Selling a boat privately in 2023

[DavidJ]

This is all good stuff. I’ve just put my boat up on a couple of well known classified ad sites and must admit I’m a bit wary.
All my previous boat purchases have been part exchange with the boat manufacture.
I’m thinking 10% non refundable deposit. Does this sound reasonable since the boat is in Spain and most likely the buyer (assume UK) will not have set eyes on it, although it does come with a survey done last year.

 

[Greg2]

This is all good stuff. I’ve just put my boat up on a couple of well known classified ad sites and must admit I’m a bit wary.
All my previous boat purchases have been part exchange with the boat manufacture.
I’m thinking 10% non refundable deposit. Does this sound reasonable since the boat is in Spain and most likely the buyer (assume UK) will not have set eyes on it, although it does come with a survey done last year.

The non-refundable bit might be a sticking point - it would be for me if I was buying and I would want very clearly defined terms setting out in what circumstances the deposit would and would not be returned.

When paying a deposit to a private seller the risk lies with the buyer because there is no client account nor is there what you might call professional services track record - with a Broker you tend to know what you are getting but with a private seller it is an unknown quantity.

Having sold privately several times none of this is insurmountable but it is worth thinking about. If memory serves, we had the deposit situation set out in the contract (I think I used RYA as a basis that I modified) but when we sold our S34 we had a good rapport with the buyer so deposit wasn’t a major issue - I don’t think we bothered with one.

 

[DavidJ]

The non-refundable bit might be a sticking point - it would be for me if I was buying and I would want very clearly defined terms setting out in what circumstances the deposit would and would not be returned.

When paying a deposit to a private seller the risk lies with the buyer because there is no client account nor is there what you might call professional services track record - with a Broker you tend to know what you are getting but with a private seller it is an unknown quantity.

Having sold privately several times none of this is insurmountable but it is worth thinking about. If memory serves, we had the deposit situation set out in the contract (I think I used RYA as a basis that I modified) but when we sold our S34 we had a good rapport with the buyer so deposit wasn’t a major issue - I don’t think we bothered with one.

I really appreciate your “buyer” view. It could really put off a genuine buyer. I think I’ll take a softer stance and introduce the deposit conversation later if I sense I’m being strung along.
Thanks
Has anyone got a contract template I can copy?

 

[jfm]

The non-refundable bit might be a sticking point - it would be for me if I was buying and I would want very clearly defined terms setting out in what circumstances the deposit would and would not be returned.

When paying a deposit to a private seller the risk lies with the buyer because there is no client account nor is there what you might call professional services track record - with a Broker you tend to know what you are getting but with a private seller it is an unknown quantity.

Having sold privately several times none of this is insurmountable but it is worth thinking about. If memory serves, we had the deposit situation set out in the contract (I think I used RYA as a basis that I modified) but when we sold our S34 we had a good rapport with the buyer so deposit wasn’t a major issue - I don’t think we bothered with one.

100% agree.
Legal status of deposit paid to broker as stakeholder is completely different from legal status of deposit paid to buyer. I wouldn't pay deposit to seller (if it was an amount of money big enough to care about).
Worse still if seller not in my country.

 

[V1701]

I don't think Apollo Duck has been mentioned, that's a very good place to sell privately. The Google stuff is very interesting - I have made web sites before but without paying Google nobody would find it so I stopped doing that & went with ebay classified ad and Apollo Duck. Good pictures, honest descriptions, properly declutter and clean, start with a realistic price and you'll sell your boat. If it's not selling in reasonable time there's something awry, usually the price being unrealistic or it being presented like a shed. I would not be tempted to put up a higher price to start just to "test the market", once seen it'll just be ignored by many after the price is reduced to a more realistic level. This based on buying 5 & selling 5 boats privately, the one I have now is the only one I've bought via a broker...

 

[DavidJ]

I would not be tempted to put up a higher price to start just to "test the market", once seen it'll just be ignored by many after the price is reduced to a more realistic level.

