Boat Consignment: What Does It Mean To Consign A Boat
A boat consignment means that you still own the boat and you are hiring the dealer to list and sell your boat for you. They get a fee for their services, and they make the process easier for you as the seller.
If you have ever purchased or sold a home with a realtor, a boat consignment agreement works much the same way.
The boat dealer will show your boat to qualified buyers and handle the financial transaction, and transfer title to the new owners once the boat sells.
Kelly Blue Book Boat Tips
You need to be aware of the true value of the boat before going out to make your purchase. You need to properly prepare so as not to be taken for a ride while buying. A good knowledge of the boats value will help you arrive at a fair final price.
Some of the top tips needed to achieve your aim is highlighted below:
No one will be able to take you into buying an expensive boat if you already have your mind settled on the type of boat you want to buy. The salesmen will attempt talking you into buying the very expensive ones since this is where they get their daily breads. You will however be able to save lot of money if you already have a clear mind on what you want to buy. Never allow yourself to get talked into choosing a boat you do not have adequate fund for.
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Tax Savings From Trading In A Boat
If you elect to trade in your old boat to a dealer as part of the purchase of a new boat it could save you some money on taxes.
In states with a sales tax, you often only pay sales tax on the new boat price minus the value of your old boat trade-in.
Here is how the tax math looks in numbers
New boat = $50,000 Purchase Price
Old boat = $20,000 Trade-In Value
In this scenario, you only have to pay sales tax on the difference between the purchase price and the trade-in value . This means you only pay taxes on $30,000!
Assuming a sales tax of 5%, you would have sales tax of $1,500 due at closing.
If you sell your old boat to a private party, and then turn around and buy a new boat from a dealer, the dealer will have to charge you sales tax on the full purchase price.
Using the example we used above, buying the new boat without a trade-in could result in a tax bill of $2,500! Thats a full $1,000 more than trading in the boat.
Taxes should not be the deciding factor on whether or not to trade in your boat, but you should at least be aware of the difference.
*Check with your CPA to verify the tax costs or benefits to trading or selling your boat based on your personal state and federal tax situation.
After reading this, you may be convinced you want to trade in your old boat to the dealer to keep things simple. There is a catch
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So How Much Should You Sell Your Boat
Okay: now are you ready to answer the how to price my boat for sale question, once and for all? At this point it should be clear that pricing your boat is as much an art form as it is a science, and youll need to do a lot of research if you want to get top dollar without working to sell the boat for months on end. Most sellers settle on a number, list their boat, and see how much attention it draws. If people dont come rushing, they drop the price incrementally until buyers seem interested.
There is, of course, one other option that greatly simplifies matters: rather than selling your boat, trade it in on a new one. If this is an option youd like to examine, check out Trade-In or Sell Your Boat to learn the ins and outs of the process. Whatever you decide to do, one thing is for sure: when you kiss your old boat goodbye youll be sad, but when you say hello to your brand new boat itll be one of the happiest days of your life.
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Who Has To Pay The Provincial Part Of The Hst And When
Generally, you have to pay the provincial part of the HST or a portion of it when you register your vehicle in a province where the HST applies or if you bring the vehicle into a participating province from:
- another province or other area in Canada and you were not required to pay the provincial part of the HST for the supply of the vehicle or you were required to pay it at a lower rate
- outside Canada and you were not required to pay the provincial part of the HST on the importation of the vehicle
However, you may need to self-assess the amount owing. Generally, if the provincial laws relating to motor vehicle registration do not require you to register the vehicle, you have to self-assess the amount owing if you bring the vehicle into a participating province from:
- a non-participating province
- a participating province with a lower HST rate
- outside Canada
Use Form GST489, Return for Self-assessment of the Provincial Part of Harmonized Sales Tax to self-assess the provincial part of the HST or the difference between the two HST rates.
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Why Use A Broker To Help You Buy A Boat
Yacht Brokers work like real estate agents. They are agents whom people consult to find and purchase a boat, and whom people hire to list, represent, and sell boats for them. Traditionally, the seller pays the commissions that a yacht broker earns not the buyer, yet brokers have a duty to both buyer and seller in every transaction.
Boat Dealers represent new boat lines. They often take trade-ins to facilitate the sale of a new boat. Dealers advertise their trade-ins, often at very good buys. Some dealers will refurbish the boat before putting it on the market. Some dealers offer a pre-owned boat warranty program, similar to the automotive industry, particularly in smaller craft.
