The recreational boat market is expected to reach $58.8 billion by 2032. If you’re selling a boat, you can be sure people will be looking in the pre-owned market. Although boats are depreciating assets, there are ways to make updates to your boat that add resale value when it’s time to move on to a newer model.
Focusing on performance and appearance will increase the perceived value of your boat. If you’re wondering how to improve your boat, you should consider specific upgrades to get the best return possible.
How Much Do Upgrades Increase the Resale Value of Your Boat?
If you’re upgrading your boat to increase its resale price, you must look at what adds value to your boat. Every well-thought-out change can make a difference. However, you must consider a few key factors, like your boat’s type, its age and what kind of condition it’s in.
With the right upgrades, you can improve your boat’s value. Remember, when you update your boat, you’ll unlikely make back everything you spend, but you can potentially improve its overall resale value.
Boat Design Upgrades That Add Value
If you’re wondering how you should update your boat, check out several ideas below that may help you get a better price for it when it comes time to sell:
1. Install Cup Holders
This may sound like a minor addition, but cup holders elevate everyone’s onboard experience. You can find cup holders in various sizes and mount them around boat’s the deck. Your guests will thank you for it, and they’ll make less mess, which is good for your boat’s overall value.
Adding cupholders won’t cause your boat’s value to skyrocket, but it will make it stand out to potential buyers.
2. Upgrade the Carpet
Whether you’re selling your boat or not, an older carpet will start to look shabby after a while. If you are selling, an upgrade like this is one of the best boat interior upgrades, giving your boat a better overall appearance and more comfort.
Replacing the carpet in your boat can be expensive, but if it looks worn out, doing so might be necessary to help you sell your boat for the best price.
3. Make the Upholstery More Comfortable
Attractive, comfortable seating is a must for adding value to your boat, especially if your current upholstery has suffered wear and tear over the years. Many boat service experts can work within your upgrade budget and transform your boat’s look.
4. Add the Latest Technology
Adding innovative technology to your boat is an excellent upgrade choice. Some technology additions could include the following:
- A stereo system: Marine-grade speakers can enhance the onboard ambiance, making your boat more appealing.
- A cell phone mount: You can keep your phone safe and within reach with an inexpensive and easy mount installation. This is one of the best center console boat upgrades you can make.
- USB ports: Marine-grade USB ports mean no one gets stuck with a dead battery after a long day of boating. They’re inexpensive and easy to install.
These and other boat gadgets can make your boat more functional and create a more convenient boating experience.
5. Add LED Lighting
LED lights can do wonders for the ambiance on your boat and help you conserve energy. LED options are popular in the marine market, so many alternatives are available. Installing some lights on the deck makes your boat easy to spot, adds perceived value and can help your boat stand out to prospective buyers.
Boat Functionality Upgrades That Add Value
If you’re wondering how to improve your boat’s functionality and performance, the following tips will help you make the most appealing changes to potential buyers:
1. Install Underwater Boat Lights
This upgrade is significant for design and functionality. Colorful underwater boat lights look great when you’re on the water and help light the way at night. This upgrade may only appeal to a particular target market, so be sure to research the potential return on investment for your boat.
2. Replace the Bimini Top
A Bimini boat top adds value and makes the ride more comfortable for everyone on board. As the water reflects the sun’s rays, a good quality Bimini top will protect your guests from the harsh sun. It adds considerable value and improves your boat’s overall appearance.
3. Install a Trash Can
If your boat doesn’t have a trash can, consider adding one to create a better experience for your guests and potential future buyers. This addition makes keeping your boat clean much easier.
4. Consider a New Motor
Upgrading the motor can be a valuable addition, meaning better performance, torque and fuel efficiency. A new motor comes with a manufacturer warranty and improved maintenance programs — both attractive to prospective buyers.
5. Add Onboard Power
Running your onboard systems all day can drain your battery and leave you stranded. Adding a house battery can make using your boat less stressful and bring you and your guests peace of mind. A house battery with a selector switch could appeal to potential buyers.
6. Update Your Appliances
Adding a fridge or freezer gives your boat that upgraded appeal. You can also add a marine ice maker or replace any older model appliances to improve comfort and convenience on deck and add to your boat’s resale value.
7. Redo the Decking
After a few years, exposure to the elements and people can wear down your boat’s decking, making it less functional and visually appealing. Whether you’re selling or not, consider replacing your boat’s decking every five years. You should do this early if you’re putting your boat on the market.
Upgrade Your Boat With Formula Boats
Upgrading your boat is an exciting prospect. Just like you want to make the best decisions to add value to your current boat, you want to choose a new one with everything you need, including a good resale value.
At Formula Boats, we’re dedicated to continual product improvement and take pride in our extraordinary quality standards and authentic craftsmanship. Every boat we design is for the customer we work with — you can build a boat to your exact specifications.
Browse our selection online or request a catalog today to see how we can help you find or build the perfect boat.