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Resale / Trade Value Question

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v1rot8

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Last spring we purchased 2013 22 SLMX from our local dealer.  It was our first boat and we wanted to get "get our feet wet" with boating.  At the time we did not know much about boating and did not really know how we were going to use the boat.  As it turns out we had a great summer and got a lot of use out of the boat.  After lots of research we decided to buy a Bennington.  One of the reasons was we were told that the boat would hold its value well and have good resale value.  Who would have guessed that after one summer we would be looking at upgrading.  The pontoon is great but I would like a bit more performance.  I had been working with my dealer on a new 2014 GCW with ESP and a 250 Yamaha SHO.  

The issue I am running into is that I paid $32,000 for the boat and trailer this spring and today the dealer offered me $19,000 for trade in!!!  The boat is in fantastic condition and has been well maintained and cared for.  He tells me that it is normal for the boat to lose this much value after the first year.  (interestingly enough he was bragging about how great the resale value of a Bennington was when I purchased the boat in March) 

I posted the specs below......

BOAT

-2013 22' SLMX

-115hp four stroke Yahmaha outboard motor (59.1 total hours) 

-Extended aft deck with Seagrass flooring

-Regatta Blue with Bronze accent panel

-Java pillow top furniture upgrade

-Mocha Palm Carpet

-Upgraded teak steering wheel

-Tilt steering upgrade

-Upgraded teak table

-Upgraded "G" reclining helm seat

-Stainless LED docking lights upgrade

-Infloor storage compartment upgrade

-Privacy enclosure

-Stainless steel propeller

-Bennington Ski tow bar

-Chrome raised letter graphics upgrade

-Garmin 551 color GPS

***Their are pictures in the gallery of the boat and trailer******

Trailer

-2013 Phoenix 22-4 Bunk (purchased new in July 2013)

-Tandem Axle

-Disc Brakes (1 axle)

-Bennington Logo

-LED Lighting

-Deluxe Ladder with handrail

When I enter the information on the NADA website it tells me in good condition $31900 and fair condition $28,900.  My boat definitely fits the description of Good Condition.  My dealer said this guide is worthless and is nowhere close to the actual value. 

Questions:

1) Is $19,000 all that I should expect as a trade in?

2) Where is the best place to go to get an accurate estimate on the value of my boats value for trade in and for private sale?

3) Any recommendations on selling a used boat?  I already have it listed on ebay and craigslist....

Thanks!!!
 
He'd list this boat on his lot for $28K. You are being low balled, my friend. On a new boat, he should be able to show you at least $25K.

As was sung in the 60's, "You'd better shop around."
 
It's just like cars, buy at retail, trade at wholesale. Sell it private and you'll do much better.

Keep in mind, your boat competes with his "new" boats, so he has to make it worth his while.

He is lowballing, but that's just the nature of the beast.

Been down this road as I sold my starter toon outright. It was a little GillGetter, I was offered 6K trade, and sold it for $8795 private. 

I personally would compare to a NEW setup (MSRP), exactly the same, then take 20% off MSRP (rough discount from past posts), then take 20% or so off for used.

I truly feel your setup is worth mid 20's, possibly 27-28k if immaculate.  I think NADA is usually a little high myself,

Nice looking boat, I think you should be able to sell easily in the spring. Also, I think you might want to "shop around" other Benni dealers, as I get the impression you might not be too happy with this dealer right now.......

Welcome to PADS ......... :D
 
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Post it on Craigslist for $26000 and see what responses you get
 
Yep. PADS disease fir sure.

Definitely try to sell it yourself, but know it likely won't sell until spring. People buying now know it's a buyer's market right now, and will expect very low pricing. Post it for sale now, but just be patient as your best offer likely won't come until spring. Next spring your dealer may give you more as he will flip it quick vs. sitting on it all winter.
 
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I can chime in here!!!

When we decided to sell our 13' we checked back with our dealer and was given a low figure. I want to say around $19k or so. He advised he had to clean it (even though It was spotless) sit on it over the winter blah blah blah.... We put it on craigslist and got what we wanted. It was a bummer loosing money but when it was all said and done we lost about $2,700 so not bad at all. Good luck with the sale and keep us updated. And welcome to the club!
 
After it's said and done, you may lose a little on reselling your used Bennington, but your loss will be less than most other pontoon boats. 

And used Benningtons do not sit on dealers' lots--selling very fast in most cases.
 
