For starters, owning a boat is largely more of a luxury than owning a car or home. Yet despite these similarities, selling a boat differs in many ways from selling a car or house. Similarly, a car with high mileage depreciates in value the same way a boat with high engine hours loses value. For example, a deep sea offshore fishing boat with a large draft and wide beam may not be as desirable in an inland region where shallow bodies of water (such as lakes and rivers) are the only boating destinations nearby and buyers would prefer a trailerable boat. Remember the old saying, “location, location, location!” As with homes, location may indeed play a big role in a specific boat’s value as well. It can be said that the process of pricing a boat broadly resembles that of valuing a home or used car. The process of researching, valuing and pricing a used boat is vital for both sellers and buyers in order to make sure both parties have an accurate view of the proper boat value.
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