Buyers: 4 Key Benefits of Asking For a Watercraft Appraisal
You’ve decided to purchase a boat for personal use. Before making any type of commitment, it’s a good idea to find out if the current owner has conducted an appraisal recently. If not, consider asking for one to be done before you move any further with the discussions. Here are some of the ways that a watercraft appraisal can be to your advantage.
Determining the Current Market Value
How much is the boat worth in the current market? While there are resources that will tell you part of the picture, none of them can provide as complete a response as an appraisal. That’s because the appraisal will provide information about the boat that’s more specific.
An appraisal involves considering more than the make, model, and age of the boat. Depending on what else the appraisal identifies, it will be easier for you to decide if the seller’s price is within reason or if it is more than the boat is worth.
Learning More About the Craft’s Condition
The appraisal process can reveal quite a bit about the boat’s current condition. You will learn more about the condition of the electrical system, the various elements that aid in steering and general control, and even is the boat has ever been in an accident.
Why does this matter? There’s always the possibility that the boat was repaired without any type of accident report filed or any type of insurance claim made. If so, that accident would not show up on any type of boat history. The only way to determine something took place is via the appraisal.
Identifying the Quality of Any Repairs Made
Assuming some sort of repairs were made in the past, it’s helpful to know more about the quality of those repairs. Were they made using parts produced by the original manufacturer? If so, that’s a good sign that the quality is good. It also means you’ll have an easier time securing a reasonable amount of coverage from an insurance provider.
On the other hand, if the watercraft appraisal reveals that the repairs were made third-party parts, there could be some question as to the quality. That’s because not all third-parties use the same standards for production as the original manufacturers. Since the overall quality may be lower, do think twice about making the purchase.
Deciding If the Craft is Right For You
The results of the appraisal may not be everything you hoped, but they do equip you to make an informed decision about whether to proceed with the purchase. Details found in the appraisal may provide some room for you to negotiate a lower price. That can be helpful if you believe the boat will do fine in the usually calm waters where you plan on using it versus bodies of water that can get rough. In any event, you have the chance to weigh all the factors and decide if the final price is worth it.
Never hesitate to see an appraisal before agreeing to a purchase. If there’s any hesitation on the part of the seller to provide one, take that as a sign to keep looking for other opportunities.
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