Having just purchased a new boat, it’s now time to sell the old one. Chris Caswell of Boats.com writes, “Most boaters put far more energy into buying a boat than they do selling it. While they price shop carefully before buying, they tend to simply slap a price on the windshield.”

Oh if only it were that easy. For anyone who’s ever sold a used boat, it’s not unlike selling a used car. A lot of energy goes into making the boat presentable, figuring out the asking price, listing it for sale and arranging for viewings.

Make Sure the Boat is Ship Shape - Clean it

In our case, the boat needs to be pulled out of storage, tuned up, battery replaced, scrubbed and polished, carpets cleaned and chrome polished.

Price it Right

Next comes the valuation. Caswell recommends people start by checking local classifieds - we used Buy and Sell, Boats.com and NADA. The reality is, there are not a lot of used Bowriders for sale especially at the $5,000 mark. Variations like freshwater use and extra equipment can also raise the boat’s value. Make sure you include them in your listing.

Paperwork

Because we’re selling the boat ourselves, we will need to write up the bill of sale. It includes price, buyer and seller names, addresses, driver’s license numbers, type and size of boat, registration numbers (don’t forget the VIN number from the trailer if one’s included), and a list of the major equipment included. The bill of sale can serve as a receipt for payment.

When it comes to down payments, Cross suggests to take non-refundable deposits so that you don’t take the boat off the market for an uncommitted buyer.

Signing the back of the pink slip or title isn’t enough. You also need to send a form (usually included with the pink slip_ to the boat registration agency specifying when, to whom, and for how much you sold your boat. Otherwise you will remain liable for accidents or liens caused by the new owner.

Cancel your insurance as soon as the transaction is complete and the boat leaves your control.

Cross also recommends you be as up front as possible about the boat’s condition. There is no legal obligation to withhold information, but I follow the laws of Karma. What comes around goes around. While Bill says I’m too honest, I don’t want anyone buying our boat and wasting a whole lot of money, like we did, trying to fix things that are beyond repair.

Besides, if one of my neighbour’s ends up buying our boat, I don’t want them cursing me every time they pass by my cabin. Cross recommends documenting any defects. I wished our boat’s previous owners had done that. We found out the expensive way.

When it comes to taking the boat for a test drive, you may want to have a firm non-refundable deposit to cover any costs such as gas or launching.

Listing the Boat

I’ve got our boat listed in two free online locations: www.buyandsell.ca and Craig’s List. While it’s a bit of a hassle, I’ve included photos - a must. I also sent an email out to the other cottagers on Horne Lake. So far, we have equal responses from all sources. The challenge for us is going to be arranging for folks to view the boat. We’re in Vancouver - it’s on Vancouver Island.

Fielding the calls, answering questions and arranging for viewings is actually the hardest part, but timing is everything. The best time to sell a boat is at the start of boating season.

Here’s hoping we’re successful.

Cheers,

Julie

This entry was posted on Monday, May 26th, 2008 at 10:47 am and is filed under Boating. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.