How to Negotiate New Boat Prices
How NOT to pay top dollar for your new boat
It does not matter if you are seeking a yacht or a skiff. When it comes to purchasing a boat for sale, getting a good deal is what many are after. Purchasing a pre-owned boat may give you a bit of a price cut, but it could also translate into fewer features. A new boat is generally more expensive, but you do get the manufacturer’s warranty and motor warranty. This does not mean that you have to pay the list price. Negotiation of the new boat price is a standard practice and you can lower your cost. Here is how to negotiate the price of a new boat.
Getting ready to negotiate
Negotiation of a boat price is highly dependent upon the information that you have and the readiness that the seller has for making the sale. The more prepared that a person is, the more prone they are to find a deal. Consequently, the less prepared a person is the less apt they will be to find a good deal.
To be duly prepared for new boat price negotiations ensure that you:
- Get pre-qualified for a loan through a reputable lender. This will not only give you a realistic margin in which to seek out a boat, but will also show the seller that you can afford to purchase a boat.
- Know what features are standard on most models to avoid paying extra for something a competitor offers on the base model.
- Research the dealerships which will be at the show. Mega boat manufacturers and dealerships will be less likely to bend the price as local retailers. While the larger dealerships will negotiate up to a point, it is the smaller business which will require the sale (and thereby the profits) from the show and will be more willing to come down on the price.
Purchase later in the show
If you have taken due diligence to research the motor configuration and the features available on the boat you desire, you can seek out the vessel at a local boat show. The trick to getting the best price is to attend the show closer to the end of the event (it is not recommended that you go on the last day). As the event gets closer to ending, the seller is more apt to cut prices.
Check the safety and standard features
Before you begin talking numbers with the seller, know the standards of the boat. Look over the vessel to ensure that all of these features are in prime condition. Just as you would point out areas which are lacking when purchasing a car or a home, so should you in negotiating the price of the vessel. Do not fall into the misconception that all the boats at a boat show are prime and flawless. Nearly every boat for sale will have some features which can be improved, some area that is lacking, and thereby can have the price negotiated.
Know the value of the vessel
Key to negotiating a lower price is understanding the value of the vessel. The best way in which to do this is to use the standard pricing guides. These guides include the NADA, DCU, Bucvalu, ABOS Marine Blue Books, or using an online source. Compare prices from many different sources to gauge an average price. Should you have a model in mind, check the reviews available as well as the pros and cons of owning that boat. This will help you to determine a competitive offer.
Don’t show that you are eager to buy
One of the best negotiation tips for purchasing a new boat is to remain calm. If a buyer sees that you have your heart set on their boat, they know that they have you at their whim. Try to keep yourself calm and obtuse with comments. You can let the buyer know that you will be purchasing a boat. However, if you do so be sure to mention the competitor’s boat and their competitive pricing.
Never purchase your boat on the first round of negotiations. Let the buyer make an offer and then say that you wish to consider the offer and look at other boats/yachts. If you like the deal, come back and negotiate some more.
Find out more about the boats you wish to purchase
As previously stated, the key to negotiation is understanding the vessel you wish to purchase. Vessel Vendor has several resources to help you with your boat purchase. The brand summary, boat specification, and manufacturer review pages are just a few sources.
To find out more about purchasing a boat for sale, pricing your boat, financing, or if you wish to list a boat for sale with Vessel Vendor, please contact us by filling out the appropriate online form.