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When is the best time to Sell a Boat?

The effects of the Coronavirus pandemic are still being felt as I write and people are searching for holidays or leisure activities they can enjoy within a limited social bubble.  Anecdotally, it seems that boating is surging in popularity, and if this is a trend that continues long term you could argue that if you are considering selling your boat now is an exceptionally good moment.  As with most transactions, it’s a question of supply and demand.

The months between February and June are traditionally the peak time for boat sales.  Pragmatically this is perhaps because buyers prefer not to make their purchase before winter and then have to foot the bill for off-season storage costs, but maybe it is also because all of us tend to while away the colder, darker months researching and dreaming about holidays in the sunshine that we hope we will soon enjoy, before leaping into action in the spring.

Just as potential purchasers will be carrying out extensive research, as a vendor you would be well advised to do the same.  The first decision is whether to trade in your boat for a different model, in which case you should be able to look forward to a hassle free exchange with a dealer or boatyard at almost any time of the year.  You may decide that you want to use the services of a broker and although this will cost you between six and eight per cent of the purchase price (this is sometimes negotiable) taking this small financial hit gives you access to considerable expertise in terms of what the market is doing. as well as how to present your boat to its best advantage (there may be remedial work necessary before it can be put on the market and a good broker will be able to recommend a range of experts for you to call on).  Above all, the broker will have a thick file full of potential purchasers, so you will gain access to a pool of people who are actively searching for a vessel to buy.  If you are living in one country and selling in another, a broker can be invaluable for organizing viewings and trials, and even if you are selling locally, you might prefer to avoid direct contact with potential buyers.  We have an excellent relationship with Boatshed who are brokers of international renown operating in a wide range of countries.

The rise of the internet has made it easier for people to sell their own boats and there are a number of websites such as Waterways Boats which can make the process relatively easy for you.  It is advisable to use sites like this to check out the competition and give you an idea of the price that boats similar to your own are currently fetching.  If you are selling independently, do everything you can to ensure your boat is in the best possible condition both in terms of appearance and functionality.  Give the engine a decent service and ensure that all other equipment is in good working order and that your paperwork is up to date.  It is vitally important to ensure that your photographs do the boat justice (I’ve just seen a picture with a recently used vacuum cleaner in shot – avoid this kind of thing at all costs), and it may be advisable to include a video tour in your advert too.

When we sold our boat, we looked at all these options and stuck a For Sale sign up in the window just to test the water.  We were moored in a popular port and received an offer within a few weeks, although it was for less than the asking price.  This brings us back to the question of when the best time is to sell a boat, as the length of time it will take to close a deal is part of this equation.  You might well find that there is a correlation between the speed of your sale and the price you achieve.  If you want to move quickly, you may find you have to compromise on price and although the timing of when you put your boat on the market is significant, you should consider all the other factors I have mentioned as they play an equally important part.

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More Buying and Selling Advice from Waterways Boats . . .