I'd agree with your dealer, the guide is useless.  You paid $32k for the entire set up brand new, yet NADA says it's worth $31,900 used?  How does that make any sense?  Any good shopper should be able to buy the same boat you did, new, for $32k off of just about any dealer.  As a retail buyer would you rather have a one year old used boat, or for $100 more have a brand new boat?   I'd say $24,995 is the retail money, so the trade may be a touch low, but not by much.  That boat has to to sway people looking to spend $30k on a new to buy a used one instead.  If a whole new set up is $32k (less if you forgo a few options on your boat that not everyone cares about), it's going to be hard to convince people to buy a used one instead of a new one.  Just think about when you were boat shopping.  Why didn't you buy a one year old used boat to save $1,000?  That's going to be everyone's mentality.   I'm actually in the market for a use Bennington and something like you have to trade is what I'm looking for (except I need 24').  If I can save $7-8k by buying a one year old boat, that's what I'd like to do.  You couldn't convince me in a million years to save $100 and buy a used boat over a new one.   Also keep in mind I can all the options you added to your boat, other than the motor, that raised the price, don't count that much on the used market.  So take a 115hp Bennington, take off the GPS, sea grass, pillow top and some others, and again you're real close to the price of a brand new 2014.  
 
Judging from all of the "experts" I may in fact have some of the symptoms of PADS disease. Since this is not a "disease" I am familiar with I am going to need some help understanding exactly what it is.  From what I can tell by reading this forum for the past year many others may be suffering from the same disease.   (In particular a gentleman with a fancy red boat with a big tower who seems to be in some advanced stage of PADS Disease....)  Can this dreaded disease be cured or is it just something that I will have to live with...  Any help is appreciated! 

Thanks for your responses by the way.  Sounds like I will just keep the boat up for sale and see what happens....
 
You might as well advertise it yourself for $24,995 and see what happens.  Anything you get over $19k is better than trading it. 
 
v1rot8,


This reminds me of the old adage; Buy your second tractor first!


When we bought our first pontoon, a 2011 RLi, I thought that would be the ticket. That first summer we found that we really enjoyed the pontoon more than any of the other water toys. We traded it off that winter for a more deluxe model plus a bunch of cash. Had I known how much we were going to enjoy it, I would not have sold myself short on the first purchase.


You say you paid 32k for yours with the trailer. Was that the "out the door" price with taxes and registration or MSRP?


Here are some more questions;


What is the MSRP of the new boat you are looking at?


How does that compare to the MSRP of a 2014 SLXM equipped just like yours? (MSRP Difference)


How much discount is he offering you on the new order out?


How is the dealers inventory of new and used boats right now. Is he sitting on many 2013 carry-over models?


Bennington is a great product and very well received in the market. Unfortunately, in the price point that your 2013 model should be in, there is tremendous competition, even from all the new Bennington models offered. The buyer that is willing to spend in the 25k plus range has many options to choose from and during the winter months, the dealers will be offering deep discounts to clean out any remaining 2013 carry-over models. First and second year depreciation on a boat can be an eye opener. Remember what they say about the best two days of your life?
 
My experience 22'  115 Yamaha, 2 years old, paid $29,950.  Just traded for $26,000.  Did not bring the trade into the deal until I made a cash deal so it truly was $26K.  Time to find a new dealer, he may not be in business much longer with those numbers.  New 20' pontoon $38,500.
 
V1rot8.............

Are you a pilot or do you fly????????
 
BigKahuna .... I am impressed you know your aviation terminology! I am indeed a commercial airline pilot. I fly the CRJ-200, CRJ-700, and CRJ-900 regional jet...

Do you fly?
 
Haha.......no I don't fly but a friend of mine I used to work with before I retired does. He has V1ROT8 on his license plate. He explained to me that............that term means when an aircraft attains a predetermined full throttle speed the pilot decides at that point whether or not the aircraft can safely take off even if an engine fails..........or something like that........correct?

Also........you'll sell your boat on Craigslist. Way better than trading it in...........We sold our 1st boat on there in one day........ We also sold my wife's convertible and my daughters motorcycle on there!
 
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We just bought a 2014 this last july. We bought new because every used boat that was set up like ours. a 5 year old boat was only saving me 4-7 thousand dollars. and we had to compromise on this or that. So ya plan on a 4G loss but after that they hold value well. Our dealer offered me $4000 on my 95 nitro they had just put a lower unit in and fuel pump for $2500 They are selling for around 6Gs here So he really only offered me 1500 I chose to just keep it and leave it at the lake we have a lot on and keep the pontoon at home to use at our local lake. Good luck I would shop around another Bennington dealer and see what they say you dont owe them any loyalty.
 
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