
Check an online boat value calculator
There are a few boat pricing guides that allow you to look up used boat values. These can be helpful for finding average prices on relatively new boats.
- J.D. Power NADA Guides
- Kelley Blue Book (personal watercraft only)
While online calculators like the NADA boat guide may be able to provide you with a boat book value, they pose a couple of issues:
- Your boat may not be listed. The problem with the NADA boat prices calculator is that the National Automobile Dealers Association (NADA) only has listings for the most popular boat types , makes, and models . If you’re researching a common boat, you might be able to use this to look up prices. However, anything else is unlikely to be listed.
- The listed prices are averages and don’t consider individual deficiencies (or upgrades) specific to a particular boat. Even if you find a used boat price listed in NADA, it doesn’t mean that it’s an accurate price for your particular boat.
How to estimate a boat’s value (when it’s not listed on NADA Boat values)
Boat value guides like NADA and Kelley Blue Book can offer useful data points. However, it’s important to do your own research.
We’ll share how we estimate a boat’s value but bear in mind that our process may not apply in your situation. Do your research, use your judgment, and seek out a professional opinion (see above).
STEP 1: Evaluate the list price
We always take the listed price with a few grains of salt. From talking to yacht broker friends and from our own experiences, we’ve found that boats often don’t sell for the list price . In fact, most of our first offers have been in the range of 70-80% of the list price.
Craigslist is especially useful for finding cheap boats, we share the secrets for searching out great deals on Craigslist .
If we are interested in a boat, one of the first things we do is ask for a copy of the most recent yacht survey. The survey will tell us a bit about the boat’s history and what the boat was worth at the time of the survey.
Beware of sellers who use 10-year-old survey reports to justify their current asking price!
I go on Craigslist and find a Dufour 35 sailboat from 1979, listed at $20,000. I contact the seller and ask for the most recent survey. They send me a 15-year-old survey that lists the boat’s value as $45,000.
STEP 2: Do some comparison shopping
We always start by comparing the boat we’re interested in with similar boats, both locally and around the world .
There are dozens of sites you can check, but in general, we find these to be the best places to buy a used boat .
Looking at the sales prices in the local area is a good place to start. We first check out the used boats in our local area by searching yacht brokers, classified ads, Craigslist, and Kijiji w ithin a 500-mile radius.
Next, we search on Yachtworld and Sailboat Listings of the boat’s exact year and model.
There are three important things to consider when comparing used boats
- The condition. Some boats are better maintained than others. A boat in good condition will command a higher price than a boat in poor condition.
- The location. Some boat markets are cheaper than others (e.g., boats cost less in Mexico and more in Australia)
- The year the boat was built. As with cars, expect lower prices for older boats (e.g., a 20-year-old fishing boat should be worth less than one build last year)
If you can’t find more than one or two comparable boats of the same model, you could expand your search to include slightly larger or smaller boats made by the same boat manufacturer. Failing that you could look at similar boat types and sizes made by other boat manufacturers.
I search for Dufour 35s on Craigslist, Kijiji, Yachtworld, and Sailboat Listings, and here are the results:
STEP 3: Use a price curve to estimate the market value of a used boat over time
In evaluating a particular boat we have as gone as far as making depreciation curves. Don’t worry—it sounds complicated, but it’s not. You can download our free calculator at the bottom of this post .
We collect all the listings for comparable boats in Excel and then plot them on a scatter-plot graph.
For example, if we are looking at a 41’ Beneteau, we search for all Beneteaus in the 40-43’ range. We put the age and price of every boat into an Excel document and plot them on a scatter-plot graph.
Next, we add a trend line (usually polynomial, order 2) to fit the data. This will give us an idea of what the price of the boat is doing over time and we can project where the price will be going in the next few years.
If we were planning to sell in a few years we would want to keep the boat resale values in mind and choose a year near the beginning of a low slope segment of the trend line.
Sometimes the trend line is skewed by overly-idealistic sellers or junk boats, which we consider outliers and often strike from the data.
I plug the prices I find into the Calculator (download yours for FREE at the end of this post) and I get the following trend line. The more data points (comparable boats) you add to the Excel sheet the better your estimate will be! Having only five data points is not great, but it’s all I could find for a Dufour 35. Based on this curve line I should assume that a 1979 Dufour 35 (the boat I’m thinking of buying) is worth ~ $29,000.
STEP 4: Estimate what it will cost to get the boat to “fair” condition
When we go to inspect a boat, we write down any projects and repairs that will need to be done (see our boat inspection checklist ).
Our goal is to list all the boat systems that need work and any parts that should be repaired or replaced. If you’re not experienced with boat systems and mechanics, hire a professional or bring a friend who is.
