Weird one I bet but Im really looking to get out of my 245 SB. Its been you sale for a while and I owe to much on it to sell it (broker lists it at $50K because he wants 10% of course). Im considering trying to trade it in on a more expensive car for a loss and wrapping the loss back into the car loan. I've called several big dealers liek LExus and Toyota and they are actually up to giving it a shot. I owe $44K still and I'd love to get $35K for it on a trade but that is pretty serious wishful thinking. The thing only has 78 hours on it and it in pretty flawless condition. Anybody tried this?
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It's property- as long as they think can make a deal on the boat, I'd say go for it!
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Happens all the time. Very costly in terms of value proposition to the trade in person, that's why dealers are usually interested. They can let it sit on the lot if they want for a few months and not be negative. Or, they can wholesale it out and have made a nice chunk on the front end(car sale).
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Sounds like a good idea. I'm sure you've looked at the depreciation rates on both the new car and the boat and a comparison of both monthly payments individually and then wrapped into a single car loan, just to make sure you don't have the same amount going out the door, but no longer have a boat.
Maybe ask your CPA if there's a personal loss here you can write off somehow.
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If you want to keep circling the drain financially, go for it...
What is the boat worth, really? Now cut that in half, and MAYBE that's what a car dealer will give you for it. You also have to find someone who will finance the car, plus what you still owe on the boat after the dealer kicks his part in. This usually never happens, so then people get a home equity loan to pay for all of it. But in this economic climate, who the hell has home equity anymore? And if you do, you risk going belly-up with your house. No, this is not a good idea in my opinion, and people used to pay me for this opinion.
My suggestion? Consign the boat at an attractive price, IOW, the price you would consider paying if you wanted to buy a boat like that. It may take time, my 305 took 19 months, but eventually it will sell. In the mean time, keep making payments, and when the boat sells, pay off the difference. OR, you could just call the bank and tell them to come get their boat...:smilet-digitalpoint
Jeff & Tara (And Hobie too)Lake Havasu City, AZ
|Current: 2022 Sun Tracker Sport Fish 22 XP3 w/ Mercury 200
2000 Bayliner 3388 Cummins 4bta 250s (SOLD 2020)
2000 Bayliner 2858 MCM 7.4 MPI B3 (SOLD 2018)
2007 Bayliner 305 MCM twin 350 Mag B3s (SOLD 2012)
2008 Bayliner 289 MCM 350 Mag Sea Core B3 (SOLD 2009)
And 13 others...
In memory of Shadow (7-2-10,) and Ginger (5-11-21.)
Best boat dogs ever! Rest in peace girls...Comment
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Im not a real fan of gap insurance but in this case if you go through with it the car you purchase will be way worthless than what an insurance will give you if it becomes a loss. You will still owe a great amount upon what the insurance pays off.
I suggest you buy gap insurance. But like it was said you will be over circling the financial drainage
1989 Avanti 3450 Sunbridge
twin 454's
MV Mar-Y-Sol
1979 Bayliner Conquest 3150 hardtop ocean express.
Twin chevy 350's inboard
Ben- Jamin
spokane WashingtonComment
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Yes, trade it! A lot of people are in the same 'boat' - no cash, underwater, etc., but they want something different. Give it a try.
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No offense, but that's the dumbest idea I have ever heard.
If you are underwater on the boat, you don't sell it until you can pay cash to get out from under the loan.
Matt Train
BOC Site Team
Chicagoland, ILComment
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There are RV dealers here who will take a boat in trade for an RV. I know this is not your inquiry. I have also seen on occasion a boat on a dealers used lot that was taken in trade on a new vehicle so it does happen. If you get terms that you find favorable go for it. I don't see any reason not to try.
Rick Grew
2022 Stingray 182 SC
2004 Past Commodore
West River Yacht & Cruising ClubComment
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Thanks for the comments fellas.
Ive had this boat for sale with local brokers for over 2 years without a single look. They list the thing at $50K and theres no way it would sell for that. The boat pricing guilds list it from $30K to $40K.
I hope that I can get a trade in for less then $10K close to what I owe. Im looking at a car in the $60K+ range which would leave me with a $40K loan in the end. but then again, I lose $350 a month in docking/insurance fees on the boat much less the $500 a year main (and the $1200 in "fixing" Im doing right now). So the finantial decision isnt as dire as some have said :P
I may take a hit but make it up in 1 to 1.5 years of not continuing ownership.
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Keep in mind the broker works for you. You should set the price, and if it is too high, the broker should advise you. There's nothing in it for a broker to overprice a boat, it takes up space, and costs money to keep clean. If you want it listed at $35k, most brokers would think that it is priced right and take their 10% and run after a quick sale.
Jeff & Tara (And Hobie too)Lake Havasu City, AZ
|Current: 2022 Sun Tracker Sport Fish 22 XP3 w/ Mercury 200
2000 Bayliner 3388 Cummins 4bta 250s (SOLD 2020)
2000 Bayliner 2858 MCM 7.4 MPI B3 (SOLD 2018)
2007 Bayliner 305 MCM twin 350 Mag B3s (SOLD 2012)
2008 Bayliner 289 MCM 350 Mag Sea Core B3 (SOLD 2009)
And 13 others...
In memory of Shadow (7-2-10,) and Ginger (5-11-21.)
Best boat dogs ever! Rest in peace girls...Comment
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If I was going to be that underwater with the boat, I would keep the boat and by a less expensive car. It just seems that you making a bad position worse.
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you could probably sell it on ebay for more than a car dealership will give you on trade.
2003 Bayliner 305 - SOLD!
Twin 5.7L, Carb'd, 445 hours
Bravo II drives
Closed-coolingComment
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Home equity loan, or 401k loan (mine is at 1.5% last I checked, and interest gets paid to me if I get a loan. It's not earning anything anyway), and pay off the loan.
Then sell it for what you can.
Then buy a car.
Youre right about books listing value at 30-40. Keep in mind that is retail. The dealer will give you wholesale value which is much less, probably 20k at most.
I have a diesel superduty truck I was considering trading in a few years back. Books listed it at 32k retail and the dealer offeered me 14k if I traded it in. No thanks. Dealers won't touch something unless they know they are guaranteed to make a 10k or more profit.
You're pretty much hosed. The money you saved by not putting a big down payment is going to come out of pocket now.
Do you have insurance?
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Don't go there!!!!!green650 wrote:
Home equity loan, or 401k loan (mine is at 1.5% last I checked, and interest gets paid to me if I get a loan. It's not earning anything anyway), and pay off the loan.
Then sell it for what you can.
Then buy a car.
Youre right about books listing value at 30-40. Keep in mind that is retail. The dealer will give you wholesale value which is much less, probably 20k at most.
I have a diesel superduty truck I was considering trading in a few years back. Books listed it at 32k retail and the dealer offeered me 14k if I traded it in. No thanks. Dealers won't touch something unless they know they are guaranteed to make a 10k or more profit.
You're pretty much hosed. The money you saved by not putting a big down payment is going to come out of pocket now.
Do you have insurance?
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