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 Advice on selling my boat

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Anchor Management Posted - Sep 05 2012 : 19:49:27
I put mt 2008 36C for sale. Put in the classified section of BoaterEd. Can anyone suggest where else I should list it?
Thanks
40   L A T E S T    R E P L I E S    (Newest First)
Audrey II Posted - Sep 18 2012 : 07:20:42
LOL you are funny! I'm sure whatever boat you buy you will look like a pro docking it in no time at all. I did find it funny how it seemed harder to dock forward then backing in, the reverse is true for most!

There are few I would feel comfortable having dock my boat I wouldn't think twice about you handling it.
Anchor Management Posted - Sep 17 2012 : 21:42:54
Thanks Bob. We shall see what the future brings but certainly reducing taxes helps the cause. In case you haven't read my other thread on the Searay Forum afterr viewing Lady Taz, I'm off the 48 motor yacht and onto the 48/50/52 Sedan Bridge. It just fits our lifestyle better. Besides, god forbid if I ever had a problem backing that motor yacht into my slip I would never heard the end of it. Go in bow first one time to wash your boat and all of a sudden the comments come out of the wood work. :)
Starry Night Posted - Sep 15 2012 : 07:48:20
Hank,
We did the same, traded our boat in and the price of my boat reduced the cost of our new boat which reduced my tax. Something to consider if you can trade yours in for the boat you want.
Anchor Management Posted - Sep 12 2012 : 11:45:39
Thanks Walter. I hope not. Actually, i suspect I may have a harder time finding the boat I want. Thery only made them for four years and I would prefer a later model. The 05 is the latest and would have preferred a newer year. Im not interested in buying brand new again as i want someone else to take the big depreciation hit in the beginning for a change. I really should do a deeper dive into what other boats offer the similar half closed helm station.
walterv Posted - Sep 12 2012 : 09:47:03
Hank,
Its a very popular model, you should have no problem selling it.
Anchor Management Posted - Sep 11 2012 : 18:58:57
In that case, I better raise the price.. I knew I was asking too little.
Audrey II Posted - Sep 11 2012 : 17:29:09
There was a long line of people looking at it at the marina:)
Anchor Management Posted - Sep 11 2012 : 17:27:03
It's going to take me 10 minutes to find another one. Haha. But you make excellent points. I am going to check with my accountant to confirm actual laws and options. Again, of course I still need to find someone to buy my boat first. But who knows....im actually in Africa right now and my gmail does not work here so I probably have four or five offers in my in box waiting for my return. :)
Audrey II Posted - Sep 11 2012 : 17:26:34
No question it's easier to have a broker do it! But I would look into the option of doing this on your own I don't think it is out of the question.
If you have a bill of sale stating the amount of the sale and the new owner registers in state I think it is doable out of state is another story.
CurrentSea Posted - Sep 11 2012 : 17:20:33
Issue is on a private sale, how do you know the people paid the sales tax? You don't collect it.
Most people on private sales usually look to get you to write it up for less so they pay less tax (I would never do that).
Best bet is to wash both transactions through 1 broker if possible to handle the tax.
If you sell one and don't have another one lined up right away, it is tough.
Walter got lucky that he had it lined up. Hard to do.
I sold my boat and it took me a few months to find a new one.
walterv Posted - Sep 11 2012 : 17:09:24
Dave,
It was the documentation company that did my deal, in other words, they did the paperwork.
walterv Posted - Sep 11 2012 : 17:07:26
quote:
Originally posted by HOGAN

Hank, if you sell privately directly to the buyer, you get no credit for sales tax. If you trade it in, they will reduce the "cost" of the new boat by the amount of trade-in for sales tax purposes.

So, for instance, if you sell it for $200,000 privately, and buy a new one for $300,000 - you pay full sales tax on $300,000.

If you trade that same boat in, you would only pay sales tax on $100,000.

In our neck of the woods, that would be somewhere in the neighborhood of $17,000.




Mike is correct, that's why you would hire a broker to do the transaction if a private sale.
Audrey II Posted - Sep 11 2012 : 15:52:38
Hogan when I bought my last boat I was told if I could produce a form to show the purchaser of my last boat had paid the sales tax on for the boat then they could off set the tax from my current boat but being I sold for cash I have no idea what he claimed he paid for it so I missed the opportunity. I bought my current boat from SIYS and they tried to help me with this but was unable to. I don't believe it has to go through a dealer but it certainly is easier they know how to do it but the bottom line is it's just paper work that needs to be filed correctly.
Anchor Management Posted - Sep 11 2012 : 12:57:54
That' s just cold.
HOGAN Posted - Sep 11 2012 : 12:25:05
It would almost pay for a tank of fuel on your new boat!
Anchor Management Posted - Sep 11 2012 : 11:27:28
No doubt that is a chunk of change. This is all a huge consideration on what type of deal I ultimately work out.
HOGAN Posted - Sep 11 2012 : 10:50:42
Hank, if you sell privately directly to the buyer, you get no credit for sales tax. If you trade it in, they will reduce the "cost" of the new boat by the amount of trade-in for sales tax purposes.

