Boat Shows 2024

[KnoxMojo]

I completely understand and agree boats are depreciating assets, I was just a bit shocked at the amount of depreciation given the increase in new models. I figured the older models would hold a decent value and then you would pay the yearly increase in addition to a small amount of depreciation. However, my quote seemed to me, that it was annual price increase plus large depreciation.

I knew going in this was likely to happen as the market was just insane during covid. I was tracking used G23 since 2017 and they were slowly dropping into the 80-90k range for 2014-2016 model year boats. But then in 2021 those same boats which were 2 years older jumped to 100-110k.

That ridiculous market is why I bought new. I looked at used boats and there was no way I was paying someone more money for their used boat than they paid new. I saw a lot of arguments on FB about how that was or was not going to last. It’s going to be tough for the folks that stretched for a payment only to find out if they want to sell they are going to likely lose a good bit of money.

Your boat didn't depreciate that much, it's just what the dealer is offering. Friend of mine got a low trade in offer on his 2 year old G23 for a Paragon. Sold on his own for about 25-30k more.

[HFarr]

I agree with that last statement. The dealer isn't going to give you full value of what the market is bringing. They have to turn around and sell it, too. So it's getting marked back up to what you could probably sell it privately for. Their offer to you just depends on how much they want to make. The good thing about a private sell, in Georgia anyway, is that there isn't sales tax added on a private sale. Make sure to list that fact in your description if you go that route. People looking don't always think about that.

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[cucv]

My local dealer has their super low hour demo 23 SL sale pending at $154.9k

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[Zog]

Our dealer offers to allow you to sell directly through them for a small fee to help minimize the sales tax hit of a new boat. You are the seller though and they will not transfer funds to you, as they are essentially a broker. That way you still get the tax advantage of a trade in, but they aren't out the boat cost if it doesn't sell. It is a significant advantage in your return.

[KnoxMojo]

Our dealer offers to allow you to sell directly through them for a small fee to help minimize the sales tax hit of a new boat. You are the seller though and they will not transfer funds to you, as they are essentially a broker. That way you still get the tax advantage of a trade in, but they aren't out the boat cost if it doesn't sell. It is a significant advantage in your return.

Shouldn't really advertise that as it's a big gray area and the dealer could get in trouble with the state. I realize it happens a lot, but supposed to be on the DL.. lol

[Mobius22]

Shouldn't really advertise that as it's a big gray area and the dealer could get in trouble with the state. I realize it happens a lot, but supposed to be on the DL.. lol

First rule of avoiding tax club, you don't talk about avoiding tax club

[j.mo]

That’s really not a new type of thing is it?
Trade ins on vehicles work the same way.
If I’m buying $100k truck, and I trade mine in for 70. I only pay sales tax on the difference. ($30k)


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[KnoxMojo]

That’s really not a new type of thing is it?
Trade ins on vehicles work the same way.
If I’m buying $100k truck, and I trade mine in for 70. I only pay sales tax on the difference. ($30k)


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There's a huge difference. 1 is a legit trade in, the other is called a pass through as you're not technically trading in, the dealer is facilitating a private sale to a third party but showing it as a "trade".

[mgswake]

Good point on private sale vs dealer trade. I just thought the trade in value would have been a little closer together. Like I said before the numbers were so far off I didn't think for more than two seconds. Maybe I haven't bought enough boats yet to get the repeat customer treatment. If I was really 100% set on an upgrade, for that price I'm looking for a used paragon over any new Supra.

[sandm]

Maybe I haven't bought enough boats yet to get the repeat customer treatment.

I wouldn't call it not being a repeat customer. the market is slowing and no dealer wants to get stuck with a boat that they can't peddle easily regardless of a new purchase.
someone else mentioned earlier that with what these cost now most are going to hold out for the exact boat they want new or used and your boat is now appealing to the exact pool of buyers rather than the masses of the last couple years taking anything because it's all that's available. dealers know this.

selling private party can be a good way to go DEPENDING on the situation. netting an extra 25k on a boat sale can sound appealing BUT if your tax liability on that deal now goes from 95k difference to full boat price, here in nevada you now ate up half that profit in tax loss not even talking about your time dealing with all the tire kickers and working the sale. lots of moving parts to consider.