Trading In a Yacht FAQ | What You Need to Know
Trading In a Yacht FAQ | What You Need to Know
When it comes to trading in a yacht, many people have the misrepresentation that the trade-in process is lengthy and complicated. In reality, it is actually quite painless and eliminates most of the work on your end. Trading in a yacht is a straightforward way to rid your old boat quickly so you can enjoy your new yacht and doing what you love most; being out on the water.
As demand for late-model/pre-owned yachts continues to rise, now is the perfect time to think about trading in your current yacht for something new and improved or something with more space for family and friends. Whatever the reasoning, Galati Yacht Sales can provide top value for your trade-in yacht; in return for one of our new yachts in stock. Not quite sure how trading in a yacht works? We’re here to help. View the most frequently asked question below.
What are the benefits of trading in my yacht?
The benefit of trading in your yacht as opposed to trying to sell it yourself is that you are no longer responsible for your old yacht. When you trade-in your yacht, ownership transfers to the dealer and they are then responsible for selling the vessel. This allows you to enjoy your new purchase and dismisses you from any responsibility of dealing with potential buyers. Depending on the state you live in, there may also be a tax benefit. This benefit includes paying tax on the price of the new boat less than the amount of your trade-in.
Should I trade-in my yacht or work with a yacht broker to sell my yacht?
Deciding to trade-in or sell your yacht with a broker comes down to the value you put on your time and contentment. When you trade-in your yacht to a dealer, the dealer takes ownership of the vessel and is solely responsible for selling it. This releases you from managing the selling process and expenses such as transportation, insurance, crew, and dockage fees, that might accompany owning two boats at once. If you choose to work with a broker to sell your yacht, you continue to own your boat and oversee the process of selling your yacht.
What do I need in order to start the trade-in process?
In order to trade-in your yacht for a new model, you will need to make sure all of your paperwork is readily available. Paperwork includes the title, registration, specs, and maintenance records. In order to avoid any hiccups, make sure all documentation is available prior to the transaction.
How do I start the trade-in process?
At Galati Yacht Sales, we make the trade-in process easy. Simply contact one of our sales professionals, and they will be able to complete a trade-in evaluation of your current yacht. Once we determine the condition of your vessel and the market value, we will present the best offer for your yacht. From there, we will work with you on finding your next ideal purchase.
Turn to A Name You Can Trust | Galati Yachts
Not all yacht dealers are created equal or have your best interest in mind. That is why it is important to find a reliable yacht dealer with the Certified Marine Industry Certification seal. This certification ensures a boat dealer is working and committed to your complete satisfaction and abides by the Marine Industry Consumer Commitment, which ensures fair and equal treatment for every single customer.
Since 1970, we have been committed to exceeding the expectations of our customers. Our 5-star re-certified dealership has been Marine Industry Certified since 2005 and offers the capabilities to handle ALL aspects of the sale— including finding the ideal boat for you. Our simple philosophy— always do right by the customer— starts at the top and runs right down to every one of our team members at all eleven of our locations, regardless of their job title. The Galati team is behind you before, during, and after the sale.
