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Posts: 1185
Location: Iowa | So my dad is looking at getting a new boat...a Ranger 620 DVS with a 225 Mercury Verado and a 9.9 Kicker, Minn Kota Terova Trolling motor with Lowrance electronics...I asked him what they were gonna give him for our boat in trade and when he told me I about flipped out...so my question to you guys is what would you ask the dealership to give you for the following boat...2003 Lund 1800 Pro-V SE single console Tournament Edition with a 115 Mercury 4-Stroke ELPTO, with a 2003 Minn Kota 65 pd Power Drive, Lowrance x-87 with Johnny Ray mount on the console, Lowrance x-47 with a Johnny Ray mount in the bow, 2003 Lund Heritage trailer with brand new bunks replaced January of 2007 with swing away tongue, spare tire, brand new minn kota 3 bank charger installed January of 2007, 3 batteries, 3 seats, custom lund travel cover, fire extinguisher, still under some warranties and has under 150 hours of use...been to Canada twice, Mille Lacs once, and Namekagon once...only used around here for 10-15 times a year for the past 2 years...this boat is in almost brand new condition with the excpetion of some minor cosmetic sratches to the hull/stickers on the outside...it has never hit anything or had any repair work done to it...been stored in a garage since he bought it...
Thanks very much in advance,
Matt "Big Perc" Percival
Edited by Big Perc 3/8/2007 1:04 PM
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Posts: 2378
| I dont really any experience in this, but I am pretty sure you cannot expect to get NADA value when you are trading it in. |
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| NADA results list a "low retail" value and an "average retail" value, depending on the condition of the boat. from your description, i assume it puts you in the better category.
however, "retail" value is what someone would expect to pay who is buying the boat. i wouldn't expect to get retail value on a trade in...the dealer needs to put work into it prepping and reselling it and still needs room to make some money off it.
it's definitely worth bargaining over with the dealer, and i wouldn't jump at their opening offer, but be realistic from their point of view as a money-making business as well.
something else to keep in mind: Lunds are very popular boats and you might be able to sell it quickly on your own and make more money than trading it in.
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Posts: 7036
Location: Northwest Chicago Burbs | $14,000 for it but NADA says it is worth $15,870
Sounds pretty fair to me. |
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Posts: 5
| No expert here either because I have never traded in an old boat for a new one. I've always sold old boats to friends.
However, if you can get that close to NADA in a trade in, I would say it sounds more than fair. The dealer has to make a buck or two for handling and overhead. Keep in mind that if you trade the boat in you can deduct the trade price from the new boat price and then you should only have to pay sales TAX on the difference, a benefit you won't get if you sell the boat on your own at a higher price. At least that's how it works when buying vehicles in Wisconsin...... |
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Posts: 5874
| This is a 1775 ProV? I think the 115 is holding the price down a bit, even if it is the 1775. If it's a 1800, it's pretty much considered underpowered, and that will take away alot of the value. IMO
Maybe worth more than $14k, IF you sold it outright. Remember, the dealer is going to discount whatever he wants to make in profit on it, less any work he needs to do on it. Make a counter off to get closer to the $15K mark. All he can do is say no. When they see you walking away from a sure sale, they'll more than likely accept.
I'm not a big fan of trading in used vehicles, or boats. I sell them outright, and make my best deal without the trade. I just feel you lose to much in the trade. However, the risk is you end up with a boat that doesn't sell for a while. Not so bad if you can have two boats. Bad if you need to sell the one before buying the new one.
Edited by Shep 3/2/2007 10:49 AM
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Posts: 2323
Location: Stevens Point, WI | You got some very good answers there Big Perc! My Alumacraft that is very comparable to the Lund you are talking about. I am in the process of selling hopefully this week books at $12,500 or so. However, I am in no way letting it go for that. Gonna get around $15,000 for mine outright, hopefully. But I am selling it myself, includes lots of extras, and also me being extremely anal about my equipment, it's in pretty darn good shape for a five year old rig.
I think if you were smart, you would post the boat for sale on this site and maybe some others and see about selling it yourself. A boat like that I think would sell relatively quick, however, like Shep said, you are definitely underpowered if you ask me. I personally would turn my head at a boat like that with only a 115 when it's rated for a 150. Just my opinion. |
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| The other BIG issue here is that you are getting nothing for the electronics and extras...your getting boat - motor- trailer value. All the stuff you did in January makes wonder why that work was done? Is there a little bit of "I went to the boat show fever" here?
For 10-15 trips a year the lund is a righteous boat - alot of guys would love it
SO, keep the Lund and save the 35-40K (assuming Lund is paid for ) plus interest.
Make that decision a few more times in other area's of your life and retire early  |
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| Matt,
If that is NADA you're lucky they didn't hit you at 10 or 11K, and in a lot of cases NADA is not representative of true market value in the trade area. The idea is they trade for it at a price they can resell it and make money on it. I also wouldn't get chesty with the dealership, especially here in central Iowa where there aren't a lot of options when it comes to Ranger dealers. I'm sure you are talking with Water's Edge, they are great guys and have always been fair to me and others I know, including Diddy. |
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Posts: 457
Location: Minneconia | Forgot to login, "guest" was me. |
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Posts: 1185
Location: Iowa | Dirt, don't get me wrong...I am not saying get chesty I just think the boat is worth a little more than $15,000 on a trade in...I know they will turn around and sell it for around $17,000...
The rest of you make valid points with it being under powered...maybe I am completely off my rocker...who knows...I will let you know how it turns out...
Big Perc |
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Posts: 86
| Campfire makes a great point about the tax. If the tax rate is 6.5%... a $14,000 trade-in credit would save you $910.00 in taxes.
Which would be the same a selling it privately for $14,910.
So, it would depend on how much more than 14,910- he thinks he could get for it. |
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Posts: 1185
Location: Iowa | Well...last night he went to the dealership after we talked about this being really a better deal than I thought and they offered him $14,750 for it...you all make great points and I am glad I posted this to get some other perspectives on the situation...I guess I really was in the dark on everything you guys mentioned and I thank all of you for being such great help...he told me he is going to order the 620 DVS during this next week...thanks again...
Big Perc
Edited by Big Perc 3/3/2007 12:31 PM
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Posts: 5874
| Well, you ended up getting another $750 for it. Great news on the new boat! |
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Posts: 1536
Location: God's Country......USA..... Western Wisconsin | Perc, great to hear that things worked out for you. The way I used to figure trade value was retail times .75 and that would be the trade $$$. $20,000 retail would bring $15,000 in trade. I believe that most dealers are about the same in that regard. If the dealership subscibes to or pays for NADAs online service they can get very accurate trade numbers by geographical area as well. |
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Location: Minneapolis, MN | Perc you may want to try to sell that boat outright while you wait for your new boat. If you find a buyer, tell the dealer they have to run your buyer's transaction through the dealership (perhaps for a nominal fee since you found the buyer) and then you will get a higher price AND the tax benefit. I did this on my current boat and everyone was happy. |
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Boat Value?