Buying A Boat In Michigan
And after the purchase, annual excise, use, or property taxes assessed on the value of the boat may also come into play. As in all things tax-related, BoatUS recommends that boaters consult a tax professional for advice.
buying a boat in michigan
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As club memberships surge, private boat sales do, too. The National Marine Manufacturers Association reports a 60% gain in boat sales in April and May compared to 2019, most of which are new boat owners. June and July were expected to post sales gains as well.
In a July 7 report, the Marine Retailer Association of America also found almost 90% of dealers reported growth in boat sales in June. Similarly, 83% of retailers consider their inventory to be "too low."
"We're having a huge uptick in boat sales, undoubtedly, and every boat we have in stock gets three to five interested buyers," said Kevin LeClair, a salesman at McMachen Boating Center in Harrison Township. "We have families come in all the time and say how they can't go to a baseball game, or to the movies. But they've always been interested in trying boating, so they buy a boat."
Freedom Boat Club has operated on Lake St. Clair, in Harrison Township since 2016. The bulk of the fleet can be found at Markley Marina, where Dobreff has 10 boats anchored. It also started operating last year out of a location in Detroit, Sinbad's Restaurant and Marina, where seven boats are docked. Sinbad's is located on the Detroit River.
"There's definitely still a lot of people who buy boats, and there are a lot who rent them," Giglio said. "But our boat club offers something more in the middle, something that was missing in the market. This isn't just a transaction of paying money and getting a boat for a day, like rentals. We pride ourselves in the services we provide."
It offers two membership packages. The first entitles members to a boat seven days of the week for $349 a month, following a $4,000 entry fee. The alternate plan allows weekday usage of boats for $299 a month with a $3,500 entry fee. Then members can reserve a time slot to use their desired boat. Rates are year-round, with access to boats at any Freedom location worldwide.
This year alone, the Detroit franchise has purchased five new boats for member usage, a 30% expansion, with more on the way. Dobreff is mulling options for a third location, likely at St. Clair Shores, next year.
Worldwide, the number of boats bought by the entire Freedom organization makes it the largest private buyer in the industry, Dobreff added, with the club amassing more than 5,000 boats globally to accommodate thousands of members.
Boats offered by Freedom range anywhere from 21 to 26 feet, with bowriders and tritoons being the most popular models. Dobreff described these boats as the "do everything boats," where families can use them for tubing, skiing or lounging.
Between uses, Freedom has ramped up the cleaning process of boats to ensure maximum safety for members at all times, Dobreff said: "We make sure that each boat is cleaned, top to bottom, before each use. It's something we take seriously."
Its boat club model differs from a typical rental agency, where an interested renter simply has to show their ID for a day on the lake. At Freedom, Dobreff added, each member must complete a training session before operating a boat.
Buying a boat means plenty of fun ahead. But before you can enjoy getting out on the water, you need to be sure the sale is handled legally. To do that, you will need a bill of sale from the seller. A bill of sale legally transfers ownership and also can provide important warranties about the boat itself.
A warranty on a boat sale is a promise by the seller that the title to the boat is clear and that there are no existing outstanding claims against the boat (such as a loan) at the time of the sale. A warranty gives the buyer protection so that if a claim should arise that existed before the sale, the seller will be liable for it, not the buyer.
Once the sale is complete, the buyer must apply for legal title with the state agency that handles boat registration. It might be the department of motor vehicles (DMV) or the game and wildlife agency or another agency.
Check your state's website to determine where you need to register the boat. Each state will have its own requirements about forms and fees, but, in general, you will be able to use your bill of sale as proof of purchase to obtain the title from the state. You may need to register the trailer separately, so be sure to check the rules for trailers as well.
When you buy a boat, the seller will prepare the bill of sale (ask for one, if the seller just wants to give you a receipt). A bill of sale need not follow any specific template, so long as it includes the information required by your state. An attorney can help prepare a bill of sale.
Secured boat loans, similar to other secured personal loans, use the boat itself as collateral. This means that if the loan goes unpaid, the lender may be eligible to repossess the boat. One upside to this type of loan is the potential for lower interest rates and longer repayment terms. Borrowers with less-than-ideal credit may also have an easier time of qualifying for a secured boat loan.
To start, it's important to understand that a boat registration isn't technically transferrable. In some states the registration number may be transferred to the new owner (if available), but the new owner of the boat will always receive new registration paperwork that has been filed using the new owner's name and contact information.
Be aware that some states (such as Arizona, Colorado, New Hampshire, and North Dakota) do not require a boat to be titled or have the requirement to transfer boat title paperwork. In these instances, the buyer should obtain the detailed bill of sale from the seller and copies of bills of sale going back to the owner of record and the original state issued registration card if the boat is registered in a non-title state.
While you won't have to go through a boat registration transfer, you will need to keep your boat registration paperwork aboard your newly acquired vessel. Part of learning how to boat is making sure you have valid title and registration documents based on your state's requirements.
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If you want to buy a boat, consider buying a used one to save you money and save you the wait for a new one. Or -- if you don't mind what color or features you get -- sit down with a retailer to see if there are any pre-ordered boats that haven't been snatched up yet.
Owning a boat can be a lot of fun, but buying boat insurance in Michigan might not be, so we're a local agent who's here to help. From the Lake Michigan shores of South Haven, Saugatuck, or St. Joseph and Benton Harbor, to inland lakes in Covert or Bangor, Grand Junction or Pullman and beyond, we've served clients across the state in helping them find the best priced options with the coverage that they need.
Why do you need insurance for your boat or personal watercraft?You'll enjoy the water even more when you're not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:
As Labor Day approaches you may be getting ready to dock or store your fishing boat for the winter. Depending on the type of fishing boat you need to store, you may find yourself spending unnecessary money for storage or docking. Or, you may be taking up space in your garage or yard that you could be using for something else.
One of the first questions that you want to ask yourself is whether or not you are getting use out of your boat to make it worth keeping. Do you only take your fishing boat out on the Great Lakes once or twice year? If so you are probably spending a ton of unnecessary money. If you are only using your fishing boat once or twice, you can save tons of money by selling it and eliminating storage fees. If you decide you want to go out on the water, every blue moon, renting a boat is still more cost efficient than storage fees.
If you have decided that selling your fishing boat is the best way for you to save money during the winter, then we want to buy your boat. Get a quick quote now! Labor Day is approaching and the demand for selling boats is high! Take advantage of the cash you can save without having to pay for storing a boat or utilize that extra space in your garage or yard this year! Contact us for more information!
Hall's Sports Center has been West Michigan's 'go-to' boat dealer since 1972! We are an authorized dealership for the world's best manufacturers, including Bennington, Evinrude, Four Winns, Glastron, Manitou, Mercury, Scarab Wellcraft and Yamaha! We carry their top brands in our 64,000 square feet of showrooms, offices, and more, and our knowledgeable, experienced, and friendly sales, financing, service, and parts departments provide our customers with an outstanding experience from first look to final sale and beyond.
Our 128,000 sq ft showroom is stocked with hundreds of boats, tritoons, and pontoons, making it the perfect destination for those looking for their perfect watercraft. With multiple large showrooms to browse, you're sure to find the right boat for you. So come on in and take a look, our knowledgeable staff is always here to help you find the perfect one.
Like most boat clubs, Carefree Boat Club has an initial membership fee and an annual fee. These fees vary depending on the location and may even be monthly. According to Godownsize.com, the initial membership cost ranges from $4,000 to $6,000, and a monthly cost ranging from $140 to $300. 041b061a72