The boat market today is indeed more difficult than ever for sellers. Some may say that when it comes to selling a secondhand boat, it is always a buyer’s market. When selling a boat, boaters are sometimes obliged to lower their prices and possibly suffer losses.
With used boat prices falling, it may be tempting to sell a used boat yourself and avoid the average 10% fee charged by a boat dealer. On the other hand, a boat that sits on the market for too long might cost a boat owner even more money in boat payments, upkeep, slip rent, and winter storage.
Make sure you thoroughly weigh the benefits and drawbacks of employing a yacht dealer vs selling a used boat to sale by owner.
The Benefits and Drawbacks of Selling a Used Boat Through a Dealer
Using a broker to sell on your behalf, similar to the real estate market, relieves the seller of much stress. A boat dealer or broker will advertise your boat, promote it for you, and try to sell it faster than you could. However, selling a secondhand boat through a dealer has certain advantages and disadvantages.
Advantages of selling a boat through a boat dealer:
- Boat sellers advertise their boats for sale on major boat listing websites.
- Yacht dealers assist in marketing the boat by providing photographs and selling specifications.
- Boat dealers can display boats in conjunction with other broker listings and partnerships.
- Boat dealers can assist in recommending competitive prices.
- Boat dealers handle customer queries, showings, and sea testing.
- Boat sellers can display boats for sale during sales events and/or busy marinas.
- Boat dealers can assist buyers in obtaining boat finance or loans.
Disadvantages of selling a boat through a boat dealer:
- Boat dealers and brokers usually charge a 10% fee on sales.
- A listing contract is required for boat retailers.
- Boat sellers may charge for storage and/or slip rents during the for-sale phase.
- Boat showings may be inconvenient for sellers who are presently selling a boat.
The Benefits and Drawbacks of Selling a Used Boat by Owner
Selling it on your own is a fantastic option for those who want to control the boat-selling process and save money. But, of course, the “for sale by owner” option has pros and downsides as well.
The benefits of selling a secondhand yacht for sale by the owner include:
- Dealer commissions may save boat sellers tens of thousands of dollars.
- Because there are no dealer fees, yacht dealers may price their boats more aggressively.
- Boat sellers have greater “control” over the boat-selling process.
- Boat vendors have the option of scheduling convenient boat showings.
The disadvantages of selling a secondhand yacht for sale by owner include:
- Boat sellers must pay to sell their boats in online or offline classified advertising.
- Boats for sale by owner are confined to the exposure of their own boat listing/ad and must advertise their yacht individually.
- Boat dealers must check potential purchasers’ enquiries.
- Boat sellers must individually negotiate the sale price and address any survey difficulties.
Sellers who sell a yacht for sale by themselves are also more susceptible to boat-buying scams, which are widespread when boats are listed online without the assistance of a broker. In addition, overpayment check scams for boats commonly target for sale by owner ads.
Finally, whether or not you utilise a yacht broker when selling a boat may be determined by how quickly you need to sell your boat. Some boats may sell faster and with more publicity, if they are sold through a dealer with a network of connections and an extensive inventory of boats for sale to attract buyers. If you’ve already upgraded to a new boat, the dealer commission may be worth it rather than having to live with the two-boat owner blues for a prolonged time.
