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Negotiating Your Boat’s Price

Negotiating Your Boat’s Price

The sale of your boat and its price can vary depending on the time of year, market demand, and how the negotiations

are handled. The process of negotiation is like a tennis match, as you try to maximise the dollar value of your boat.

What is the lowest price you are willing to sell for and how flexible are you on the selling price?

If you have ever purchased a house and fell in love with it, you know all too well you will do anything to own that house. A potential buyer who falls in love with your boat will do anything to own that boat. So when selling your boat, you should consider all the options to maximise your appeal to the market. You have to consider time of year, how many boats the same as yours are for sale, the price of the boat compared to others, and how you will attract the buyers. Once you have gathered this information, you can then work out the best time you should sell.

Besides price, other details of the sale may be negotiable, such as financing, and how long will it take for you to receive the money. You have to consider the location of the potential buyer and how the delivery will occur. You can consider bundling all this into the sale price as it may appeal to the potential buyer.

WHEN IT COMES TO YOUR LOWEST PRICE

Know your lowest price – and we mean your rock bottom lowest price – even before you negotiate. However, do not list it as your lowest price. Buyers always want a great deal, and letting them think they got a great deal by going through the price negotiation, and lowering the price – without going below your rock bottom price – will help close the deal.

If the asking price is too high, you will not attract the buyers. The best thing you can do is to conduct your market research. A good place to start is searching boat sales websites.

OFFERS, OFFERS, OFFERS

Like anyone wanting a great deal, the potential buyers always start at low offers. If an offer is higher than your rock bottom price, there is no other way for you but up. If the first offer is too low, be upfront about it and stay polite. This is only the beginning of the tennis match.

Now the fun part – when the counter offers begin. You can go back to them with the original price, but if you lower the price slightly, the buyer may still be interested and be willing to counter-offer again. You now have what you call a “real

buyer”. You should continue to negotiate multiple times and try to close the deal. These negotiations can go on for weeks, depending on the price of your asset. Most are generally over after two or three counter-offers where you can finally agree on the price.

It should not be too hard to agree on a final price after the counter offers have commenced. You can finally seal the deal, work out a settlement date and deliver time, and you have finally successfully sold selling your asset!

Credit One is the perfect option when considering finance for your potential buyers. They do basically everything
for you making it completely hassle free. Credit One is available 7 days a week on 1300 CREDIT (1300 273 348) taking care of all the finance needs and its absolutely FREE!

Visit www.creditone.com.au, or email boats@creditone.com.au.

The team at Credit One are also authorised agents of Club Marine and are happy to provide an obligation free insurance quote whether you are financing your boat purchase or paying cash.

 

 

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