New boat

I am going to buy a new boat this year, Looking for some advice on if it is better to trade in the old boat or sell it out right? Would like to hear some pros and cons. Thanks

Selling it out right….

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Selling it out right….

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X2 selling it out right – its a better deal but then you have to deal with it. If you trade it in its a done deal. So if you have the time and the resources to get the boat sold then go for it.

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I am going to buy a new boat this year, Looking for some advice on if it is better to trade in the old boat or sell it out right? Would like to hear some pros and cons. Thanks

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It depends on what your time is worth. If you trade it it’s done, the dealer will make some money on it but it’s his boat to deal with.

You can sell it yourself and deal with everything yourself. If you are trying to get top dollar you will deal with a lot of people making appointments and not showing up. You will have guys showing up, kicking the tires for a hour, wanting to test drive it, then make you a low ball offer. You will have guys showing up with nothing better to do, they have no money, don’t need a boat, but have time to kill. ALL will ask for some sort of warranty.

Or………..you have a older boat what doesn’t have a lot of value. That may sell fast or if it doesn’t you aren’t out a lot of money.

It all depends on what you feel your time is worth and how you handle the hassle of dealing with the internet crowd.

Dealers provide a service and need to get paid for it. If you want them to deal with the hassle of selling a used rig then let them make a little money.

Not sure about Iowa state tax law. But here in Minnesota there is one additional advantage to trade in. The amount you agree on for the trade in value will reduce the total cost of the new boat. This in turn reduces the state tax you owe.

-J.

Brian’s right, I don’t know if you’re getting a used or new boat. The trade in value given on your boat is part of the negotiating, it’s all just number manipulation to try and arrive at the price you feel is fair. A good deal means you’re happy with it and walk away feeling good.

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Not sure about Iowa state tax law. But here in Minnesota there is one additional advantage to trade in. The amount you agree on for the trade in value will reduce the total cost of the new boat. This in turn reduces the state tax you owe.

-J.

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X2 If you can sell the boat for a larger difference than the sales tax, then try selling it.

Thanks for the input guys think I will just trade and not deal with the hassle

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Thanks for the input guys think I will just trade and not deal with the hassle

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easiest way to make a deal.

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Thanks for the input guys think I will just trade and not deal with the hassle

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I wouldn’t trade. to me the “hassle” is like writing myself a check. If you get an extra $1000 out of selling it outright and you have 10 hours into it,, that’s $100 per hour right? I don’t know, maybe I’m old school but I’d rather do a little extra work and keep my cash.

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Thanks for the input guys think I will just trade and not deal with the hassle

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I wouldn’t trade. to me the “hassle” is like writing myself a check. If you get an extra $1000 out of selling it outright and you have 10 hours into it,, that’s $100 per hour right? I don’t know, maybe I’m old school but I’d rather do a little extra work and keep my cash.

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X2

Every boat I have sold or bought to or from an individual I have always been able to pay part of it in cash and the balance I write a check. Bought my run about for 15 grand but gave the guy 5 grand in cash and paid tax on 10 grand. 5.5% of $5000 is a nice chunk.

Hope the State Revenue Division doesn’t read this. They get kind of grumpy when they lose their tax money.

Okay now you have me thinking. Where is the best place to try and sell a boat

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Not sure about Iowa state tax law. But here in Minnesota there is one additional advantage to trade in. The amount you agree on for the trade in value will reduce the total cost of the new boat. This in turn reduces the state tax you owe.

-J.

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That is true here in Iowa, Jon. I presold my last truck when I bought a new one near 2 years ago. I brought in my buyer to sign our prearranged deal when I signed for my new one. This was the very best of both worlds! I got the reduced tax, best deal on the new one, best price out of my old one and kept the $500 loyalty credit for trading in a same branded truck!!