Trade Your Boat In

Trading in your boat:

Why trade in your used boat for a new one?

Simply put, the biggest advantage to trading in your boat is that you don’t have to go about the trouble of selling it. The amount of time a used boat remains on the market before selling has a lot to do with its value (and how it was priced when first listed) but it’s not uncommon for boats to take six months to sell, and quite often longer than that.

When you are trading in your boat for a new one, there is no wait – you get your personal belongings off your current boat, hand in the keys, and you’re done. Some dealerships will even assume ownership of the boat at its current location and you don’t even have to worry about making that “last” trip with it.

Another important advantage is the tax benefit as it pertains to the purchase of your new boat – typically, you will only pay state sales tax on the difference between the price of the new boat and the value of your trade in, which, depending on your local tax laws, can save you money as well. 

Tips on how to trade in your boat: 

The first step is to determine what boat you want to buy next. Contact our sales team and have them show you different options. Consider how you have used your current boat and how you intend to use the next one.  Ask yourself what you like about the boat that you own now and what you don't like. 

Once you’ve decided on a particular model, ask your dealer to provide you with a trade-in valuation for your current boat. Every boat deal is different, and the process can vary, but NorthShore Dock & Marine can help you navigate through it.  

It is a good idea to clean and detail your boat as best as possible before the dealer sees it. A little effort can go a long way when trying to increase curb appeal. 

When presented with a trade-in valuation if you are expecting a retail valuation, you will be disappointed – the dealer can’t stay in business if he or she does that. Remember that the dealer has to assume financial responsibility for your boat, which means paying for its storage, insuring it, marketing it, and maintaining it. And at the end of the day, when they sell it, they also have to make a profit – which, if the boat stays on the market long, will be eaten by the cost of ownership. But don’t forget what happens if you don’t trade your boat in – you’ll have to list it with a broker (who will charge you a brokerage fee) and you’ll have to keep paying to store and insure the boat until it is sold. Then, when you go to buy the new boat, you’ll have to pay state sales tax on its full price... so it’s a good idea to carefully look at the numbers in both scenarios, and make a decision accordingly.