Our clients sometimes get the strangest trade in offers. Some are easy to take, others not so much. In Florida, many people own boats, and did you know that you can take a boat in on trade towards and RV? Well, with some requirements you can.
You can take a Vessel as a Trade-In if you follow the requirements!
First thing is to understand what a “Vessel” is, it is any watercraft, barge, or airboat. This does not include seaplanes, even if used as water transportation. The one thing to know is that if you take a “Vessel” in on trade, you need to transfer the title to your dealership prior to selling the boat. Unless you have a license to sell Vessels, you will be unable to sell and reassign the title. So long as you have transferred the title to your Dealership at the time of the trade in, you should have no issues selling the Vessel.
Additionally, the Vessel must be identified as “resale” on the HSMV82040 form. Also make sure to transfer the registration with the use of “non-use” so that you can avoid a base tax charge.
Taking vessels in trade is a great way to open payment opportunities to your clients who may be done with the “water yachts” and prefer to move into the “land yachts” instead. Here are some links for further information. tl-10.pdf (flhsmv.gov)