The brokers role for the buyer
Compare Internet Boat Sales Listings
The true value of a boat quite simply depends on how much a buyer is willing to pay for it, and many sellers start with a high price and drop it through time until the boat sells. In fact, the time it takes to get from an initial listing to a final sale is a factor professional boat dealers consider when trying to figure out just how to price a boat.
So, you have to recognize that when you look at boat listings on the internet, many of the asking prices you will see are a bit far-fetched.
- Online boat listings generally run on the high side, since boats that are priced too low get snapped up quickly, and then the listing disappears.
- While you may see a lowball listing here or there, expect that the numbers you generally see can be a bit inflated.
- Also note that while researching how to price a boat by looking at internet listings youll have to sift through a huge number of listings that dont actually state a price.
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Contact Us For A Free Appraisal
Whether you want us to sell your boat for you or sell it to us out right, we are here to make the process simple, painless, and worry-free. Fill out our form and tell us about your boat or yacht and one of our trained staff will get in touch with you. Let us use our expertise to make the process easy for you.
We buy hundreds of boats a year from individuals, businesses, banks, and even other dealers.
- No Need for Expensive Classified Advertising
- No Strangers Knocking At Your Door
- No Late Night Phone Calls or Texts
- No Annoying Emails
- No Title or Tax Worries
- We Offer Fair Market Value
- We Handle All Payoff Paperwork
- Its All Quick and Easy
Q: What Are The Benefits Of Trading In My Boat
A: Mainly that youll be out enjoying your new yacht faster. You can skip the process of managing of potential buyers, sea trials, and surveys, giving you more time to enjoy life aboard your new yacht.
As an added bonus, there may be sales tax advantages to trading in your used boat as part of the purchase of a new boat. For example, if the new boat is $70,000 and the old boats trade-in value is $30,000, then you only pay taxes on $40,000. If the sales tax is 5%, then you would have a sales tax of $2,000 at closing. Local tax laws do vary, so check with a Denison broker for details applicable to your state.
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How To Find The Right Price When Buying Or Selling A Boat
Naturally a boat buyer always wants to pay the lowest fair price possible, so after presenting a boat as best as you can, it makes sense that pricing is perhaps the next most important step of selling a boat. And its very difficult to assess exactly what a boats worth is in the most buoyant of markets, let alone the relatively weak one thats bumped along for the past few years.
So, how do a buyer and a seller know if the price being negotiated is fair? The most common advice says that all you need to do is to look at similar boats that are currently advertised, and use their prices as a guide. Unfortunately, many owners have an inflated idea of their boats value, often as a result of mistakenly assuming that theyll recoup most of the money theyve spent on upgrading on the vessel, or perhaps letting their emotion for the boat get in the way of reason. The bottom line is that there are a disproportionate number of advertisements for over-priced boats on the market, at any given time. And unfortunately, most of these boats dont get used and maintained regularly and as a result they quickly start to look shabby. Most are eventually sold, years later, for a fraction of the original asking price. And by then, they may have cost their owners thousandsor even tens of thousandsof dollars.
Gst/hst Rebate On The Purchase Of Or Modification To A Qualifying Motor Vehicle
You may be eligible to claim a specially-equipped motor vehicle rebate if you paid GST/HST on the purchase of a qualifying motor vehicle, or you paid GST/HST on a modification service performed on your motor vehicle.
To apply for the rebate, use Form GST518, GST/HST Specially Equipped Motor Vehicle Rebate Application. For more information, see Excise and GST/HST News No. 83 .
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We Offer Great Boat Trade In Value Opportunities In Colorado
Have you recently purchased your boat? Have you rarely used your vessel? Or, have you squeezed as much use out of it as possible? Regardless of the wear and tear, you can always contact us or visit our dealership and discuss your options to trade in your boat with our team. As a choice boat trade dealer, current boat owners in Colorado looking to upgrade their current vessel can find their next dream machine. Our team and in-house mechanics will assess and provide you a quick offer for your boats.
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Setting Used Boat Prices
Another place to look for used boat prices is on boating websites. Boatdealers.ca attracts hundreds of buyers looking for boats every day. Look at boats for sale that are similar to yours and see what they are selling for.
