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Advice on my boat for sale.
#12453734
10/05/17 11:15 AM
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Joined: Jun 2016
Posts: 1,514
i-Fish
OP
Extreme Angler
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OP
Extreme Angler
Joined: Jun 2016
Posts: 1,514 |
Buying a new boat SOON. Still have my current boat that's not quite 4 years from new. It's relatively inexpensive.
Here's my question: If it were you and you had the money to do so would you: A) Trade your current boat in and be upside down on it and pay the difference? B) Buy the new boat without a trade-in and wait for a buyer on your older boat?
The payment on my current boat is, again, relatively cheap so it's more of an annoyance than a burden. The difference between trading it in and selling it myself is AT LEAST 3K.
If you can't find em wind em.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453744
10/05/17 11:39 AM
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Joined: Feb 2004
Posts: 28,416
Okie Poke
TFF Guru
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TFF Guru
Joined: Feb 2004
Posts: 28,416 |
It all depends on your financial situation......
๐ Dallas Cowboys....eventual Superbowl Champions ๐
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Re: Advice on my boat for sale.
[Re: Okie Poke]
#12453748
10/05/17 11:49 AM
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Joined: May 2009
Posts: 4,170
snickers
TFF Team Angler
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TFF Team Angler
Joined: May 2009
Posts: 4,170 |
It all depends on your financial situation...... this
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453749
10/05/17 11:49 AM
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Joined: Nov 2008
Posts: 900
SWH
Pro Angler
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Pro Angler
Joined: Nov 2008
Posts: 900 |
If you are still making payments on the boat seems like it would be very difficult to have a buyer that was ready to go through the hoops of getting it paid off/swap loan into their own name. So Id say you mine as well take the loss on it and trade it in.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453752
10/05/17 11:51 AM
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Joined: Feb 2006
Posts: 3,594
gborg
TFF Team Angler
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TFF Team Angler
Joined: Feb 2006
Posts: 3,594 |
You have inferred that your budget can handle a second payment. Therefore, have ur boat appraised from boat dealer and bank, be specific as to ur boats whistles and bells. Sell your boat now as used prices are generally higher in Summer months. This forum is an excellent platform to accomplish a solid boat transaction. You might find that ur boat needs work in order to trade in and or sell outright. Therefore, the difference, boat as is, to a dealer may be equal to fixing said problems in order to sell to an individual. I sold a boat and purchased a boat from this forum. I received lots of calls.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453758
10/05/17 11:58 AM
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Joined: Mar 2007
Posts: 258
dr.juice
Angler
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Angler
Joined: Mar 2007
Posts: 258 |
The difference in trading and selling should include the sales tax difference and the interest cost. 3k thats a bunch for me. I would sell the bought outright, add that to my boat fund and pay cash.
If you're not happy naked you won't be happy with clothes on. Don
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Re: Advice on my boat for sale.
[Re: dr.juice]
#12453798
10/05/17 12:53 PM
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Joined: Jan 2003
Posts: 1,662
squib
Extreme Angler
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Extreme Angler
Joined: Jan 2003
Posts: 1,662 |
The difference in trading and selling should include the sales tax difference and the interest cost. 3k thats a bunch for me. I would sell the bought outright, add that to my boat fund and pay cash. Me too. I have purchased two boats from sellers who still had the boats financed. I have also sold three boats that I had financed. The transactions went smoothly with the new loan spaying off the old loans. It is no big deal. Do whatever you can to get the most out of both deals. I wouldn't leave $3000 on the table.
Last edited by squib; 10/05/17 12:55 PM.
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Re: Advice on my boat for sale.
[Re: squib]
#12453815
10/05/17 01:06 PM
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Joined: Jun 2016
Posts: 1,514
i-Fish
OP
Extreme Angler
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OP
Extreme Angler
Joined: Jun 2016
Posts: 1,514 |
The difference in trading and selling should include the sales tax difference and the interest cost. 3k thats a bunch for me. I would sell the bought outright, add that to my boat fund and pay cash. Me too. I have purchased two boats from sellers who still had the boats financed. I have also sold three boats that I had financed. The transactions went smoothly with the new loan spaying off the old loans. It is no big deal. Do whatever you can to get the most out of both deals. I wouldn't leave $3000 on the table. Right. That's a jack plate and a power pole! My only hesitation is potentially having to wait months...or maybe even till late spring next year before that buyer comes along. While I can afford it it just makes me cringe.