Interesting point @V1701

 

[oldgit]

Private sales.
When selling usually decide on price will not go below and ask that perhaps with £500 on top to allow the buyer to "achieve" a reduction.
Never failed in 5 or 6 sales over 30 years and always subject to the cardinal rule never ever be the owner of two boats.
Usually a mixture of Apollo Duck/eBay and Boats and Outboards does the trick.
And yes you can buy more boat for your money outside of the Golden Triangle of the South.

 

[DavidJ]

Private sales.
When selling usually decide on price will not go below and ask that perhaps with £500 on top to allow the buyer to "achieve" a reduction.
Never failed in 5 or 6 sales over 30 years and always subject to the cardinal rule never ever be the owner of two boats.
Usually a mixture of Apollo Duck/eBay and Boats and Outboards does the trick.
And yes you can buy more boat for your money outside of the Golden Triangle of the South.

….. but but but how do you decide on a price? Very difficult to find a benchmark boat. So is a boat worth say £125k or £135k I really don’t know

 

[Greg2]

….. but but but how do you decide on a price? Very difficult to find a benchmark boat. So is a boat worth say £125k or £135k I really don’t know

Watching the market can help. The number of boats of the same make/model on the market, asking prices and how quickly they are selling are useful indicators although the post-pandemic market has been odd with higher prices and not much on offer. There is inevitably some judgement / guesswork. Pitching a bit below Brokers asking prices if selling privately is probably a good move.

If we put ours on the market now I know roughly what the asking price would be because not many come up and one that did recently sold within a week even though it was asking a high price. That said I also know that there was a buyer searching for one so that may have inflated the selling price
.

 

[jakew009]

100% agree.
Legal status of deposit paid to broker as stakeholder is completely different from legal status of deposit paid to buyer. I wouldn't pay deposit to seller (if it was an amount of money big enough to care about).
Worse still if seller not in my country.

I think the 'amount of money big enough to care about' is quite important. If someone's not prepared to risk say 2k deposit, they are likely a time waster anyway and I certainly wouldn't 'hold' the boat for them if a better bet came along.

 

[jakew009]

I would not be tempted to put up a higher price to start just to "test the market", once seen it'll just be ignored by many after the price is reduced to a more realistic level.

Interesting point @V1701

I think it's really good point. After I bought the boat I just bought I had someone call and say "oh now I have decided to sell I might have taken a lower offer". Well his opening gambit was 10k out so I didn't even bother going to see it, if he had put it up for a sensible price to begin with I may have bought it.

 

[PaulRainbow]

I think the 'amount of money big enough to care about' is quite important. If someone's not prepared to risk say 2k deposit, they are likely a time waster anyway and I certainly wouldn't 'hold' the boat for them if a better bet came along.

So, i give you a £2K deposit and then find some defects that you didn't declare. You tell me the deposit is non-refundable, i'm £2K out of pocket because you misdescribed the boat. No thanks.

Any deposit paid to an individual is at risk, unlike paying one to a broker.

 

[DavidJ]

I’m noticing the same boats coming up in boats.com boatsandoutboards, Apolloduck, yachtworld, boatshop24 etc etc.
How does this work? Surely individuals aren’t subscribing to all these sites. Do dealers/ brokers have contracts with all these companies and the links just auto read across with latest prices and updates.
Hmmmm

 

[PaulRainbow]

I really appreciate your “buyer” view. It could really put off a genuine buyer. I think I’ll take a softer stance and introduce the deposit conversation later if I sense I’m being strung along.
Thanks
Has anyone got a contract template I can copy?

I would not ask for a deposit at all, but would not hold the boat. I've sold my previous boats privately and not had problems with time wasters. I've been happy to show them the boat and even take them for a short trip down the river. Sure, i've shown a couple of people the boat who didn't proceed, no problem there. People seem to appreciate the personal touch, i've been there to answer any questions they have had and able to show them how everything works, point out all of the upgrades etc, which a broker would not typically do. My boats have always been top notch and i got decent money for them.

