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Old 02-11-2016, 09:29 PM
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Jayhawk Jayhawk is offline
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Sell direct or on consignment

What's the fastest and easiest way to sell a boat? I've noticed several of you have sold yours on consignment from a dealer and I'm wondering the pros and cons of selling direct or on consignment.

With a full schedule, I'm not sure I have the patience for tire kickers and my closest lake is 20 miles away for a water test. I'm also not very mechanically inclined and may sound like an idiot trying to explain things to a buyer. "Uh, you put gas in it, turn the key and go". I'm not quite that bad, but almost.

I'm not even sure how consignment works. Does the dealer keep a percentage or is it a flat fee? Do they charge for storage until the boat sells? Anything else I'd need to know and don't? We have a great MC dealer in town and I expect they'd get a lot more looks at the boat than I would and they also have access to a private lake for a water test.
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Old 02-11-2016, 09:49 PM
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Keith2230 Keith2230 is offline
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You're in Wichita right? I'd give Marine World a call and ask them what their consignment program is like. Could vary depending on the dealer and they're good guys.

Last edited by Keith2230; 02-12-2016 at 08:25 AM.
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Old 02-11-2016, 09:56 PM
KyleNowad KyleNowad is offline
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My old boat is on consignment right now. Here's how it works.

Their fee is 15% or $2500 whichever is higher. There is no monthly storage fee and I just sit around and wait for them to call me with with a new buyer. It's great because I don't want to deal with lookers or lake testers in January.

You can see their ad here http://www.onlyinboards.com/1998-MB-...ton-53384.aspx
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Old 02-11-2016, 10:24 PM
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Jayhawk Jayhawk is offline
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Quote:
Originally Posted by Keith2230 View Post
You're in Wichita right? I'd give Marine World a call and ask them what their consignment program is like. Could very vary depending on the dealer and they're good guys.
Yes, I'm in Wichita. I bought the boat from them in 2013, and they are really good guys.

Quote:
Originally Posted by KyleNowad View Post
My old boat is on consignment right now. Here's how it works.

Their fee is 15% or $2500 whichever is higher. There is no monthly storage fee and I just sit around and wait for them to call me with with a new buyer. It's great because I don't want to deal with lookers or lake testers in January.

You can see their ad here http://www.onlyinboards.com/1998-MB-...ton-53384.aspx
Whoa, 15% sounds like a lot, but I don't have anything to compare it to.
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Old 02-11-2016, 11:20 PM
WhiskeyTango WhiskeyTango is offline
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I consigned my old Tige with Nathan at Marine World when I bought the X-30. They were very fair and worked to get me the best price. If you're buying your next boat from them, you will only pay them the difference in value (estimated) and true it up when your boat sells. Their fee was reasonable and they did not charge for storage.
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Old 02-11-2016, 11:30 PM
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scott023 scott023 is offline
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Quote:
Originally Posted by Jayhawk View Post
Yes, I'm in Wichita. I bought the boat from them in 2013, and they are really good guys.



Whoa, 15% sounds like a lot, but I don't have anything to compare it to.
15% sounds really high to me.
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Old 02-11-2016, 11:54 PM
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Quote:
Originally Posted by WhiskeyTango View Post
I consigned my old Tige with Nathan at Marine World when I bought the X-30. They were very fair and worked to get me the best price. If you're buying your next boat from them, you will only pay them the difference in value (estimated) and true it up when your boat sells. Their fee was reasonable and they did not charge for storage.
Thanks, that's good to know. If I end up selling my current boat, I won't be getting another one anytime soon. We're moving to an older neighborhood and the garage isn't boat friendly. I'll chat with Nathan and see what he thinks.
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Old 02-12-2016, 12:53 AM
KyleNowad KyleNowad is offline
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Originally Posted by scott023 View Post
15% sounds really high to me.
In my case it's a sale price of $11,500 so yes, as a percent I might be high the total cost isn't high. Plus, they are doing the $2500 mini sale anyway. Finally, I don't have to pay for storage from September until whenever it sells. I just want it gone. I have a new to me X9 to enjoy.
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Old 02-12-2016, 01:54 AM
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There are really a couple different ways this scenario breakes down to and really depends on your dealer and what you are trying to do. These following scenarios all depend on what THE DEALER is willing to do.

Scenario 1
You are looking at ordering a new boat. Will take time to get here. They write up the deal with a trade in offer on your boat. In the mean time until delivery of the new boat they try to sell yours on consignment so you reap the benefit of a few k compared to the trade in value. If the boat doesn't sell you just get the trade in value. You get tax credit in essence towards your new purchase depending on the value of what you sold or traded your boat in for. So what the difference in trade/consignment may be you may make up in the tax credit towards the new boat. It really depends on value of your boat and the value of what your looking to buy to see if it's worth it rather then selling outright. Sometimes it's worth selling private, sometimes it's worth trading in/consignment. It all depends on scenario. In a consignment case there usually is no storage fee if you're working out a deal with the place that has it on consignment.

Scenario 2
You looking at buying a used boat on their lot. See scenario one only it's much shorter window. If you're buying in the winter this will usually last Til the time you able to water test your used purchase in the spring


Scenario 3

Little more rare but can happen. You want to make sure your boat sells before you sign a deal but don't like the trade in offering and feel it's way low. You make deal with said dealership that when your boat sells you'll buy from them but only if it sells. Their fee has two scenarios. One of you hold true and buy something from them. Other fee agreed if you choose not to buy something from them after the sale. Again this one is the rarest


Scenario 4
You just want a 3 rd party whether it's a dealership you plan to buy from or just a local dealership/broker lists your boat for you. Some places take a flat fee others take percentage of the final sale. No tax credit towards new purchase

Scenario 5

Private sale. Deal with low ballers galore, emails from non serious buyers , tire kickers, and water tests that some people use just to get a pull. It's time consuming in most scenarios and taking the extra time usually results in a sale. However you have to have that time to give. No tax credit on new boat cost.

Tax credit may not be the precise exact right term. I'll explain it like this.
You buy boat for 30k. You're boat is agreed to be worth 13k. When Final numbers come and the dealer needs to figure out how much you owe in taxes on the purchase you're only going to get taxed on the difference of 17k, not the entire 30k purchase. If you're tax rate is 10% ( just a fictional rate for easy math) you would only pay 1700 in taxes as opposed to the 3000 you would pay if you sold your own boat in a private sale.
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Old 02-12-2016, 11:36 AM
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Thanks for the great advice, Chris. I'm not looking at getting a new boat and I love this one so much it's going to kill me to sell it. I'll stop by and speak with my dealer and see what they can do. If their commission isn't too high, I'll let them deal with the buyers.
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