If you're looking to upgrade to a bigger or newer boat, you'll need to do something with your current boat. Several options are available to you, but one of the most common choices is to trade in your old boat to the dealer when you buy a new boat, just as you would with a car. In order to do this, you will need to understand how trade-ins work, as well as have a good idea about what your boat is worth on the open market.
Items you will need
- Boat ownership documents
Research your boat's value online. Several sites can give you an estimate of the boat's value so that you can have a basic idea what your boat is worth.
Look at new boats. To get the best deal on your trade-in, agree on a price with the dealer for the new boat before you begin to discuss your trade-in. In some cases, the dealer will keep the price slightly higher if the transaction involves a trade-in.
Have the dealer inspect your old boat and make you an offer. Expect to get slightly less for your trade-in than you would if you sold it to a private buyer.
Sign over your old boat to the dealer, completing the trade-in.
- Be sure to clean your old boat thoroughly before you bring it to the dealer. Treat it as if you are bringing it to a prospective buyer, as that is precisely what you are doing.
- Hemera Technologies/Photos.com/Getty Images