There are a few reasons you might need to sell your boat fast:
- You are moving and can’t take your boat with you
- You need cash quickly for business or personal reasons
- You are getting a divorce
- You just don’t want the hassle of dealing with the public
Whatever your specific situation, here are some tips to help you get your boat sold quickly:
Sell Your Boat to a Dealer for Cash
Selling your boat to a dealer for cash is the fastest way to skip most of the typical selling process. Here are the advantages of selling to a dealer:
- You can get cash for your boat immediately
- You don’t have to deal with potential buyers or negotiate on the price
- The dealer will handle all the paperwork
Keep in mind that selling to a dealer will not get you the best price for your boat, but it is a fast and hassle-free option.
Use Online Boating Marketplaces
If you want to sell your boat quickly yourself, you must advertise below what would normally be a fair price, and using online marketplaces to promote that price is your best option. Here are some tips for selling your boat on online marketplaces:
- Price your boat below market value AND below similar boats online
- Use great pictures and a detailed description to make your boat stand out further
- Interested buyers will suspect something is wrong with the boat at a lower price, so be prepared with an answer.
- Respond quickly to inquiries from any potential buyers
- Be open to negotiation on the price
If your boat is priced correctly and you give it maximum exposure, you should sell your boat fast!
Donating A Boat
An option I’m sure you never thought of you get rid of your boat quickly is by donating it.
Donating a boat has several benefits, including:
- Providing marine educational opportunities: The proceeds from the sale of the boat can be used to fund marine educational programs such as boat building, sail training, marine sciences, fisheries science and environmental studies.
- Charitable tax deduction: Boat owners can receive a tax deduction for their charitable donation, which can offset the cost of boat ownership and potentially save them money on their taxes.
- No additional expenses: Once the boat is donated, all expenses related to storage, maintenance, insurance, and repairs become the responsibility of the receiving charity.
- Eliminates the hassle of selling: By donating the boat, the donor can avoid the hassle of selling the boat themselves, which can be a time-consuming and stressful process.
- Potential to recoup the value of the boat: In some cases, the tax deduction for the donated boat can be close to the actual selling price, particularly in a weak market.
- Supports a good cause: By donating a boat to a charity, the donor is supporting a good cause and giving back to the community.
To donate a boat, follow these general steps:
- Choose a charity: Choose a charity that accepts boat donations and that aligns with your values.
- Gather information: Obtain important information about the boat, including the make and model, year, condition, and any repairs or improvements.
- Get a recent appraisal: Get an appraisal of the boat’s value from a certified marine surveyor/appraiser within 60 days of the donation. The cost of the appraisal varies based on the type of boat, location, and size.
- Formalize the donation: Formalize the donation by filling out the Deed of Gift and IRS forms 1098-C and 8283.
- Transfer ownership: Once the charity accepts the donation, transfer ownership of the boat to them.
- Enjoy the tax deduction: The fair market value of the boat can be deducted as a charitable contribution on your tax return. Consult with a tax professional for specific guidelines and rules for your state.
Selling a boat fast requires a willingness to compromise on price and/or convenience. By selling to a dealer for cash or using online marketplaces at a below-market price, you can sell your boat quickly and move on to your next adventure (or your next boat).