watson524

Deposit amount on new boat?

13 posts in this topic

I searched the forum but all the posts I could find on deposits were related to used boats either private sales or with a dealer.

Wondering what the typical deposit percentage is on a new boat that has to be ordered from the dealer (i.e. not an in stock boat).

thanks!

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Boats might be different than cars.  I typically special order all of my cars ive been asked for up to $500 but at most have paid only $100 for it and ensured I could get my money back regardless.  Boats will probably be a different story, but either way I would want an out and be able to get my money back.

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There is no "typical deposit percentage" when ordering a boat. It is usually suggested by the dealer, and if you agree, that is it.

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Boats are all over the price chart.  Small dealer = larger deposit very often. Some just want to collect interest on your money for months.

I have found that 5% is fine  over my life time.   Rip 5 is correct.

 

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My dealer asked for 10% when ordered at a boat show.  I think I only gave him $1000 though.  I would expect the dealer to demand a larger deposit , and reasonably so, if its something he's afraid of getting stuck with.

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9 hours ago, TNBrett said:

My dealer asked for 10% when ordered at a boat show.  I think I only gave him $1000 though.  I would expect the dealer to demand a larger deposit , and reasonably so, if its something he's afraid of getting stuck with.

I think that's the key.  If it's a H20 and the dealer has 20 of them in the lot, he probably won't care if you flake.  If he mostly sells H20s and you're ordering a 307 SSX, he probably doesn't want that on the lot. 

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I always buy fully optioned & overpowered toys. So the dealer KNOWS he can move it easily.  H2o with a 20 hp motor ?   Might not move too quick.

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On 10/12/2017 at 7:11 AM, MonkeySeaII said:

I've always seen 20% but I think it probably depends on the dealer.  I purchased my boat from dealer stock so......

20% is high for simply ordering a boat, while that would be the minimum I would put down if financing.  In TX by law you have the right to reject the ordered unit or cancel.  You don't own it till you take delivery and deposits must be refunded unless otherwise stated in contact.  Either way, no point on giving a dealership more than necessary.

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I put $1500 down at the boat show to “reserve my production slot” who knows if that even means anything, and then another $1000 when I finalized my options about a week later and they sent in the “final build sheet”...again who knows. So $2500 total for an approx $45k boat so slightly more than 5%

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I should mention it was from a pretty large dealer that would have had absolutely no problem moving the boat I ordered so that may have had something to do with it.

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