Next, we assign a material and labor cost to each project.
In general, we don’t add normal maintenance costs because that would skew the value and be unfair to the seller. The exception is if the seller hasn’t been maintaining the boat and we would be playing catch up.
We add all of the repair costs to the list price for a total (which is usually depressingly high). We often multiply the repair costs by 1.25 as we’ve found we are usually optimistic about price and time.
It’s also a good idea to ask the owner what they’ll be taking off the boat. Sometimes owners will want to exclude electronics or outboard motors from the sale, which can amount to a fair chunk of change.
Upon inspecting the Dufour 35 I discover there is some work to be done! The GPS doesn’t work ($1,000 replacement cost), the mainsail is wrecked beyond repair ( $2,000 replacement cost) and the furler needs to be replaced ($3,000). I’ll have to spend at least $6,000 fixing up the boat, which I multiply by a factor of 1.25 (because there will likely be additional fixes!). So, I estimate it will be $7,500 to get the boat into “fair” condition.
STEP 5: Putting it all together
When you combine the list price and the cost of repairs you’ll be left with the actual price of the boat . Compare this to the comparable estimated price (Step 2) and you’ll have a sense of whether the boat is priced too high, too low, or just right!
If it’s in the right price range, it’s a good time to start thinking about transportation, taxation, and financing costs. You can often score a great deal if you search farther afield but you have to factor in any moving costs and taxes. Ask yourself:
- Will you have to ship the boat?
- Does the price include a boat trailer?
- Will you pay taxes or duties?
- Will you need to finance your boat? If so, have you looked into boat loans?
If you’re thinking of buying abroad, you might want to learn about sailboat arbitrage —the art of buying and selling boats in the right markets. Some people have even managed to sail around the world for free by buying and selling their boats in the right geographies.
When I take the list price ($20,000) and add the repair costs ($7,500) I realize the boat will cost me $27,500 in total. When I compare that to my comparable estimated price of $29,000, I can see that this boat is in the right ballpark and probably fairly priced.
A COUPLE OF ADDITIONAL THINGS TO CONSIDER
Emotional pricing.
Sometimes owners put so much money and hard work into a boat that they value the boat higher than the market does. It takes time and a few offers to wear down the emotional seller to a more rational price point.
Sometimes, the seller sets an idealistic price and won’t budge because they don’t really want to sell. We have encountered this a few times and we move on to the next boat.
Emotional buying
The corollary to emotional pricing is emotional buying.
Sometimes we fall in love with a boat; something about the interior layout or the lines or the color of the hull, even the name can have a profound influence.
We can’t help but let our emotions into the decision-making process, but we have found that they should be reserved for the final decision. To minimize our emotions, we try to quantify everything in terms of numbers and put it in an Excel sheet.
A final note: Determining used boat values is more art than science. Take all of this with a grain of salt and USE YOUR JUDGMENT! The calculator and recommendations above are in no way meant to be a substitute for professional advice.
As Publilius Syrus wrote: “Something is only worth what someone is willing to pay for it”. Good luck and happy boat buying!
Ready to make an offer? Make sure you read about making an offer on a boat and how to get the best price without losing the deal .
Download your FREE Boat Pricing Calculator
Robin was born and raised in the Canadian North. His first memory of travel on water was by dogsled across a frozen lake. After studying environmental science and engineering he moved to Vancouver aboard a 35’ sailboat with his partner, Fiona, with the idea to fix up the boat and sail around the world. He has written for several sailing publications including SAIL, Cruising World, and was previously a contributing editor at Good Old Boat.
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You can use Boat Trader's Boat Price Checker, which provides real-time market data, for the most accurate pricing information for both new and used boats. Back in 2015, NADA Guides was purchased by J.D. Powers and was then rolled into their suite of valuation tools. As a comprehensive vehicle-listing website it published blue-book type ...
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However, NADA agreed to sell its used car guide business, to J.D. Power back in July of 2015, and the marine analytics and boat price modeling capabilities are now incorporated into J.D. Powers' offerings. Above: Nada Guide To Boat Values. Photo by Lisa Fotios licensed and modified from Pexels.
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In the US, websites such as JD Power (previously NADA Guides) or Kelley Blue Book offer simple ways to look up your boat's value: Browse by boat type: Select the type of boat, i.e. whether it's a power boat, sailboat or personal watercraft. Choose the make and model: Refine your search with make and model.
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Market trends and the boat's location also play a role in its worth. One of the most useful resources for determining the value of a used boat is the NADA Guide. This guide provides marine used boat values for a variety of vessels, including personal watercraft, sailboats, outboard motors, and trailers.
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