To Buy or Rent: Boat Edition - Loanables

To Buy or Rent: Boat Edition

It’s summer in Austin, and that means only one thing: it’s hot, hotter & hottest. On more than one occasion I have thought about how nice it would be to own a boat. To get out on the water anytime I want. No need to plan, just be spontaneous. Enjoy the picturesque lake life featured by so many friends’ Insta pics. But not until this summer did I take the time to learn what it would really look like to own a boat, and now I’m thinking twice.

While researching for our summer boat giveaway, we asked a local boat owner about the expenses associated with purchasing and maintaining his awesome wakeboarding boat. Here is what we found:

  • A used wakeboard boat can cost anywhere from about $50k to $150k. A conservative average would be about $80k for a used boat that still has some get up and go.
  • Hopefully you already have a truck or the math will never make sense on this but you’ll definitely need to buy a trailer ($800-$2k) to haul the boat from place to place and get it in and out of the water.
  • Toys: What fun is a boat if you don’t have water equipment like a wakeboard, skis, tubes and the required life jackets? We’ll let you look up costs on the ones you would really use, but trust us, they can get pricey.
  • After a few years of pristine maintenance, you could hopefully sell the boat for a good price, maybe that low end of $50k.
  • A year’s worth of storage, maintenance, equipment insurance, dock fees and fuel runs about $14k.

For our purposes, let’s ignore the purchase and sale, you’re a better negotiator than me, right? So you’ll get a good deal on the buy and sell it for a pretty penny. Let’s just talk annual expenses. $14,000. Assume you LOVE boating and get out on the water every Saturday of the summer, as well as on Memorial Day, 4th of July and Labor Day. You’ll have 17 glorious days on the Lake. Divide that $14k in typical annual expenses by those 17 days and it will cost you $824 each time you use the boat. And remember, we didn’t include actually purchasing the boat, trailer, truck or toys. Yikes!

Make sure you leave 2-3 hours each day of use to prep and clean up after your fun. All equipment like wakeboards, skis, tubes and lifejackets need to be cleaned, maintained and repaired as they are used. Also, plan in a few hours per week throughout the summer to do your repair work like stitching seats and rebuilding the trailer, like Colton did last year.

 

Y’all, this is no longer sounding like much fun. I just want to cool off and have a good time on the water! I don’t want all this work, all these expenses! I just want to be flung off a tube at high speeds, practice my barefoot techniques and throw back a cold one with my friends. I think I’ll stop right here, log on to Loanables.com and request to rent from someone who already owns a boat! See you on the water!

, June 20, 2017. No Comments on To Buy or Rent: Boat Edition. Category: Monthly Giveaways.

About Kristine

Kristine is an entrepreneur and business consultant. She invented a handy little gadget called My Bag Belt and uses her creative thinking to help other small businesses through their unique marketing challenges.

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