So, for instance, if you sell it for $200,000 privately, and buy a new one for $300,000 - you pay full sales tax on $300,000.

If you trade that same boat in, you would only pay sales tax on $100,000.

In our neck of the woods, that would be somewhere in the neighborhood of $17,000.
Anchor Management Posted - Sep 11 2012 : 09:52:26
Thanks. I'm looking at the Searay 48 motor yacht. Im not a huge fan of motor yachts but this one has very interesting lines. It is also very protected from wind and rain at the helm which is a big desire from my wife and since she has the final approval, I figure I better listen when I am spoken to. :) Since I have not sold my boat, I don't have an exact one picked out yet so i dont know if it will be from a broker. I dont have any plans on owning two at the same time as i did this once already. It made sense at the time because the boat i was buying was a great deal and i did not want to pass it up. Fortunately i flipped my old one quickly so it was no big deal. Interesting concept on letting a broker transact the deal. I worked the exact same deal with SIYS when I sold my Carver and bought my existing boat.
walterv Posted - Sep 11 2012 : 09:17:48
Also,
If this was a private sale (no brokers), there are brokers that will handle this transaction for a fee. In my case, the broker I spoke with wanted 2.5% to do this, since my tax rate is 8.625%, IMHO, this was a good deal.
walterv Posted - Sep 11 2012 : 09:13:41
Hank,
48C Silverton?
About the sales tax:
I found my buyer for my 34/36C as mentioned. I bought my 45C as a brokered boat from SIYS. The way it worked for me was "on paper" SIYS took my boat as a trade, then sold it to the new owner. This process allowed me to capture the sales tax on the sale of my boat. If the 48 you are looking at is a "brokered" boat, you should be able to do the same thing. Before I bought the 45C, I looked at a few other boats(out of state) and inquired about the sales tax, I was told that would not be a problem. I will tell you though that one person I spoke with made it seem like it was not legal, and a difficult process, after perusing the web, and talking to others, I felt he just wanted a vig on the flip.

If you are buying out of state and that state has sales tax, I think it will work like this (according to what I was told)
The broker that is selling you the 48, takes your 36 as trade, you then pay the local sales tax (that states rate)on the net price after the trade. If your local sales tax is more than the state where you purchased the boat from, you pay that difference when you register the boat in NY.

Another person told me that they would just give me a bill of sale that reflects the "net cost" and I would use that bill of sale to pay the sales tax when I register the boat in NY. The first scenario was a broker in NJ, the second scenario was a broker down south.

I would check with the broker of the 48, on how he wants to handle this, I made it clear there would be no sale unless I capture the sales tax. Also, I believe you have a 30 or 60 day window to do this after you sell your boat, but as stated above, the sale of your boat and the purchase of the new one must be done buy the same broker.

Walter
Audrey II Posted - Sep 11 2012 : 08:11:59
You need to show that the buyer paid the tax on your boat. I'm not sure how this works on an out of state sale. I blew it on my last sale, I didn't think about it until it was to late. I took cash for the boat big mistake. It wouldn't hurt to call the DMV before the sale, there may be a simple form for this.
Anchor Management Posted - Sep 11 2012 : 06:59:36
No worries. You explained it better then I did. Does anyone know the tax rules if I sell privately vs. through a dealer? Can I claim that sale as a deduction on taxes on the new one as I did with my last boat? Is there a time limitation?
Audrey II Posted - Sep 10 2012 : 20:12:26
Sorry Hank I figured you were out of town I didn't think you would be checking in so soon.

Hope you had a good flight!
Anchor Management Posted - Sep 10 2012 : 16:58:33
I love having a spokesman. :) Thanks Dave. Dave is exactly correct. I have not had much action yet nor did I assume I would this time of year. You never know though. I sold my 38 Carver October 1st three years ago the day before i was trading it in on this one so you never know. I had an inquiriy but as they say, money talks. .... Although spring is the hotter time, some people look this time of year for a deal so of course I would work something out for winter storage but am not pressured to dump the boat ASAP. I have my eye on a 48 that is calling my name so I would like to move it. I'm hoping pricing it as the lowest 08 on the market should draw some interest especially with the condition and low hours.
Audrey II Posted - Sep 10 2012 : 16:34:26
Walter Hank just decided to sell hence just listed. He is aware of the timing and although he would love to sell tomorrow he is not in any rush if it doesn't sell until spring so be it. His overhead to own the boat is low enough that it doesn't matter if he has to wait. Simply put he fell in love with a larger boat and the sooner he sells the sooner he can move up. This much like I understand yours is a like new boat that in my opinion is price right, yes the timing is less the ideal but the price makes up for it. If someone comes to him with a reasonable offer maybe the winter storage would be a none issue. I only hope I can buy my next boat for someone like Hank, every time I look out he is cleaning something.
walterv Posted - Sep 10 2012 : 16:05:57
Anchor,
Are you getting out, downsizing or up-sizing??, Reason I ask is because of the sales tax. Seems to me your in the right direction on selling your boat, you will get a better feel and if need be make adjustments as you go along. As noted, this is a tough time to sell a boat. Think about it, someone buys your boat tomorrow, they get a months use, have to pay for haul, storage, bottom paint, zincs, winterize, plus boat payments over the winter. The reason I mention this is if traffic on your boat is slow or non existent,it may not be the price, just the time of year.

