Negotiating Boat Prices: Some Tricks for Getting the Best Deal

Buying a boat is an investment typically made by a general boating enthusiast, whether to be used for leisurely trips, fishing trips, or business purposes. In most cases, finding the right boat at the right price is a matter of research and patience, and most importantly, negotiations. One of the greatest methods of finding an excellent boat deal is through boat auctions. Here, you will find a wide range of boats in competitive prices; however, whether you are at the auctions or buying used boats for sale by dealer, mastering negotiations can bring the best possible deal.

Dive deeper on tips and strategies on negotiating boat prices in this blog, whether you are buying through auctions or through a dealer. We cover all aspects of preparation and research to understanding boat values that will lead to closing the deal 

1. Research, Research, Research

You should do your homework before making an offer. Understand the kind of boat you want to purchase. Is it a fishing boat, a yacht, sailboat, or a speedboat? Each type of vessel has its pricing depending on the model, age, conditions, and market demands.

Once you have determined what type of boat appeals to you, your work will be to research and estimate the market value. There are websites like NADAguides or Boat Trader that have guides for price estimations depending upon the model and year of the boat. You’ll get some estimate of where your boat price will fall in comparison with other boats selling: Either in an auction for a boat or selling traditionally.

During research of used boats on sale by the dealer, consider how long a particular boat has been on the market. Typically, a longer time on the market means that the seller is more likely to haggle.

Check the History

Use Boat History Report or Vessel Documentation Center if you’re buying a second-hand boat. This will tell you previous owners, accidents and damages, and whether the vessel had previously been salvaged or stolen. You’re likely to get more concession from sellers if the boat has had several owners or significant repairs.

Understand Auction Dynamics

Boat auctions are rather different from each other. Some may sell out of range at a higher price compared to the market rate, and you might find others sell for prices much lower than the market value. Understanding these dynamics will help. You should always do background checks on the auctioneer himself regarding their previous auctions, which will give him an idea about the trend in pricing.

2. Know the Best Time to Buy

The timing while purchasing a boat is very imperative. The boating business operates on seasonal trends. Knowing that will enable you to come up with a better purchase time. The prices for boats tend to be higher during spring and summer seasons because the people have more demands for boating during those seasons. In the fall and winter, sellers are prepared to bargain or reduce their prices even more if they need to clear their current inventory.

If you are looking for used boats for sale by dealer, this seasonal trend may also work in your favor. Some dealers, in their efforts to clear old inventory, will offer sales or some kind of discount at the end of each season. Let such sales situation present you with a better negotiation power.

In boat auction sales, a large number of vendors want to sell their boats in the fall before winter as cost-to-store and maintain the boat increases with winter. Fall and Winter auctions tend to be better deals.

3. Have It Inspected Thoroughly

Regardless of whether you are buying the boat at an auction or directly from a dealer, a proper inspection of the boat is a must. When you are purchasing used boats for sale by a dealer, most dealers will allow you to have a certified marine surveyor come in and inspect the boat. A marine surveyor will look at the entire condition of the boat, including the hull, engine, electrical systems, and how well the boat performs. These issues become negotiation points.

It’s unlikely you’ll be able to inspect in detail when buying by auction, although many auction houses are now providing condition reports. Carefully analyze these and factor any potential repair or maintenance costs into your offer. If you do get to inspect the boat, look for signs of wear and tear – rust, corrosion, or even damage to the hull are major bargaining tools.

4. Tap into Power Comparisons

Multiple choices are always a negotiating advantage for you. If buying at auction or from the dealer, because you know how much similar boats are selling for, you can make an informed offer on those boats. An example of this is if you see a boat you like at an auction. It has a price tag that’s over a similar or “comparable” model offered by dealers. You can use that to negotiate a better price at auction.

On the other hand, if you are negotiating with a dealer, showing them that you also have other choices – such as similar auctions for boats or other available listings of used boats for sale by the dealer- can make them act more competitively .

5. Patient Enough, but Impulsive Enough to Take the Deal

Negotiating for a boat does not come easy and especially in the case of boat auctions. Auction bidding calls for patience and decisiveness, all at the same time. Before the auction starts, figure out how much you are willing to spend and commit to it. Panic selling can raise the prices beyond what you had anticipated, so be ready to walk away if prices rise too high.

Purchasing from a seller also takes time. Not all sellers will accept your first offer, but once they realize you are serious and that you’ve done your homework, they might reconsider and meet your asking price. Negotiation involves give-and-take, so be prepared for tit-for-tat. However, if you happen to come across an incredible deal on a boat that seems so underpriced, be prepared to grab the opportunity in a split second before somebody else does.

6. Keep Financing in Mind 

When negotiating the price of a boat, just keep in mind the fact that how you can finance the purchase is going to make all the difference at the final dealing. Paying cash can give you the power to negotiate the price since, especially when talking about dealers, the knowledge of full payment will cause them to think twice about the deal. Possibly the seller will be eager to also offer a reduced price to get rid of it quickly and without hassle.

If you are financing the boat, shop around for the best loan rates. Some dealers will have in-house financing options but this isn’t always a great rate. Having pre-approval through a bank or credit union gives you the negotiating power with the potential seller.

7. Closing the Deal

After agreeing on a price, you can now work to seal the deal. Buying a used boat on the market requires that every term and condition of the sale be clearly spelt out in the contract. Such conditions include warranties, repairs, or other accessories that have been agreed upon during the negotiations.

If you have successfully won a boat, at auction, inspect all terms of the sale before final payment. Note also extra fees levied by buyers’ premiums, taxes or cost of transfer that may be computed on a final price. 

Conclusion

It can be a very rewarding experience to negotiate the price of a boat, whether at an auction or when buying an old boat from a sales representative. All you really need is some preparation and knowledge going into the process. Doing your research and knowing when it’s the right time to buy, making comparisons, and waiting will get you the best possible deal. Remember that the process would be time-consuming, but then again, finding that one boat to suit your budget would be worth all the wait.