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Rich S

Purchase with a trade help

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I have a deal set and ready to pull the trigger. Im trading my Chap for a Nautique. I understand that the more they give for my trade will reflect in a higher sales price. But, a new scenario has come up and I want to make sure that I know Im walking away with the best deal on my trade as well as the sales price. I dont want to be floating in a cove enjoying a cold one and get that feeling that I didnt do everything I can.

Anyone with insight to the inner workings of a buy/trade, could you PM me? 

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Approach it like you would a car.  Negotiate the price of your purchase.  Then, and only then, negotiate the price of your trade.  The final numbers will make more sense.  

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Perfect world price of the new item and the trade item should be different, but often times they do not.  But like said above you talk it just like car.  But in reality the dealer wants x for the boat, they are going to have a bottom line.  End of the day your total amount paid plus boat is going to be Y.  Trade in value take book for it and figure at least 20-25% off.

One thing to keep in mind is higher your trade, lower sales tax in most states, something to think about.

 

 

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16 minutes ago, Phillbo said:

You'll get more for your current boat if you sell it yourself. Trade in value is always much lower.

+1. Traded in 2 boats for newer one's over the years.  Trade in was much less than selling outright, but no

hassle with tire kickers and buyer's trying to get a lower price for the boat you list for sale.

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10 minutes ago, Rip5 said:

+1. Traded in 2 boats for newer one's over the years.  Trade in was much less than selling outright, but no

hassle with tire kickers and buyer's trying to get a lower price for the boat you list for sale.

I can't speak for other states, but in Florida you only have to pay sales tax on the difference between the value of your trade in and your purchase price.

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8 minutes ago, Weekend At Bernie's said:

I can't speak for other states, but in Florida you only have to pay sales tax on the difference between the value of your trade in and your purchase price.

Yes, this is also true in Mass. BUT, you will get more selling it your self. Like anything else, there are pros & cons to this. One big thing is, the "bank" may not like you having 2 loans out. There going to say, what happens if you don't sell it. Then you have to wait and you might lose the deal on the new boat.   

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Just like cars, Your trade is garbage till you trade it in and then it magically turns to gold as soon as it hits their lot.

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I am presuming the op own the boat outright and there is no lien on it and so to me you will snag a lot of private buyers looking for a brand new boat but that his is nearly new for a lot less money but more than a trade in deal.  It's always hard to find boats that are close to new that don't have financing that you can actually negotiate on that aren't under water.  Of course there is an opportunity cost to the time you take to sell it but would think you won't get the deadbeats that you would if you tried selling my sig boat versus the OP's much nicer boat.  

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You can not avoid any type of buyer.  I never discouraged anyone.  Except a guy who wanted to test it over a weekend.   Always 1 hustler in the crowd.

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Is the ease of trading it to the dealer worth the reduction in value of the old boat?

brick

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I have a lien with 25-30 in equity. The trade numbers are elevated to show more towards a down payment on the new. The Chap probably wont even sit on the lot as discussions are currently in place for a prospective, yet serious buyer. 

I did set my price at the boat show and put the deposit and then talked trade. 

The dealer is offering me about a .006% "finders fee" So I guess what Im asking is a better number for a finders fee to put towards the new boat. The way I see it, I paid for 8 months of boat trader, it wont sit on their lot and they will be financing the boat.

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really when buying you want to pay the least and get the most for a trade, that's the bottom line.  Now lines can cross with a trade, ultimately you want it to sway towards a larger down payment as lifts that burden and larger trade equals lower taxes.  Now if you are looking at a 100k investment or more, every dollar is a dollar, but are we worrying about dollars and cents on a 100k purchase or we worried about thousands.  A few bucks aint going to make me sweat.  You can see it how you want, until they sell that boat or have agreement in place with financing your boat is a liability to them.  Would you give a discount to somebody that you were selling something to because you thought you were going to sell something quick you were taking in on trade? They can pull out all the terms they want, trade in value is trade in value,  short of you bringing in a person cash in hand wanting to buy your boat, as a business I don't think id be inclined to do anything.

Most dealers are sharks even the good ones, you just have to understand how swim with them.

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If you don't trade, be prepared to own two boats for a while...I did it for 2-1/2 years until my next door neighbor suddenly woke up and said I want it.  Sad thing is that it has sat in his storage barn unused ever since.

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