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#12607902 - 02/02/18 05:14 PM Verification please
ETXfisher91 Offline
Outdoorsman

Registered: 02/07/17
Posts: 109
I'm looking at a bass boat right now... But I am waiting for mine to sell... I really don't want to wait so I'm thinking of the trade in method but want some clarification first...
If I trade in, the boat dealer will pay my other boat off and I will have the leftover balance to pay off correct?? Say I trade in 13,000 towards a 20k boat. I have 7,000 left to pay on the new boat?

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#12607915 - 02/02/18 05:27 PM Re: Verification please [Re: ETXfisher91]
361V Offline
TFF Team Angler

Registered: 11/21/08
Posts: 4752
Loc: somervell county
Ya, it’s really that simple....assuming they are actually giving you your anticipated trade in of $13,000 PLUS your payoff on your used trade in boat. You will still owe taxes on the balance of the $7000 and the title and licensing fees.
_________________________

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#12607924 - 02/02/18 05:35 PM Re: Verification please [Re: ETXfisher91]
ETXfisher91 Offline
Outdoorsman

Registered: 02/07/17
Posts: 109
Okay lol I thought so just seemed to simple. I appreciate it!!!

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#12607965 - 02/02/18 06:20 PM Re: Verification please [Re: ETXfisher91]
pchapin Offline
Outdoorsman

Registered: 03/29/17
Posts: 28
Loc: Houston
You will own sales tax on $20,000 not on $7,000.

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#12607982 - 02/02/18 06:43 PM Re: Verification please [Re: ETXfisher91]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1452
Loc: SE Texas
If your boat was paid off, it would be as simple as them subtracting the trade price from the selling price of the new boat. Example:

$20,000-sale price
-$13,000-trade
--------------
$7,000 difference
+ TTL....
--------------
$7,500 total drive out

But if you have a lien on your current boat it is not that simple....

If they give you $13,000 trade but you owe $10,000 for example, that is a $3000 down payment off the $20,000...

$20,000 price
-$13,000 trade
---------
$7,000 difference
+$500 ttl
---------
$7,500 total difference
+$10,000 payoff balance (what ever your pay off is)
---------
$17,500 total due (will vary depending on your po)



Edited by Ol Man River (02/02/18 06:59 PM)

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#12607983 - 02/02/18 06:46 PM Re: Verification please [Re: pchapin]
Ol Man River Offline
Extreme Angler

Registered: 06/16/11
Posts: 1452
Loc: SE Texas
Originally Posted By: pchapin
You will own sales tax on $20,000 not on $7,000.


You only pay taxes on the trade "difference"

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#12607999 - 02/02/18 07:02 PM Re: Verification please [Re: pchapin]
Clark3 Offline
Pro Angler

Registered: 01/22/12
Posts: 805
Loc: Haslet, TX
Originally Posted By: pchapin
You will own sales tax on $20,000 not on $7,000.


Not true. You only pay races on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
_________________________

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#12608001 - 02/02/18 07:02 PM Re: Verification please [Re: Clark3]
Clark3 Offline
Pro Angler

Registered: 01/22/12
Posts: 805
Loc: Haslet, TX
Originally Posted By: Clark3
Originally Posted By: pchapin
You will own sales tax on $20,000 not on $7,000.


Not true. You only pay taxes on the difference in trade in and new boat price. One of the advantages to trade in versus selling outright
_________________________

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