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Max Online: 36273 @ 01/23/13 02:34 PM
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#11752576 - 08/01/16 07:11 AM Buying and trading in for a new boat every year....
bloo_rainger Online   content
Extreme Angler

Registered: 12/19/07
Posts: 1743
Loc: Tarrant
Let's say a guy buys a new boat with all the bells and whistles and let's just say at 75k. So I used it for a year and now want to trade it in on the next years new model. Do you take a hit on the depreciation when you turn it in and walk out with your new boat? I'm now ten years into repeating this cycle and decide I'm done with fishing. Have I not accumulated an enormous amount of depreciation of maybe 10k a year? I now have my last boat that I owe 175k for. Hope that makes a little sense. It just seems to me at some point you will be out a tremendous amount of money.

For those that do get a new boat every year can you help clear that up for me? I think I might like to have a new boat every year but I think in the end I'm broke. HELP...

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#11752579 - 08/01/16 07:15 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Ken A. Online   content
TFF Celebrity

Registered: 10/02/06
Posts: 7755
Loc: Trophy Club, TX
Did you say $175,000?

Was that a typo?

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#11752587 - 08/01/16 07:21 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
bloo_rainger Online   content
Extreme Angler

Registered: 12/19/07
Posts: 1743
Loc: Tarrant
If I'm taking a 10k hit a year on depreciation for 10 years that would be 100k. Plus I still owe 75k on my last boat. That's how I'm processing this. That's why I'm asking for those that do this.

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#11752599 - 08/01/16 07:27 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Ken A. Online   content
TFF Celebrity

Registered: 10/02/06
Posts: 7755
Loc: Trophy Club, TX
That is possible but I am thinking the lending institution that financed your boats would not finance that much against your current boat. Being upside down (owing more than the current value) on your boat is very common on a boat that is less than three years old if you haven't put a fairly large chunk of money down.

Best thing to do is call your bank and ask them what your payoff is now. I doubt (hope) they didn't allow you to roll that much negative equity into a new boat a year ago. I am interested to know however.

Good luck!

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#11752606 - 08/01/16 07:33 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Frank the Tank Online   content
TFF Guru

Registered: 02/27/13
Posts: 17667
Loc: Rockwall & a lake somewhere
I think the op is trying to figure out how these guys buy a new boat every year, sell it, then get another one with out having a tremendous amount of negative equity. This is just my guess, but a lot of these guys get "team deals" where they get a highly discounted boat, or a boat at cost plus a small % then rotate every year. It requires the boat is kept in immaculate shape in order to sell. Again, just a guess from me.


Edited by Frank the Tank (08/01/16 07:35 AM)
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#11752616 - 08/01/16 07:38 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Ken A. Online   content
TFF Celebrity

Registered: 10/02/06
Posts: 7755
Loc: Trophy Club, TX
Ohhhh.....

Still asleep.... sleep

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#11752628 - 08/01/16 07:50 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Ken A. Online   content
TFF Celebrity

Registered: 10/02/06
Posts: 7755
Loc: Trophy Club, TX
Bloo, Sent you a PM.

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#11752629 - 08/01/16 07:50 AM Re: Buying and trading in for a new boat every year.... [Re: Frank the Tank]
bloo_rainger Online   content
Extreme Angler

Registered: 12/19/07
Posts: 1743
Loc: Tarrant
Originally Posted By: Frank the Tank
I think the op is trying to figure out how these guys buy a new boat every year, sell it, then get another one with out having a tremendous amount of negative equity. This is just my guess, but a lot of these guys get "team deals" where they get a highly discounted boat, or a boat at cost plus a small % then rotate every year. It requires the boat is kept in immaculate shape in order to sell. Again, just a guess from me.


You would be correct... I'm just wondering if a one man team can get these terms.

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#11752636 - 08/01/16 07:55 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Andrew Y'Barbo Offline
Extreme Angler

Registered: 06/25/12
Posts: 1111
Loc: Lufkin Texas
A lot of the gentleman that do this will pay say 45k down and finance the difference for 4 years. They are also tier 1 and get 3% interest from their banks. They never break even but it's what they like. There are people that have to spend millions a year on landscaping to write off. There's more behind the number than you think. But no one really breaks even.

