How do I sell my used boat in Ontario?

Are you itching to buy a new boat but have to sell your old boat first? If so, a few questions about selling your boat may have crossed your mind. Here are answers to some of these questions about selling your used boat in Ontario.

 How do I sell my boat in Ontario?

 There are two ways to sell your boat: privately, or through a boat dealer or a broker.

 What is the difference between selling privately or through a dealer?

If you choose to sell privately, you will have to make sure that you boat is priced to sell quickly. You will also need to ensure that your boat gets the exposure it needs to sell. This means, active marketing, easy access for potential buyers to come see the boat, and being available for showings. Keep in mind, you must have the boat ready for showings at all times and make sure it is running perfectly. You should also be prepared to show ownership of your boat when asked. An offer for your boat might be made subject to a survey. If that is the case, it might take a few days for the survey report to come in and you should be open to adjusting the price of your boat based on the survey report.

Selling through a boat dealer or a broker takes away the hassle of filtering the serious potential buyers from those who are just browsing, the endless showings, and final negotiations. For a small fee or commission, the dealer will handle the whole transaction for you from start to finish. An experienced dealer will be able to guide in setting the price for your boat, so that it sells quickly. In addition, a dealer should be able to provide options for you, such as trading in your boat, in case it doesn’t sell.

FIND OUT WHAT YOUR BOAT IS WORTH HERE! 

What do I need to know when picking a boat dealer to sell my boat?

Here are a few things you should look for when going to a boat dealer or a broker to sell your boat:

• Reputable and experienced – Select a boat dealer or broker who is experienced, reputable, and known to deliver results.
• Financial aspects – Your dealer should be able to handle the financial aspects of a sale i.e. create a bill of sale, have a trust account to hold the down payment/final payment until the transaction is completed. Should the buyer require financing, would your dealer be able to assist the customer in obtaining one? Learn more about financing. 
• Location – The location of your dealer is vital. Without exposure, potential buyers may not be aware of the dealer and the boats that are on sale with them. Look for a dealer that is located in an area where passersby can see the boat. Alternatively, a dealer that is also an active marina will get you more eyes on your boat.
• Advertising – Ask the dealer how they intend to advertise that your boat is on sale. Is the dealer affiliated with any boating sites where they can place the ad? The more the reach, the better chance of your boat selling faster.
• Trade -in: In the event that your boat doesn’t sell, can you trade it in for another boat? On the other hand, if a buyer comes in for a trade-in, will the dealer accept it? If your boat dealer doesn’t take trade-ins, then your selling options might be limited.
• Fees: Check the commission amount your dealer will charge you for selling the boat.  Shop around in your local area to find a dealer that will charge you a reasonable fee for their services.