Once you’ve decided it is time to trade up for a new boat, the first decision to be made is what to do with your current boat–sell it privately or trade it in? There are pros and cons for both options. Ultimately, the final decision is up to you.
As a dealership, Ocean House Marina has a set process for taking a boat in for trade. Understanding that process may help you as you consider trading or selling privately.
First things first, paperwork. There are certain documents that we (and other dealerships) require in order to transfer ownership. These documents include the following:
Boat Title (This depends on state of registration)
Copy of Boat Registration
Copy of Outboard Registration(s) (RI registered boats only)
Trailer Title (If a trailer is included in the trade and weighs more than 3,000 lbs)
Trailer Registration (If a trailer is included in the trade)
If you cannot locate the boat title or registrations, you can apply for a duplicate title and a copy of the registration records from the DEM. With regard to trailers, we will require proof of registration. If you cannot find your current registration, but can find a previous registration that will suffice. Also, please note, trailers weighing 3,000 lbs or more are titled in the state of Rhode Island. Both the registration and title are required to transfer ownership from a seller to a buyer.
Over the years, we’ve adopted a set process that aids in our decision to take a boat on trade. This is also meant to help you make an informed decision that you’re comfortable with:
Connect directly with an Ocean House Marina (OHM) salesperson
Provide and OHM Salesperson with the details of your boat (year, make, model)
Provide an OHM Salesperson with the details of the outboard(s) (year, make, model, hours)
An OHM salesperson will create two reports:
NADA Valuation Report ( a valuation of the boat depending on condition; similar to Kelly Blue Book for cars)
Soldboats.com Report (shows boats of the same year, make & model sold recently and for what price)
The OHM Salesperson will estimate a rough trade value. A specific trade value cannot be determined or agreed upon until we’ve physically inspected the boat.
If you decide to move forward, we will request that you bring the boat to us so we can conduct a physical inspection. At the point of inspection, we can determine a specific trade value based on your actual vessel. Factors that impact the value include:
Items requiring repair
Please be aware, when we take a boat in on trade, our brand is associated with the vessel when we re-sell it to the next owner. Therefore, we will only accept a vessel that meets a specific set of pre-determined standards.
Also, customers should understand that a trade value is always going to be lower than the value to sell the boat privately. If you are looking to yield a higher return, please consider our brokerage service.