Sometimes all we want to do is go out on the big blue ocean and sail around for a while. However, this is when we are faced with a bit of a dilemma. Do we buy or rent the boat?
What exactly is the difference between buying and renting a boat? Is the difference a large one? These are questions that we should ask and have answered before making this decision. Let us help you.
Boats are Costly
Buying a vessel is extremely costly, where renting one isn’t. The upfront costs of boat ownership is normally very high. Depending on the boat you want to buy it could cost you tens of thousands.
You must also remember that you will have to pay for both the boat and its repairs. When renting a boat, you pay for the amount of time you use it. This also eliminates the issue with upfront ownership costs.
There are other costs that you need to consider. You might need to pay for storage or space at a marina if you do not have your own space. You will also be responsible for insurance costs.
Boat Maintenance
As the years go on, your boat will eventually fall into disrepair if not properly taken care of. Maintaining the boat could take up time you may not have. Parts or repairs for boats are usually more pricey than others as it is exposed to the elements all the time.
The boat will require constant cleaning and inspections. Even if the ship is sitting in your backyard, it will still be out in the elements. Eventually, this will take their toll on your boat meaning repairs.
Time Spent on the Boat
Boat owners spend very little time on their boats. Most of the year, the ship will sit idle and unused on the marina or in storage. Why should you buy a boat when it will be barely used? Unless you are planning to have that boat as a second or a first home, then it may be better to rent it.
You Can Enjoy All Kinds of Boats
When buying you only get the one kind of boat, this could interfere with future event plans. The great thing about renting is that you can rent a boat in many different styles. You could use these different types for all kinds of different occasions.
Depreciation
Just like anything else that we own, boats will start to depreciate the longer we own it. The more you use it, the more it loses value. Fortunately, when renting, you do not have to concern yourself with this issue.
To Sum It Up
The difference between buying and renting a boat is, in fact, a significant one. It is obviously clear that renting a boat is a much better decision than buying one. When renting you are not just saving money, you are saving yourself time and effort, as well as enjoying a large variety.
