Answering the question of how long it will take to sell your boat once you put it up for sale is as hard as predicting the weather. There are multiple factors that come into play.
In this post we’ll examine many of the variables that may dictate how long your boat stays on the market and why, if you need so sell your boat fast, the traditional boat market may not be for you.
Many times, when owners want to sell, they will try the route of “for sale by owner.” Use caution here if you are wanting to sell your boat fast. The truth is, most of us have an emotional connection to our boats, and rightfully so. They provide us with countless hours of enjoyment (and sometimes headache). But the watch-out situation here is pricing.
We find ourselves having this emotional attachment at the wrong time. This usually dictates your asking price and it sounds like this: “It’s worth (enter amount here).” If you find yourself saying this, look out – you’ll be in for a long haul. What you “feel” the boat is worth to you will have nothing to do with the true market value sand will do you absolutely no good if you wish to sell your boat fast.
A broker will be more likely to tell you what boats like yours are going for these days and that is more realistic. Remember, the buyers determine the market…not the seller. So, if you want to sell your boat fast, you must first detach this emotional connection and remember, “it’s just business.”
Choosing the right season to put your boat on the market will help you sell your boat faster. Winter months are usually the worst and you will most likely find yourself holding onto the boat all through winter until spring rolls around. With the winter holiday season coming up, people will be thinking of and using their extra cash toward presents for family and friends. They will not be envisioning buying boats which will most likely be in storage until spring anyway.
If you do need a quick sale during the winter or fall months, wholesaling is the way to go. For a full list of expenses you will incur, check out our post on the costs of owning a boat through winter.
Just like the stock market, the boat market fluctuates and can do so quickly. Let’s face it – boats are usually the first thing to go when money gets tight since it’s a luxury item and one you can liquidate. Beyond just the seasonality of the boating market, look at the full market to determine if iti s a time people would be spending excess income. Sometimes, it is just easier to wholesale and move on to your next vessel.
The right broker will do their part and get your boat listed in multiple listings, but if they are swamped, your boat will simply be stapled onto the digital bulletin board with everyone else’s. Take a look at some of the biggest online brokerages. How many boats are there like yours? How long have they been on the market? What is the asking price? Remember that what they are asking and what they actually get are two sometimes very distant cousins.
If any of these variables are stacked against you, selling your boat may take quite a while. Now sit down, grab some scratch paper and do the numbers.
Take your monthly costs and multiply them by 12. Then write down all your annual costs. Use the worksheet below to guide you.
Fill in all that apply:
Boat Loan _____
Slip Fees _____
Storage Fees _____
Bottom Cleaning _____
Boat cover (every 1 to 3 yrs.) _____
Haul-Out/Bottom Paint _____
Trailer Registration _____
Routine Service _____
Wash Service _____
Annual Sum _____________
divide this number by 12
Monthly total cost ___________
Now when you realize that it may easily take anywhere from 4 months to 1 year to sell your boat, you may come to the conclusions that this traditional way of selling your boat for cash may not be for you.
Whether it sounds too expensive to keep, you simply do not have the time, or you just need cash for your boat now, there are other options. Consider wholesaling your boat and why it’s becoming more popular for people like you who want to sell your boat fast.
At Cash In My Boat, we buy boats made from 2000 on. We pride ourselves in keeping on top of the market and will offer you a fair and quick offer. Our team of experts are available and can start helping you through this process now. Simply submit your boat details to us, review our offer and if it’s acceptable, we’ll get you your cash quickly, and then schedule a time to pick up your boat at no cost to you. Contact us today for more information.