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#11752769 - 08/01/16 08:58 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
B. Dill Online   content
Pro Angler

Registered: 07/16/13
Posts: 556
Loc: Cypress
They pay cash, put down huge down payments or get some kind of pro staff deal and don't pay $75k for the boat. The only way to not lose your [censored] is to get an extraordinary deal on the new boat but I think those guys still lose several grand.

Also, selling 3rd party rather than trade helps with the loss.



Edited by B. Dill (08/01/16 09:00 AM)

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#11752776 - 08/01/16 09:05 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Josh Seale Offline
Angler

Registered: 02/06/08
Posts: 400
Loc: Saginaw, TX
Can't catch fish if you don't have the latest and greatest.....
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#11752852 - 08/01/16 09:47 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Donald Harper Online   happy
TFF Guru

Registered: 01/25/08
Posts: 12263
Loc: Justin, TX.
There are many relationships out there with the dealers and factories; but it is not easy to get in.

There are just a hand full of wealthy fisherman out there that just take the hit and trade their boat in every year. They stick with one dealership until they begin to build a relationship, then the discounts after a few years begin to pay off. These are the dealers best customers and they eventually are taken care of very well depending on how many potential customers they bring through the doors with them. Believe me there are some of these guys that can sell more boats for a dealer than any Pro Staffer or Team Man ever thought of. These guys deal in cash and do not make loans. It is all about business write-offs and paying less taxes at the end of the year.

Another way is to be a guide, pro staff, or team member with that dealership. Some of these guys have been there long enough to move to the factory deals. There are different tears to go through to get the best discount on a boat and this takes years to get there. Eventually you will be getting into a new boat every year for the same low price. This is how that works.
- You must find a buyer for your new boat each year.
- Dealer does a in-and-out on that boat saving you a chunk of change on the tax. It is treated as a trade-in on your new boat.
- You are able to bring customers to the dealer and close deals on several boats per year. Very hard to do; but a must.
- Work for your dealer at every event; like boat shows, tournaments, trade days and etc.. You are always there to help every chance you get.
- Fish tournaments and win. Those that are successful get to the top tear the fastest.
- Some top fisherman and older super represenatives eventually make it to the factory deals where they are given a boat to fish out of every year and just turn it in. There are a few in every state that makes it to this level.

I don't see anyone borrowing money to get into a new boat every year and paying full showroom prices. You will have to have some of the the above things in place to do this without taking bankruptcy.
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#11752876 - 08/01/16 10:01 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
TBassYates Online   content
TFF Celebrity

Registered: 12/21/01
Posts: 6119
Loc: Scurry, Tx - S/E of Dallas
I had a few boats and every few years did what I thought was upgrading at the time. 1st boat Bass Cat Pantera II, then got into another Bass Cat Pantera II, then got into a Bullet 21XD and then a Ranger 520. Loved every one of these boats but now for many reasons I am boatless and to be honest with you I wish I still had my first Bass Cat. It would have been paid for many many years ago and I could have kept upgrading that boat and would still have it today to fish out of. Just saying.
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#11752947 - 08/01/16 10:35 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Mike Yeager Offline
Pro Angler

Registered: 07/31/14
Posts: 634
Loc: Cypress, TX
If you trade in every year and add on all the bells and whistles, you will loose your @$$. However, if you have a few deals worked out, you can soften the blow. A few can actually fish out of one and walk away each year flush.
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#11752984 - 08/01/16 10:57 AM Re: Buying and trading in for a new boat every year.... [Re: bloo_rainger]
Slade Offline
Extreme Angler

Registered: 06/17/05
Posts: 1287
Loc: Irving, TX
That is alot of money, no matter how you look at it. I can see a really good, professional guide or obviously a pro fisherman on tour that would need a new boat every year, but other than that it makes no sense to me. To each his own.
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