How to Sell a Boat in Maryland in 3 Steps

Step 1: Choose How to Sell Your Boat

Deciding how to sell a boat in Maryland starts by evaluating the options you have available when it comes to selling your boat:

• Private sale
  • In this scenario, you handle the advertising for your boat, such as listing it on Craigslist, Yachtlify, and potentially other platforms.
  • Pros: You keep more of your money, and have more control over the selling process.
  • Cons: Managing the sales process yourself, including filing required state and/or US Coast Guard paperwork. If you decide to go this route, Yachtlify handles most of the heavy lifting with appointment scheduling, eSigning, and a library of state and US Coast Guard boating forms.
• Boat dealers
  • Trade-in option:
    • A trade-in is just what it sounds like— you trade your old boat in for credit towards a different boat that you plan to purchase from the dealer.
    • Pros: If you plan on buying another boat, a trade-in is a convenient option.
    • Cons: You probably won’t get as much money for your boat as you would if you were to go the private sale route.
  • Selling on consignment:
    • Selling on consignment typically involves allowing a dealer to showcase and sell your boat at their dealership for a commission-based fee.
    • Pros: The dealership handles the sales process for you, and you don’t have to worry about boat storage costs.
    • Cons: Your boat may not sell for as much money as you would if you sold your boat privately. In addition, you’ll need to pay commission fees to the dealership when the sale takes place, which is typically around 10% of the selling price.
  • Selling outright:
    • Some dealers may offer to buy your boat outright.
    • Pros: Cash offers give you a set price and an immediate offer.
    • Cons: You might get less than you would if you sold your boat privately. In addition, some dealers may not offer to buy boats beyond a certain age or may refuse to buy boats in less-than-ideal condition.
• Using a yacht broker
  • A yacht broker, similar to a real estate broker, earns a commission when your boat is sold.
  • Pros: Yacht brokers accept boats of all ages, and handle the selling process for you. Additionally, working with a yacht broker typically offers a more bespoke experience when compared to dealerships.
  • Cons: Yacht brokers take a commission when the boat is sold, and the boat may not sell for as much money as it would have sold for if you had sold it privately.

Step 2: Gather Photos and Documentation

Most boats for sale these days are listed online. The listings that get the most interest and win sales are those that showcase the boat in the best light possible.

Tips for Taking Photos That Will Sell Your Boat Faster

• Focus and Lighting
  • Make sure that the subject of the photo (your boat) is clearly in focus, and that the lighting is enough to provide sufficient detail for potential buyers.
  • The beginnings of sunsets are a great time to capture idyllic backgrounds of your boat with sufficient lighting.
• Action Shots and Main Features
  • If possible, try to take photos of your boat in action. This will help any prospective buyers visualize themselves enjoying your boat and may make them more likely to inquire.
  • If there are any especially luxury features, or simply any features with a “wow” factor, be sure to capture these as best you can.
• Defects
  • To save time, we recommend taking photos of any obvious defects in an honest manner so that there are no surprises if a buyer decides to check out your boat in person.

The Importance of Documentation

Any experienced boater knows that boats require constant maintenance and upgrades to maintain their value over time. Gather any maintenance and upgrade records and invoices so that you can provide solid evidence that the maintenance items and upgrades were completed. You’ll be doing both yourself and your potential buyers a huge favor by providing them peace of mind and reducing friction in the selling process.

Step 3: Complete and File Paperwork

The last step of how to sell a boat in Maryland is to file the required paperwork with the Maryland Department of Natural Resources, and the U.S. Coast Guard (if applicable).

This involves completing a Boat Bill of Sale for a Vessel (B-118) and filing it with the Maryland Department of Natural Resources.

If your boat was registered with the US Coast Guard, you’ll want to complete US Coast Guard Form 1340 (CG-1340).

In Conclusion

Selling your boat can feel like a daunting process, especially if doing so on your own. In this guide, we hope to have given you confidence when it comes to selling your boat in Maryland and we wish you luck in all your boating endeavors.