Buying from Boat Dealers Problems

[tpenfield]

Re: Buying from Boat Dealers Problems

Seevee:

If you can find a boat dealer (or broker) who will do things your way, then go for it. As you can see from the responses to your original question, the common practices that you will run into are going to require some deposit money. Right or Wrong . . it is the common practice. A reputable dealer/Broker is not going to rip you off. Most often the deposit check remains un-cashed until the sea trail and survey are completed and you accept the boat. If you do not accept the boat, you get your check back.

I bought my first boat this way, through a broker, and it was trouble free. I believe that you are thinking of buying a boat up to the $80K range . . . so maybe you want to have the funds escrowed rather than held by the dealer/broker. Marine escrows are utilized in some cases to protect both buyer and seller.

My second boat (just bought this past summer) was through a private party (a La Craig's List). The seller offered to take me (and the Admiral) out in the boat so we could see if we liked it. He spent about 1-1/2 hours out with us showing us the boat and just cruising around . . . probably cost him $75 in fuel. The seller happened to have the boat in a slip, so it was quite easy for him to offer us a ride. I did not expect or even ask for a ride, it was just offered, which is a rarity and more common with private party sales.

I bought the boat, and we did the formal sea trial and survey . . . so I actually got 2 rides.

 

[frfly172]

Re: Buying from Boat Dealers Problems

By putting up a deposit it shows the seller broker or dealer you are serious.if you are paying for a survey you should be able to put up a deposit.If after survey and sea trial you are unhappy your money will be refunded.if you just want to see how some boats handle go to major boat shows and hook up for a free ride.

 

[MarkSee]

Re: Buying from Boat Dealers Problems

1-A reputable dealer/Broker is not going to rip you off.
2-Most often the deposit check remains un-cashed until the sea trail and survey are completed and you accept the boat. If you do not accept the boat, you get your check back.
3-I bought my first boat this way, through a broker, and it was trouble free. I believe that you are thinking of buying a boat up to the $80K range . . . so maybe you want to have the funds escrowed rather than held by the dealer/broker. Marine escrows are utilized in some cases to protect both buyer and seller.

As if you haven't already gotten enough information, I'll just throw out some more of my experience with the process based up the above comments.

1-Totally agree. How can you determine reputable? Search on them for complaints but also look at what their other inventory is. You just might find a boat of the size and price you're looking at is on the very small end of what they normally deal with. The broker we bought the 270 from is use to selling boats of greater than $100,000 to over 1 million; not a sub $30k boat. He had a relationship with the owner for many, many years so he did him a favor being the broker.

2-True again. My check was actually the same one from the 260 that fell through I mentioned in my previous post. Then when I paid for the surveys myself and had the full amount of the deal wire transferred into the brokerage account, the check was ripped up.

3-In these type of deals, money has to be paid out to the actual owner, the selling broker, the buyers broker if there is one, then any other people owed money from the deal. In my case, that $1500 valve job allowance I mentioned above, that was actually paid back to me out of the brokerage account as that technically was "separate" from the 'sale' price....probably for the brokers to each get their 3% based upon the higher sale price.

As if all that isn't enough, my broker also recommended, and I decided to follow her advice, to use a local vessel documentation company for services. So for a couple hundred bucks they:
1-researched the vin of the vessel to make sure their were no liens against it and title was clear
2-determined the proper division of property taxes of the boat based upon when the sale closed and how much I had to pay the seller back for property taxes he already paid
3-received the pink slip and registration card from the current owner then went down to the Department of Motor Vehicles and had the boat registered in our names. Saved me the trouble of having to stand in line.

And yes, it went without a hitch but just imagine if there was some kind of issue............

Mark

 

[JoLin]

Re: Buying from Boat Dealers Problems

We're talking dealers here, not private sales. Dealer profit includes the cost of doing business. Like I said - find a dealer with a marina on a lake or sea inlet. And one that doesn't play these games!

I was demonstrating (some of) the reasoning behind the policy and why, IMO, those dealers aren't 'playing games.' Let us know when you find the ones who'll give a shopper carte blanche without proof of the means or intent to purchase. I'm sure we'd all be interested.

My .02

 

[Slip Away]

Re: Buying from Boat Dealers Problems

Doubtful you will get much more info from the OP. Maybe more questions, but that's about it.