question

[Anthony Shortt]

I still owe quite a bit on my boat but am wanting to trade it in on a newer one. Can anyone tell me how they work that or if most dealers are willing to work on deals like that

 

[Derek Chance]

Usually with vehicles they will take the trade amount off what you owe and if there is any left over they will roll it into the new boat loan. Can really getupsidedown on a vehicle this way. be worse with a boat due to faster depreciation.



Derek Chance

BTS/KVD Line & Lure

Stahlman Powersports

Hi-Tech Collision

 

[Scott Hammer TOXIC]

Dealers can't sell new boats right now so I doubt they would either take yours in trade or give you anywhere near what it's worth. You will be better off selling it on your own and if you can't or are too upside down to swing it, then now is probably not the right time to be looking. Don't get in a financial hole over a boat. Nothing wrong with asking a few dealers though.



TOXIC

 

[Keith Todd]

I agree! I was lucky enough to borrow money for myself for my new boat. I sold mine myself before I bought the new one so I knew exactly how much I had to put down on a new one. Now granted life without a boat is tough, especially this time of year, but at least I knew what kind of dept I would have. I would say if your boat runs fine then keep it until you pay it off then sell it. It will allow you to put some money down on the next one and not be so upside down!



Ex. I financed 11.5K on my last boat for 5 years. I paid it off in 2.5 years and kept it for 5 years total. It allowed me to keep paying myself a note to a savings account for 2.5 years even though I was dying to buy a new larger rig I didn't. I found a guy selling a Cert he won in a tourney for 18k and I upgraded to the 175xs for $2,200. With all the extras, tax, dealer delivery charges I ended up spending right at 25k for my new boat. I sold my boat for $7,500 had saved another $5,500 over the 2.5 years so that means I only "self financed" $12,000 on my new boat that I will try and pay off in 2-3 years again. I don't like having a note tied into a boat eventhough I fish a good bit.



Anyway I hope this helps.

 

[Bryan McDonough]

Talk to your dealer, see what they can do. Not sure what you owe but you could be suprised.

 

[Dan Poff]

I have an '08 Z7 with a 150 Optimax, cost around 30K. Comes time to pay the property tax on it for the first time. Checked out the NADA and the average retail was $16K, low retail was $13K, paid property tax on $13K. Wow, talk about depreciation! Of course the

boat is just like it came off the show room floor, and I know I can get more for it, just wanted to show that you should think twice about buying anything new.



I never buy my autos new, usually one year old, probably should have done the same here.

 

[TrepMan]

Not to stop you from stimulating the local dealer economy, and the boat manufacturer, but in this economy especially, i'd think through this KLSU and Toxic suggested. If yo owe a lot on the existing boat, unless you have been paying it down way extra each month you are probably upside down in it now? If so, why get farther into debt for a boat? Now if you own your own company, have 6-12 months of savings to cover all costs if you lost your job/company, and don't have any other debt, go for it



Thats not to say you don't want to enjoy your sucess and fishing, a new boat is ALWAYS a great present to yourself, but do you want to be in a position of posting that new boat for sale in 3-6-12 months if you need the cash???



Just a thought. Still driving a SWEET '99 Nitro that I paid cash for 3.5 years ago!

 

[Keith Todd]

Shelbydad, Where are you getting your NADA info from?



I am coming up with a NADA low retail price of: $22,905 with NO Extras!



Just 2008 Z-7 boat, 150opti, and trailer.

 

[Dan Poff]

This came from NADA boats section, '2008 Nitro Z7 SC

Boats and Personal Watercraft

Length: 19'

Model Name/Description: Z7 SC(**)

Boat Type: Outboard Boats

Hull Material: Fiberglass



Beam: 7' 10"

Engine: 1

150 HP

Gasoline

Net Weight: 1550



PRICING



Low Retail Average Retail

Base Price

$14,390 ``````````$16,410



Suggested List: $24,995



Notes

(*)INCLUDES THE VALUE OF THE OUTBOARD MOTOR. (**)INCLUDES THE VALUE OF THE OUTBOARD MOTOR AND TRAILER. (***)INCLUDES THE VALUE OF THE TRAILER. -- APPLY NOTE WITH * ONLY WHEN THERE IS AN ASTERISK(S) FOLLOWING THE MODEL NAME.

 

[Keith Todd]

Wow I didn't notice the asterisks!



Well at least you upgraded to an Optimax which is more than the EFI that comes with it!



I guess the only good thing is it doesn't drop much after that.



A 2006 591 with 135 merc is 12K low reatail.

 

[Dan Poff]

Yea, I'm in great shape after I pay off the first 15K!!!:lol::lol:



Shelbydad