Boating is an amazing activity and one of the oldest forms of travel available to man. If you have a boat, you could embark on vacations on a whole new level, pursue various adventures, or even go on a family vacation from time to time. However, buying a boat is an idea that, no matter how enchanting, has its flaws. So, you might want to rent instead. Here are the top five reasons why this might be an even better idea.
1. Lower initial cost
The simplest and most direct bottleneck of having a boat is the cost. Simply put, you may have enough money to rent a boat, even if you cannot afford to buy one. This is definitely the most important roadblock and the main reason why the majority of people are renting instead of buying boats.
Keep in mind that it’s not just the cost of buying the boat but also the cost of long-term maintenance and ownership. Sure, you will have to buy your own gas even if you rent, but maintenance and repairs cost quite a bit. There are also taxes involved, as in the majority of countries, some types of boats are seen as a luxury. In fact, unless you have a pontoon boat or a fishing boat (a boat with an actual utility), it’s likely seen as a luxury in the eyes of the IRS, and you’ll have to pay a hefty tax.
Upfront costs of buying a ship, as well as long-term costs, can be quite high, and renting is much easier. Boat rental costs are always lower.
2. A smaller commitment
Buying a boat is a huge decision. You have to set aside significant funds and make a once-in-a-lifetime purchase. If you change your mind later, you may be able to sell a boat, but depreciation is a huge issue that will cause you actually to lose money on this sale. Not to mention actually selling a boat.
Second, you may have a hard time choosing or finding the right boat. A paradox of choice is a real issue for a lot of people, and picking the wrong boat (or not wrong, just not the best one), might result in a true buyer’s remorse on your part.
It’s also worth mentioning that there are new boats out there every few months. So, buying a boat, selling it, and buying a newer model is (due to depreciation) incredibly expensive. You’re always losing money, and it might not even be that big of an upgrade.
3. Mobility and flexibility
While technically, with the right boat, you could sail across the world, no one has time for that in 2024. You’re not going to transfer your boat from Sydney to Miami or sail it from one place to another. So, why not just fly to your target location, rent a boat, and sail for a few days? This type of flexibility creates a massive difference that you should never ignore or downplay.
Next, you don’t have to worry about storage issues or boat lifts. Extra equipment and docking and transportation solutions can be incredibly expensive. Not only that, but you also have to think about the logistics, maintain them, and use them the right way. This is just so much simpler.
Ultimately, as we’ve already mentioned, you can always get the latest model without actually having to buy it. You can also change your mind and decide to try out a different boat. For instance, you may choose to go for a speedboat this month and a fishing boat the next. When buying, this is not really an option.
4. How much would you actually use it?
The biggest question that every boat owner has is whether they’ll get their money’s worth from the boat. The only way this is worth it (unless you plan to start fishing for a living and the boat has an actual ROI) is if you spend as much time there as you can.
Also, you should be realistic about the amount of time you spend vacationing every year. Sure, some people have enough money just to buy a boat and forget they ever bought it; however, this is not the case with the vast majority of boat owners. For them, this is a massive investment that needs to make sense.
At the same time, you don’t want to become a slave to your own assets. You see, if you have a boat that you’re not using, you’ll feel the pressure to vacation so that you can use it. This is not as bad of a thing, but, at the same time, it might make you avoid going anywhere continental. You want to travel with a full peace of mind, not obsess about whether you’re getting your money’s worth.
They say that the happiest two days in the life of every boatowner are when they buy a boat and when they sell the boat. This way, you’ll skip the first one, but you won’t have to dread the latter.
5. Professional support
When you buy a boat, you are on your own. Sure, the business that sells you the boat (if you’re trying to buy straight from the vendor/manufacturer and not a private seller) will try to upsell or cross-sell something, but, for the most part, you’ll be in the dark.
It will be up to you to figure out what kind of supporting equipment you need. This will come down to independent research and while it’s not impossible to figure out, you’ll find that different resources often suggest different things. This means that you’ll have to go through more materials and research a bit deeper.
When you rent, you get all the additional equipment, as well as safety briefings, instructions on the operation of that specific boat, and even assistance when it comes to some emergency events. In other words, you get a lot more support this way.
Wrap up
Renting a boat is cheaper, it’s a smaller commitment, and it gives you more flexibility. You don’t have to make a definitive choice; you pay for the boat only when you’re using it, and you get much more support than you otherwise would. These are just some of the many reasons why people often go for a boat rental over ownership.
