How to tell what my boat is worth (selling) - SailNet Community
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post #1 of Old 03-03-2014 Thread Starter
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How to tell what my boat is worth (selling)

Any tips and tricks on pricing my boat correctly?

I've looked on yachtworld, and fortunately, or unfortunately for me, my boat is reasonably unique. Among the Formosa 41 and CT 41 crowd, the boats are all old and there are several major known problems which different owners addressed with different levels of competence.

Mine is a pretty good specimen with the major problem areas well addressed, and also is unique for having aluminum masts instead of wooden ones. However, I don't want to only view the boat with the owner's loving eyes and price her too high to sell. There are some things like my composting toilet which will likely not appeal to the mass market.

Should I just go with what the broker says? Ask several brokers? What say you?

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post #2 of Old 03-03-2014
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Re: How to tell what my boat is worth (selling)

I'd say the first thing is how badly do you need to sell (condolences, btw, if this decision is forced upon you.. congrats if you're moving onto bigger and better )

I'm afraid that in today's market with older boats all the 'good things' you've mentioned probably don't add any real value, more that they just make any sale more likely.

Is she a 70s or early 80s boat? Seems the 'over 30' crowd is particularly hard hit with the low residual value bug. Canvassing several brokers would be a place to start, but finding any who more or less 'specialize' in such boats might be something to think about. In your favour there is your location.. plenty of smaller brokerages around.

Finally you're going to be appealing to a lesser crowd of buyers - those of the heavy/full keel mindset.
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post #3 of Old 03-03-2014 Thread Starter
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Re: How to tell what my boat is worth (selling)

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.... In your favour there is your location.. plenty of smaller brokerages around.

Finally you're going to be appealing to a lesser crowd of buyers - those of the heavy/full keel mindset.

Hmmm.... I wonder if I should list it in Port Townsend. Of course in that town they may ask me why it isn't made of wood.

:-)

No need to sell. Just looking at a possible upgrade. If she never sells she'll still work out great for taking us to Australia in a few years.

MedSailor
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post #4 of Old 03-03-2014
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Re: How to tell what my boat is worth (selling)

If your broker has a Yachtworld subscription he also has access to Soldboat.com and can show you a list of boats like or very much like yours that have been sold that will include the actual sold price.
You can compare yours to the sold boats and come up with a close estimate...sort of.. then you can come up with an adjusted asking price you and/or your broker agree on.
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post #5 of Old 03-04-2014
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Re: How to tell what my boat is worth (selling)

Aluminium spars add a fair bit of value to those old clippers - yours are not unique, I've seen several that were re-rigged with alloy, sometimes alloy masts and spruce booms.

I'd check all the listings I could find for comparables to get a feel for prices, decide where in the range my boat fell and then consult a broker I trusted (they ARE out there).

If their price was seriously at odds with what I figured, I'd ask why.

Just by the by, the last time I used a broker he netted me more than I was thinking of ASKING.

Another point, a bit unique to your boat and its brethren - be sure to itemize all the corrections, replacements & upgrades you've made to the known problems of those boats - iron tanks, cheap chainplates, leaky teak decks, crappy electricals etc.

Those shortcomings are well known & documented - make sure your improvements are equally so, to alleviate worry & suspicion on the prospects part.

I, myself, personally intend to continue being outspoken and opinionated, intolerant of all fanatics, fools and ignoramuses, deeply suspicious of all those who have "found the answer" and on my bad days, downright rude.

Last edited by SloopJonB; 03-04-2014 at 11:48 AM.
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post #6 of Old 03-04-2014
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Re: How to tell what my boat is worth (selling)

I would consider the asking price of other comparable boats for sale on Yachtworld and sailboatlistings.com. It seems not much is moving these days.

Sailing is a dying sport/activity. We are now in an extended period of stagnant growth. No end is in sight. You might want to hang on to what you have already invested in your vessel.
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post #7 of Old 03-04-2014
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Re: How to tell what my boat is worth (selling)

Hi Medsailor,

a couple of years ago I sold a Full Keel Roberts 45 ketch. The broker gave me a range, (which I thought was a bit high) and I listed the boat at the top of the range. Then every three months I dropped the price by $10k. After 6 months received an offer 2 days after I dropped the price which we eventually settled on. This way you may get lucky and hit the one person that loves your boat. Otherwise you will fairly quickly hit the market price that the boat will sell for.

Have used the same technique for selling a number of cars and got a great price for my mother's campervan; $10k more than what I thought it was worth. However I have also had to decrease a 4WD by around 50% before it sold.

Good luck, Ilenart
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post #8 of Old 03-04-2014 Thread Starter
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Re: How to tell what my boat is worth (selling)

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Aluminium spars add a fair bit of value to those old clippers - yours are not unique, I've seen several that were re-rigged with alloy, sometimes alloy masts and spruce booms.

I'd check all the listings I could find for comparables to get a feel for prices, decide where in the range my boat fell and then consult a broker I trusted (they ARE out there).

If their prices was seriously at odds with what I figured, I'd ask why.

Just by the by, the last time I used a broker he netted me more than I was thinking of ASKING.

Another point, a bit unique to your boat and its brethren - be sure to itemize all the corrections, replacements & upgrades you've made to the known problems of those boats - iron tanks, cheap chainplates, leaky teak decks, crappy electricals etc.

Those shortcomings are well known & documented - make sure your improvements are equally so, to alleviate worry & suspicion on the prospects part.

Thanks for all the advice so far. SJB, It's a nice thing to fantasize about, a broker telling me to list above what I would ask and getting it, but I've been spending more time preparing myself for a painful loss rather than spending time fanta$izing about top dollar.

I agree that I should document all the upgrades that are done to this boat's known issues. I thought she was quite the bargain when I picked her up because she is a capacious, sturdy, circumnavigation-capable boat but her sister-ship's known issues drove down her price. Of course, that'll drive down my selling price too.

Doesn't matter if the decks have been completely re-done in professional fiberglass with insulation, marine ply, and treadmaster non-skid, she's still known as a leaky-teaky. Same with the iron tanks, replaced. The spars, replaced with top of the line aluminum. Rigging, all replaced and upgraded in size etc. These known issues bring down the price of the brand, even if they are fixed on my particular ship. Hopefully she'll look like a bargain to someone else who wants to sail big on a small budget. We'll see...

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post #9 of Old 03-04-2014
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Re: How to tell what my boat is worth (selling)

Keep your price up and that will focus attention on it and separate it from the pack.
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post #10 of Old 03-04-2014
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Re: How to tell what my boat is worth (selling)

If you don't have faith in the broker's knowledge regarding the right price, maybe you need to look for another broker.

Something like oddball (aka "better") masts is something that personally I'd say "Well, gee that's a nice perq" and it would make me look at that boat FIRST. But I'm not sure I'd pay more for it, or at least, nowhere near what replacement masts would cost, unless I was expecting to replace failing old wood masts, rather than finding the normal masts in normal working order.

You could certainly emphasize that the masts were typical of the many upgrades and extras and extra diligence you had put into your boat, which all make it worth higher-end compared to others that weren't kept up as well.

But again, if you find a broker you can have some faith in, that's all part of their job.
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