If you can't find em wind em.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453821
10/05/17 01:06 PM
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Joined: Dec 2008
Posts: 16,028
grout-scout
TFF Guru
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TFF Guru
Joined: Dec 2008
Posts: 16,028 |
If your boat is a 18er trade it in, they are a hard sell since everyone wants bigger boats.
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Re: Advice on my boat for sale.
[Re: grout-scout]
#12453825
10/05/17 01:07 PM
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Joined: Jun 2016
Posts: 1,514
i-Fish
OP
Extreme Angler
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OP
Extreme Angler
Joined: Jun 2016
Posts: 1,514 |
If your boat is a 18er trade it in, they are a hard sell since everyone wants bigger boats. It is. 18' 8". Good to know. Thanks for the comment. I myself am looking at a bigger boat.
If you can't find em wind em.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453834
10/05/17 01:13 PM
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Joined: Dec 2008
Posts: 16,028
grout-scout
TFF Guru
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TFF Guru
Joined: Dec 2008
Posts: 16,028 |
If your boat is a 18er trade it in, they are a hard sell since everyone wants bigger boats. It is. 18' 8". Good to know. Thanks for the comment. I myself am looking at a bigger boat. Some will say that Im wrong and you might find that I am because you might find that needle in the haystack pretty quickly. But when I sold my 185 Skeeter which was 1 owner in great shape it took forever to sell. The buyers will want to beat you down and make your life miserable too. You might try selling it for a few weeks first and get lucky.
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453839
10/05/17 01:15 PM
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Joined: Jan 2008
Posts: 19,774
Donald Harper
TFF Guru
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TFF Guru
Joined: Jan 2008
Posts: 19,774 |
- You will pay the taxes on your new boat. - The buyer will pay the taxes on your old boat.
Avoid this if you can by having your buyer ready to purchase your boat. Have the dealer of your new boat do an in-and-out for you. It works just like you traded it in. You save the tax amount on your old boat and gain the $3k that you speak of.
- I have done this many times and it is not that hard. - Tell your buyer you have found a new boat at your dealer. - Your dealer will take care of all his paper work; which saves him time and trouble of doing all the tax, title and license himself. - It is all done through the mail. He will not have to go to the dealership to do anything. His bank will will take care of giving your dealer all the specifics. - When your dealer gets the check for your old boat he can take it from your position and it is a done deal.
Last edited by Donald Harper; 10/05/17 01:30 PM.
Each person you work with holds some promise to your future success. Websiite Sponsors: www.eletewater.com - Staying Hydrated www.lakeoviachic.com - Booking Mexico Trips 20 Hot Spot Mapping - GPS Contour Chips - Custom Spinner Baits - Jigs -Spooks Pure Extracts - Minnow-Night Crawler-Crayfish-Craylic
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12453992
10/05/17 02:39 PM
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Joined: Jan 2015
Posts: 119
jbaker33
Outdoorsman
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Outdoorsman
Joined: Jan 2015
Posts: 119 |
I bought a new and was just patient on the selling of old. Got the best price that way fwiw
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12454066
10/05/17 03:23 PM
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Joined: Jan 2008
Posts: 19,774
Donald Harper
TFF Guru
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TFF Guru
Joined: Jan 2008
Posts: 19,774 |
Just trying to help and make my above post a little clearer. - Be patient, talk to your dealer and pick out the boat you want. Put some money down to hold it until you find a buyer for your boat. - If you sell your boat out right. You will make a little extra money; but without doing the IN-And-Out, that extra money will only pay your tax, title and license on that new boat. - With doing the in-and-out with your dealer you win both ways. It works like a trade in and you save the taxes on what you sold it for and you make the extra money that you got out of it over and above of what the dealer would have given you for it; if you had just traded it in and not spent the time to find a buyer.
Each person you work with holds some promise to your future success. Websiite Sponsors: www.eletewater.com - Staying Hydrated www.lakeoviachic.com - Booking Mexico Trips 20 Hot Spot Mapping - GPS Contour Chips - Custom Spinner Baits - Jigs -Spooks Pure Extracts - Minnow-Night Crawler-Crayfish-Craylic
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Re: Advice on my boat for sale.
[Re: i-Fish]
#12454653
10/05/17 10:36 PM
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Joined: Jun 2012
Posts: 1,390
Andrew Y'Barbo
Extreme Angler
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Extreme Angler
Joined: Jun 2012
Posts: 1,390 |
Now sometimes you can not have two recreation loans out. This would require you getting rid of one to finance the other.
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