CASH IS KING

Private-party sellers might be more likely to negotiate on price than dealers or factory-direct sales staff, Slocum points out. The seller’s openness to negotiation depends on a number of factors, including the buyer’s bargaining tools. One of the most effective is cash in hand.

Cash is an attractive offer, and it usually knocks dollars off the asking price, Slocum has discovered. It also secures the boat immediately. “In most cases, you can’t wait for the bank to approve a loan for a used boat from a private party in today’s market,” he says. “The boat will sell to someone else while you’re waiting for the bank to OK a loan.”

The same rule does not apply when buying a boat from a dealership. “Cash is not an advantage, as dealers aren’t discounting any boats,” Hickey says. “In fact, many dealers discourage cash sales, as financing represents an additional revenue stream for most.”