Just food for thought
oneillch Posted - Sep 10 2012 : 13:47:36
Craigslist seems to bring out the scammers or only people who want to know what's the least you will accept for the boat. Doesn't seem worth the time.

Lady C
Anchor Management Posted - Sep 07 2012 : 19:25:57
Thanks PA. I totally agree and of course would love to sell it quickly as possible. Once I get it in my mind to get a new boat, the itch gets bad quickly. It's almost a week since i decided it was time to start looking and I already have a new one picked out. Hence the next one will be number eight. :)
Pa Mikee Posted - Sep 07 2012 : 19:11:36
Anchor: your boat looks immaculate. I don't think your boat is a bottom priced boat but price is always a factor. While your holding cost is low, it's still a factor. It's a $200k+ factor and depreciates. Hopefully, someone realizes that they are able to pick up a pristine boat at a very good price.
Anchor Management Posted - Sep 07 2012 : 16:35:41
Two things I know for sure. Everyone who is selling a boat thinks theirs is worth more the it is and when looking for a boat, everyone thinks that the person selling is asking too much. I personally will have very low holding costs so i am not concerned about when it sells but more that i am putting together a price that it will sell. I just saw a recent SALE price of a 2009 at $260,000. I'm very comfortable at where I'm pricing it. With the reduction I am about $10,000 lower then the next lowest boat on any of the websites.. Of course there are people asking way more but I don't consider them in my calculations.
Pa Mikee Posted - Sep 06 2012 : 21:48:51
quote:
Originally posted by cmariner32

You might want to consider the cost of layup and storage and reduce the price by that amount to see if anyone wants a real deal.

That's my typically answer. Add the cost for holding onto it for 6-12 months plus depreciation over that period of time, then set a bottom line price. The choice is either sell it quickly at a low price or spend $$,$$$ and then reduce the price over time. Chances are that holding out for a higher price will not be beneficially.
Anchor Management Posted - Sep 06 2012 : 21:30:36
I believe you are giving your honest opinion and have no problem hearing that. I still believe the reduced price is aggressive. It is now the lowest asking price for this boat on Yachtworld, Boats.com and boattrader and can guarantee no one has one in better condition. No doubt a tough time to sell but nothing i can do about that. I just decided this week that I want a new boat so timing Is what it is.
walterv Posted - Sep 06 2012 : 21:09:58
Just saying,
I am brutally honest in all i do, not so good sometimes:)
The good news is this boat is in demand. Tough time of the year to sell in our neck
Anchor Management Posted - Sep 06 2012 : 21:03:04
Appreciate the honest advice and actually did see selling price on my boat. That is why I lowered the price to where it is today. Of course it is slightly higher then the average sale but not out of line by any means.
walterv Posted - Sep 06 2012 : 20:00:58
IMHO,
Your asking price is to high. Talk to Tony (Woodsong) here on BE. The asking prices on Yacht World, and other sites in no way reflect what the boat will actually sell for. You need a broker to give you a report of what boat your year and make actually sold for.
If your really serious about selling your boat, this is what needs to be done. I sold the same boat you have on my own in less than 60 days. I sold it myself. You need to price it right, otherwise your pissing in the wind. Second, Google any boat for sale, there are many free sites to list your boat, this is what I did. Thirdly, create a photo bucket account and have tons of pictures there. Post the link in your free adds.
You have a great boat, it is a boat in demand, best of luck

walter
Anchor Management Posted - Sep 06 2012 : 18:29:08
Thanks to all. Placed ad on boattrader so let's see what happens.
ranger42c Posted - Sep 06 2012 : 10:50:00
quote:
Originally posted by Anchor Management

I put mt 2008 36C for sale. Put in the classified section of BoaterEd. Can anyone suggest where else I should list it?
Thanks



The Silverton Owners Club site; usually several wannabees shopping there. Costs $30 (I think) for a classified ad; costs $25 to join and ads are free. Google for URL.

-Chris
Dusty Rhoads Posted - Sep 05 2012 : 22:13:51
Since Knot 10 ( broker ) has now offices and listings further south, I would list or at least talk to them. They help sponsor a Silverton event a couple wks ago, and are moving some boats. Large listings in Power Motoryacht, and good with the market.
cmariner32 Posted - Sep 05 2012 : 21:24:46
Tough time of the year to sell a boat in the north. You might want to consider the cost of layup and storage and reduce the price by that amount to see if anyone wants a real deal. Listing with a broker is probably your best option with that new a boat to get the most exposure. Southern states have a longer season.
cwms Posted - Sep 05 2012 : 20:45:11
Boattraderonline.com. Yachtworld would be the best but it would have to be listed by a broker.

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