The idea of splashing away in a private yacht seems tempting, right? You get to explore the seven seas like a boss and even fly off the vessel in case of anything. You can also bring a few lucky friends and have a wild party in the middle of nowhere.
That’s all good, but the overall experience depends on whether you choose to rent or own the boat.
Whether you are new to boating or reasonably experienced, this piece will help you make a sound financial decision.
Boats are Expensive
Unless you intend to buy a used boat and pay more in maintenance fees, be prepared to spend anywhere between $100,000 and several million on the purchase alone. The price depends on the size, shape and power of the machine.
But that’s not all; there is insurance fees, maintenance, taxes, registration and berthing costs.
So yeah, the cost of owning your dream yacht is pretty high. And it’s the primary reason why boat-owners rent out their boats to meet the operational costs. Renting, on the other hand, lets you enjoy having the machine for a weekend or holiday at an affordable price minus all the stress.
Boats Depreciate – Fast
You might do a great job of maintaining a boat, but it will still lose 40% or more after a few short years. The reason behind this rapid depreciation is not clear-cut, but most boat owners are usually desperate to get the vessel off their hands.
When hiring a boat, depreciation is theleast of your worries. You have the option of switching between options anytime. So that’s another great thing about hiring a boat.
Boats are Idle Most of the Time
Typically, boat owners use their vessels during summer weekends. That translates to around 8% of the total time they own the machine. The remaining 92% is idling time, but you still have to pay storage fees, insurance and maintenance for just a couple of weekends in the water.
What’s more, boaters tend to do the same thing every summer – boating. The boat is unquestionably a huge investment that they love, and may want to spend all their free time on it – if possible. So, even if they decided to do something else, they may not enjoy it as much.