It’s natural to wonder, “How much is my boat worth?” or “What should I pay when I buy a boat?” but it’s also important to ask, “Who is providing the information?”.
So let’s establish this up front: There are no Kelley Blue Book® Values for boats. Of course, if you need a value for apassenger vehicleor motorcycle,we can help there.
But where can you turn if you’re looking for boat values since Kelley Blue Book doesn’t offer them?
If you pull up a search engine and type in “boat values,” “Blue Book boat values,” or “boat values KBB,” a lot of sites come up. Many are legitimate but do read reviews. They can give you a general idea of the price of a boat like yours or the boat you might consider adding to your fleet.
But be careful. Not all boat value sites are legitimate. Almost every site out there throws the words “Blue Book” in there to confuse the issue. Some sites cover their pages with phrases like “Boat Blue Book Value” or “KBB Boat Book” to try to attract shoppers and search engines alike. They hope you’ll assume their boat values are genuine Kelley Blue Book boat values. But they’re not.
Because – bottom line – none of those sites is working with Kelley Blue Book. Kelley Blue Book has been providing car values since 1926, but we don’t offer boat values. As a result, many boat owners choose to use a combination of online sources to arrive at a value. But there are other options.
How Can You Get an Accurate Boat Value?
While online sources can give you a general estimate, boat values vary widely because of differences in care, climate, and condition. Has the boat been in storage or dry dock in the winter, or was it used year-round? Has the boat seen most of its miles in saltwater or freshwater? (That sea air can be a corrosive killer!) Plus, equipment and customization can vary a lot from one boat to another. Advanced electronics & navigation and the choice of materials will affect the price or value.
So what should you do? Many people pay the professionals and hire a boat surveyor to appraise it in person. A boat surveyor will consider your boat’s unique construction, condition, and equipment and then inspect your boat stem to stern. To come up with a value, a professional surveyor will analyze the hull and either the rig or the engine (sailboat vs powerboat). TheSociety of Accredited Marine Surveyors(SAMS) andthe National Association of Marine Surveyors(NAMS) are two great places to find a surveyor. They maintain lists of boat surveyors in your area.
Another thing to consider: If you stick with online sources, their boat values are usually based only on brokers or boat dealers. These sources don’t take into account the significant number of boat sales between private parties. This isn’t surprising since data is hard to come by, verify, and normalize.
Does Kelley Blue Book Have Boat Values?
Kelley Blue Book doesn’t provide values for boats. This also includes boat-related products like outboard motors and trailers.
Why doesn’t Kelley Blue Book offer boat values? Good data is too hard to come by. Getting a large enough sample size to set a boat value with the confidence and accuracy we demand is impossible. We don’t put the name Kelly Blue Book on just any value. We have almost a century of valuation expertise and trust to consider.
Kelley Blue Book only provides vehicle trade-in values, private party values, and Fair Market Range when we can get our hands on enough actual transactions across a wide enough range of the country to ensure we can produce values that are both fair to all parties and reflect the ever-changing market.
Getting a value for a boat isn’t easy, which is why many people choose to work with a professional boat surveyor. In the end, there are online sources that can give you an estimate, but Kelley Blue Book isn’t behind any of them. Good luck.
Kelley Blue Book Can Help You:
LearnWhat Your Car is Worth– help you with selling or trading your vehicle.
Much like the Kelly Blue Book is used for valuing automobiles, there are three main price guides used for valuing boats: NADA Marine Appraisal Guide, BoatWizard's SoldBoats database, and the ABOS Marine Blue Book.
As a comprehensive vehicle-listing website it published blue-book type specifications for various types of watercraft as well as cars, including boat pricing information and personal watercraft values.
While boats can run from $200 for a small kayak to upwards of $15 million for a luxury yacht, the average cost of a new boat is $42,000. Used boats run about $10,000. But if you're looking to buy a boat, you'll shell out more than the sticker price.
Actual cash value is the actual worth of your boat at the time it's damaged or destroyed. This type of coverage takes into account the depreciation of your boat, and includes items like accessories and equipment that are permanently attached to your boat.
The depreciation curve is particularly steep in the initial years of ownership, with some boats losing up to half their value within the first five years. However, assuming the boat is well-maintained, value retention tends to improve, and the rate of depreciation generally slows down after this period.
What is “Carfax for Boats”? What will it do and how will it help boat owners? “The recent Uniform Certificate of Title for Vessels Act (UCOTVA) that was dubbed the "Carfax for Boats Law" is a law that requires hull-damaged vessels to be branded as such on a title.
Larger boats with more powerful engines and more amenities will fetch a higher price. Conversely, smaller boats and sailboats are worth relatively less to begin with and have a consummately lower value in the used market. Age is the other main factor that affects a boat's value.
While you can certainly find expensive used boats, if you want a reasonable vessel that fits within a tight budget, you will likely choose a used option. Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well.
A boat appraisal is a comprehensive evaluation of a boat's value based on various factors such as its age, condition, equipment, and market demand. Boat appraisals are performed by professional marine surveyors who have the expertise and experience to assess boats and provide an accurate estimate of their value.
Total Replacement Cost is the newest type of policy and agrees to replace your boat with a new boat of similar make and model. This coverage can be purchased only when the boat is new and the coverage is only available until the boat is two or three years old.
Much like the Kelly Blue Book is used for valuing automobiles, there are three different price guides used for valuing boats: NADA Marine Appraisal Guide (Now J.D. Powers), BoatWizard's SoldBoats database and the ABOS Marine Blue Book (Published by Price Digests).
Upgraded boats tend to have higher resale values. From advanced navigation systems to upgraded interiors, these enhancements not only improve the boating experience but also contribute to a boat's appeal on the resale market.
In the case of a new boat, terms may seem less negotiable. But you can lower the price by avoiding extra features, warranties, and prepaid maintenance plans, which can drastically increase costs. Even if you're eager to get out on the water, don't rush and spend more than you need to.
If you're taking out a secured loan, you may have to wait for a marine survey report. This report assesses the boat's value, similar to how a home appraisal estimates the value of a home. The lender will run a hard credit check and may ask you for additional documentation before finalizing your loan paperwork.
The depreciation curve is particularly steep in the initial years of ownership, with some boats losing up to half their value within the first five years. However, assuming the boat is well-maintained, value retention tends to improve, and the rate of depreciation generally slows down after this period.
Introduction: My name is Rev. Leonie Wyman, I am a colorful, tasty, splendid, fair, witty, gorgeous, splendid person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
