As a boating enthusiast, buying a new and better boat may be crossing your mind and you may be wondering about the option of using your current boat as a trade-in.
This is probably leading to a long list of questions running through your head. Luckily for you, we’ve put together a collection of these questions and their answers, so you can get a better idea of what trading in a boat is all about.
Can I Trade in a Used Boat for a New Boat?
Absolutely. Assuming your boat is in fairly good condition, boat dealers will be happy to take in your current boat and offer you their latest models.
Can I Trade in a Used Boat for a Different Used Boat?
Possibly. It depends on the boat dealer and the condition of your boat. The trade has to be worth it for them.
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Can I Trade in a Boat I Still Owe Money On?
Owing money on your boat is not necessarily a deal breaker. The dealer still may agree to accept your boat, with one condition. Let’s say your boat is worth $20,000 but you still owe $10,000; the dealer will ‘purchase’ the boat from you for $20,000 but $10,000 of that will go straight to your lender and the other $10,000 will go towards your new purchase.
If you are upside down on your boat, meaning you owe more than what your boat is currently worth, don’t fret; there’s still hope. In this case, the boat dealer will pay off your boat and apply the difference as additional debt.
Where to Trade in My Boat?
There is no “special” place for trading in a boat. Anywhere you’d go to buy a boat should accept trade-ins. A boat dealership like Ingman Marine can help you out.
How Much is My Trade-in Worth?
There is no specific price for how much your boat is worth on trade-in. However, you can check the book value of your boat by using NADA, a car/boat trade-in value guide. This will allow you to take a look at other listings that feature boats similar to yours. Thus, you can form an idea of how much your boat is worth upon trade-in.
Is It Possible to Trade in a Car or RV for a Boat?
This question usually receives a hard “no”, but there are some rare cases where one can achieve this.
What Are the Benefits of Trading in vs. Selling?
One of the main benefits of trading in a boat is that you relinquish the responsibility of selling it. You may not receive as much upon trade in as you would if you sold it yourself or even through a broker, but it will save you a lot of time and potential hassle.
Another benefit of trading in a boat is that you may take advantage of a sales tax benefit, depending on the state you live in. When you use a trade-in towards the purchase of your new boat, you will only be taxed on the cost difference between the two. For example, if you’re new boat costs $40,000 and your trade-in is worth $10,000, you will only have to pay taxes on $30,000.
What to Bring When Trading in My Boat?
You will want to bring in your title or financing documentation if you plan on trading up for a new boat to hasten the process and assure it goes smoothly.
How Does the Trade-In Process Begin?
You just need to have a talk with your boat dealership. The consultants will ask questions to learn about your current boat and situation. They will be able to walk you through the entire process.
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Don’t Want to Trade in? Consignment is an Option.
If you are looking for a middle ground between selling and trading in, you can approach your local dealership or broker about consignment. With consignment, you retain ownership of the boat while relying on the professionals to sell the boat. This allows you to avoid the hassle of selling and could get you a higher value than trading in would. Just keep in mind that the dealership/broker will collect a fee, often equal to about 10% of the selling price. Once the deal is closed, the title is transferred from you to the new owner by your broker.
If you are unhappy with the process or wish to go another route, the contract can usually be cancelled at any time (just check the fine print of the contract first).
Trading in a boat can be exciting; knowing you can just bring yours in and walk out with something new. It certainly eliminates the time required to sell it on your own or through a broker. Not to mention, tax savings are always enticing. You may sacrifice some of the value when you opt to use a trade-in though, so it’s important to consider all your options.