Used Boats For Sale in Indianapolis, KY - Boatmart (2024)

FAQs

How do you find the value of a used boat? ›

Boat Values Are Unique

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.

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.

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.

Actual Cash Value

An ACV policy provides coverage up to the current market value of the vessel in the event of a total loss, taking into account depreciation and the condition of the boat at the time of the loss.

As we mentioned, boats depreciate over time, much like cars. Unless it has some collector's value, a 15-year-old boat isn't going to be worth much, no matter how valued it was in its prime. The brand is probably more of a factor than it should be.

While fall may be the best time to buy a new or used boat, the winter months signify the boating offseason, which means the boating market slows down and there is a decrease in boat prices. Private sellers may not want to pay to store their watercraft in the winter, and boat shows are offering incentives to buy.

In summary, when you're purchasing a used boat it's important to determine your budget and the type of boat you want. From there, you can begin your search for boats under 10 years old with less than 500 hours logged. Once you find a used boat you're interested in, you: Inspect the overall condition of the boat.

The hours on the boat basically refer to the hours on the engine. So a boat just sitting in a dock for months will not accumulate many engine hours, while one out cruising and fishing will. Most boat experts say that 1500 hours on a boat is considered a lot.

Regular engine maintenance, low engine hours, and documentation of service records can enhance a boat's marketability and resale value. Buyers are more likely to invest in a boat with a well-documented maintenance and service history.

A boat can last anywhere from a few years to 40 or more years. Modern boats can go through many boat owners before needing to be overhauled or refurbished. Boats that are used frequently will face much more wear and tear, but this can be combated with proper storage and maintenance.

What is the saying about buying and selling a boat? ›

As the old joke goes, the two best days in a boat owner's life are the day they buy a boat and the day they sell it.

The organization's NADA Guides was a set of regularly updated, “blue-book style” online vehicle-listing reports that included pricing information on boats and personal watercraft as well as other types of vehicles.

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.

It can be tricky to pinpoint exactly how much because used market values are effected by economic conditions, exchange rates, inflation in new prices and boat type and brand, but a general rule of thumb is to expect at least 10% depreciation during the first year and then 7% for the following 4 years.