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Trade boat in on a car?-gctid392075

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  • Guest
    replied
    It's a crummy situation to be in, but that's what happens when you try to trade/sell something only a few years old. Especially if you have one of them 10year boat loans. You won't have "equity" in the boat probaly until the boat is paid off.

    I know how you feel though, I bought a house in Arizona back in 2007 for $315k, job relocation required me to sell it in 2010. It sold for $132k. I put $60k cash down on the house so I wouldn't have to pay pmi, all gone. But, at least I was able to shortsale it, can't do that on boats. You won't lose as much as I did though.

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  • Guest
    replied
    tleavit wrote:
    I received my first offer on trade of $25K
    I'll give you $26k.

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  • Guest's Avatar
    Guest replied
    tleavit wrote:
    I received my first offer on trade of $25K
    Push harder.

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  • Guest's Avatar
    Guest replied
    Iproff wrote:
    +1. The first thing the IBC of Canada recommends on a total loss is a credit check of the insured. The stats that they produce is shocking, funny and scary. Insurance companies are great on stats as you well know.

    Ken
    Indeed.

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  • Guest's Avatar
    Guest replied
    I received my first offer on trade of $25K

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  • Iproff
    replied
    Pau Hana wrote:
    Does one really want to expose onesself to the misery of the claims cattle prod?

    In the market, claims are examined extremely closely for any hint of fraud....
    +1. The first thing the IBC of Canada recommends on a total loss is a credit check of the insured. The stats that they produce is shocking, funny and scary. Insurance companies are great on stats as you well know.

    Ken

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  • Guest's Avatar
    Guest replied
    Does one really want to expose onesself to the misery of the claims cattle prod?

    In the market, claims are examined extremely closely for any hint of fraud....

    Leave a comment:


  • Guest
    replied
    Pau Hana wrote:
    Don't go there!!!!!
    If you look around the country, there are a lot of mysterious fires at marinas.

    My buddy in Florida tells me there are a lot of "accidental" truck launchings there.

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  • Guest's Avatar
    Guest replied
    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?
    Don't go there!!!!!

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  • Guest
    replied
    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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  • cwiert
    replied
    you could probably sell it on ebay for more than a car dealership will give you on trade.

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  • Guest's Avatar
    Guest replied
    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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  • Jeffw
    replied
    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.

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  • Guest's Avatar
    Guest replied
    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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  • RGrew176
    replied
    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.

    Leave a comment:

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