 

[PaulRainbow]

I’m noticing the same boats coming up in boats.com boatsandoutboards, Apolloduck, yachtworld, boatshop24 etc etc.
How does this work? Surely individuals aren’t subscribing to all these sites. Do dealers/ brokers have contracts with all these companies and the links just auto read across with latest prices and updates.
Hmmmm

I'd say an ad' on Apolloduck is all you need David. Make sure to present the boat well, take lots of quality pictures and give a good description.

 

[jakew009]

So, i give you a £2K deposit and then find some defects that you didn't declare. You tell me the deposit is non-refundable, i'm £2K out of pocket because you misdescribed the boat. No thanks.

Any deposit paid to an individual is at risk, unlike paying one to a broker.

You tell me you want to buy the boat. You tell me you want to arrange surveys etc.

I agree to sell you the boat and have to put off other buyers whilst you sort your surveys.

After a few weeks, you disappear off the face of the planet never to be heard from again. I have potentially put off other buyers who might have been able to buy the boat.

To be honest I’d go so far as saying if you want to buy privately, you probably don’t want to be messing around relying on surveys or deposits etc (especially at the sub 50k end of the market). Come view the boat, decide if you like it and get the deal done asap.

Otherwise pay the extra to go via a broker.

 

[jakew009]

I’m noticing the same boats coming up in boats.com boatsandoutboards, Apolloduck, yachtworld, boatshop24 etc etc.
How does this work? Surely individuals aren’t subscribing to all these sites. Do dealers/ brokers have contracts with all these companies and the links just auto read across with latest prices and updates.
Hmmmm

They probably have automatic feeds. But it doesn’t really take that long to copy and paste the same advert onto multiple websites. The more exposure the better imo.

eBay gets the most views a lot of the time and a classifieds ad is only about 20 or 30 quid.

 

[V1701]

I’m noticing the same boats coming up in boats.com boatsandoutboards, Apolloduck, yachtworld, boatshop24 etc etc.
How does this work? Surely individuals aren’t subscribing to all these sites. Do dealers/ brokers have contracts with all these companies and the links just auto read across with latest prices and updates.
Hmmmm

I think brokers advertise on all these sites, broker sales only on Yachtworld but pretty sure you can sell privately on the others...

 

[oldgit]

….. but but but how do you decide on a price? Very difficult to find a benchmark boat. So is a boat worth say £125k or £135k I really don’t know

A quick look the internet on prices gives a general indication of how much your boat might achieve against how much the boat owes you ?
Could you live with only getting that sort of money for the boat and would it give you sufficient to fund the next purchase.
Have usually found that selling is not the problem , its finding another boat ?
Covid most certainly resulted in a great deal of money suddenly appearing from under a large number of mattresses and and equal number of sellers realising this was good opportunity to unload a load of long neglected and poorly maintained old tat onto the market at "think of a number" prices.

Brokers must have been dancing jigs in their offices, especially those on the Thames.

 

[oldgit]

I would not ask for a deposit at all, but would not hold the boat. I've sold my previous boats privately and not had problems with time wasters. I've been happy to show them the boat and even take them for a short trip down the river. Sure, i've shown a couple of people the boat who didn't proceed, no problem there. People seem to appreciate the personal touch, i've been there to answer any questions they have had and able to show them how everything works, point out all of the upgrades etc, which a broker would not typically do. My boats have always been top notch and i got decent money for them.

Same here.
Previous boats have all been sub 50K, marketed and sold on basis as seen and tested.
Want a survey, no problem, buyer sorts and pays, will even suggest the best place to lift and happy to take boat round at no obligation but the price is firm regardless of survey results.
Nobody has ever gone ahead with a survey.
Somebody want to BACS a small deposit of few hundred pounds as sign of good faith, no problem.
One chap coughed up in full and did not require the boat to be collected until a month after purchase.