Selling your boat privately may achieve a little more money than selling through a dealer on consignment however the seller has to find the “genuine” buyer amongst the “Phishers” and invite strangers out on a water test. Selling privately takes effort and patience but can yield fiscal rewards.
PROS
- By putting in the hard work and the hours, you will receive a higher price than selling through a boat auction and maybe on consignment.
- Pricing it right, should see a reasonably quick sale.
- If you want to be in control of the Sales process, this way is for you.
CONS
- Bringing strangers to your home and openly saying when your home and when you’re not.
- Internet “Phishers” and funds fraud from sophisticated scammers – “My dad works on oil rig”, “My freight company has over charged me” “When are you home?”
- Doing water demonstrations with potential buyers that have little interest in buying your boat or low ball you after the run, and if you knew the offer you would had never wasted hours prepping and now washing a salty boat.
- Once paid, do the buyers actually lodge and complete the registration documents at the local Transport Office.
- Handover, do they have the right trailer connection, the right trailer light plug?
- You need to take the trailer to a Road Worthy Inspector (If ATM over 750Kg’s) for an inspection, if it fails, organise the repairs before the RWC will be written. If repairs can’t be completed for weeks, this delays your sale.
- Finance companies reluctance to finance private sale boats.
- The buyers insurance company may make it hard to insure as a “Condition Report” may be needed and further issues identified by the experts.
- The buyers may request you to tow to a local Engine dealer for a thorough mechanical inspection – more of your time to tow to and from.
- On water demonstration, takes time, risks and is it sold after the run or were they timewasters?
- Buyer still don’t get warranty or professional back up that will reduce your “buying audience” considerably.
When you find a potential buyer, they will want to come and inspect the boat, remember the golden rule - first impressions are everything when it comes to selling a boat! Ensure you have removed your personal items, cleaned and detailed the boat, polished the sides, repair any torn or worn upholstery, ensure the cushions are clean and the underside of the cushions free from any mould and no salt on the engine block, tyre shine the tyres and ensure they are inflated, aerials up, clears fitted and zips lubed, toilet clean etc. Although this is again more work for you, a tidy and clean boat will help you in a successful sale.
Servicing - make sure the engines service history is up to date, batteries are charged and electricals all in good order and ready to be turned on to show the buyer how to operate. Then the biggest hurdle is the water test, nerves for both buyer and seller…… are you ready for it?….. ask for a deposit and settle on a price BEFORE you go out and simply make the sale “pending a satisfactory sea trial” . Launching and on the water, take your time, go slow, be honest and use your local ramp that you are familiar with. Down side is if they back out, you will have to do repeat this process all over again with the next buyer…..
In the end more money back in your hand but still a lot of effort and higher risk.