Features are important, as buying a boat tends to be an emotional decision. That said, however, pricing your boat properly is crucial. Used boat prices vary widely based on the size and type of boat you are selling. Price is one of the first things that first-time buyers look for. They may not know enough about boating yet to realize that price isnât the only criterion for a purchasing decision.
We believe that selling your boat should an easy process, so we offer our clients a simple way to list boats for sale. For a one-time flat fee, you can list your boat with any length description and as many photos as you deem necessary. You pay no commissions on your sale, and you can leave your ad up until your boat sells, without paying extra. Finally, we give you double exposure by placing your ad on our sister site, boat-listings.com. To get started, visit boatdealers.ca and place your ad today.
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Buying A Boat With A Broker
Yacht Brokers work like real estate agents. They are agents whom people consult to find and purchase a boat, and whom people hire to list, represent, and sell boats for them. Traditionally, the seller pays the commissions that a yacht broker earns not the buyer, yet brokers have a duty to both buyer and seller in every transaction.
Boat Dealers represent new boat lines. They often take trade-ins to facilitate the sale of a new boat. Dealers advertise their trade-ins, often at very good buys. Some dealers will refurbish the boat before putting it on the market. Some dealers offer a pre-owned boat warranty program, similar to the automotive industry, particularly in smaller craft.
Should I Hire A Surveyor To Appraise A Boat Im Selling
Yes. A pre-sale boat survey may help price the boat more accurately and sell it quickly. In some case, small issues may surface that can be fixed prior to the boat being listed and that will help it show better and possibly sell for a higher price. Boats that have a recent survey are perceived by the seller as being better cared for and will stand out in a crowded marketplace.
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Find The Right Surveyor
Your dealer usually has a surveyor who appraises your boats value, but a second opinion doesnt hurt. Youll want someone to survey your engine, deck, hull, and general condition. With the engine, an oil sample analysis should be taken. This wont increase the value of your boat, but it will help you get an idea of how much your boat is worthincase your dealer tries to pull a fast one on you.
Having your boat surveyed may also help to uncover any cosmetic or mechanical damages that you were unaware of.
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How And When To Recover The Provincial Part Of The Hst
You can get a rebate of the provincial part of the HST you paid on specified motor vehicles, or a portion of that part, if you meet all of the following conditions:
- You are a resident of Canada
- You bought the vehicle in a participating province and paid HST on it
- You bought the vehicle for consumption, use, or supply exclusively outside the participating province
- You brought the vehicle from the participating province to another province or other area of Canada that has a lower provincial part of the HST or no HST no later than 30 days after it was delivered to you
- If you brought the vehicle from the participating province to a non-participating province or other area of Canada, you paid the provincial sales tax of the non-participating province or other area of Canada as well as any other taxes that apply
To apply for the rebate, use Form GST495, Rebate Application for Provincial Part of Harmonized Sales Tax .
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Get Cash For Your Used Power Sports Vehicle
Bert’s Mega Mall has specialized in buying and selling used vehicles all over the world. If you have a used motorcycle, watercraft or ATV that you’re considering selling or trading in, please bring it to the experts at Bert’s Mega Mall!
If you’re a California resident and would like to get an idea of what your vehicle may be worth for sale or trade, please contact our specialists at
Before you buy any used motorcycle, ATV or dirtbike have it checked out by our mega service trained technicians. Don’t waste your hard-earned money and get someone else lemon in return!
Which Is Better: Small Dealers Or Big Dealers
Small used RV dealers are those dealers who have maybe five to ten acres of land with anywhere from a dozen to several dozen used RVs that they are trying to sell. These dealers will usually have a small sales office building with only one or two desks in it, and a two- or three-bay service section in the rear.
The average sized RV dealers, those with a hundred or so new and used RVs for sale, will often sell new products for maybe one or two of the RV manufacturers. These dealers will usually have a nice office building with several desks for sales people and somewhere on their property they will have a service building with maybe a half-dozen or more sales offices. And, the sales people will usually be wearing uniform clothes.
The larger RV super-sellers will often have over a thousand RVs on their lots ready for you to check out and purchase, and they will often have new units from a half dozen of more of the popular RV manufacturers.
These guys turn over a lot of RVs, and they will have large luxurious office areas with dozens of sales people, plus sitting and waiting areas in their different sections for your comfort. Many will even have a cafeteria, a good-sized parts sales area or building, and separate service buildings with dozens of service and repair bays, ready to take care of your RV when a problem occurs.
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