Occasionally our yacht insurance specialists are asked about pricing a yacht to sell. Selecting a competitive, fair price can be challenging. Here are some things to consider when pricing your yacht:
Sell yourself or list with a broker?
There are brokers and boat appraisers who specialize in yachts, and sometimes it’s better to employ professionals to assist you in pricing and selling your yacht.
- Brokers, like marine surveyors, have access to databases not available to the public that provide useful sales information like reported sales prices (in addition to listing prices).
- If you’re not confident in sales and negotiating, paying a commission might be the best way to get a fair price for the vessel
- Your time is valuable and hiring experts to handle the sale can save you a lot of trouble
Tips for handling the sale yourself:
- You’ll want to set a listing price the same or above comparable yachts on the market – just as you’d shop around for yacht insurance, take time to do your research when valuing your yacht
- Refer to websites like BUC, ABOS, and NADA for valuations (some have a fee)
- Brokers use the site, Yachtworld, and many buyers search on Boat Trader; you can search them to benchmark sale prices of comparable yachts
- To accurately appraise the value of your vessel, search for at least 10 to 12 yachts with similar specs built in the same year, the year previous and a year later
- In addition to the model and manufacturer, also consider the year, length, engine and any upgrades or unique accessories you intend to include in the sale
- Expect potential buyers to negotiate, so leave a 10-15% buffer above your best sale price
When you sell your yacht, remember to check in with your yacht insurance specialist to update them about the sale. If you’re upgrading to a bigger yacht or downsizing to a smaller boat, you can explore your yacht insurance coverage options for the new vessel.
The yacht insurance professionals at Global Marine Insurance offer a complimentary review of all your marine insurance needs.
