Riding on a boat is a pleasant experience one enjoys while appreciating nature and its ethereal beauty. Deciding between buying a boat or renting it is a crucial decision one must make after looking at the merits and demerits, respectively. Any person considering buying a boat has always been taken aback by the price of one. However, is buying a boat worth it? Or should subsequent renting of the boat be the wiser choice? This depends on several factors, and there is no right decision; however, if both the advantages and disadvantages of both decisions are weighed, renting a boat trumps owning one due to several reasons. Should You Rent or Buy a Boat? Let’s take a look at these factors:

Costs

“Cost” when it comes to buying a boat is a very wide word and can mean different things, which are all quite costly. First is the purchase cost of the boat, whether it is new or used. Boats are generally more expensive than cars. An average boat price costs around 35,000 dollars which is little compared to the further costs in terms of maintenance and other charges. Additionally, the maintenance costs of boats vary from old to new. The cost of these maintenances is quite high and taxing on the owners. They sometimes require a professional serviceman who is skilled in making repairs on boats which can be quite expensive. The area and the type of water the boats reside in is another factor that will influence the cost of maintenance.

For instance, the cost for maintenance for a boat that runs on salt water will be far higher than the cost of a boat that runs on freshwater because of the difference in the harshness of the condition. Boat prices and sizes also determine the level and cost of maintenance. The higher the price of the boat, the more expensive the parts and maintenance will be. By contrast, if you rent a boat, there would be no need to sign the dotted lines and take on the enormous expenditures of purchasing a boat of your own. You just pay for the boat rental services for a limited time and return it when you are done. There is no need to brood over maintenance costs or any other expenses apart from the rental fees.

>>Also Read: How Much Money Can You Make Renting Your Sailboat?

Time Factor

Boats need careful attention to prevent spoilage of parts that can lead to early deterioration of the boat as a whole. So, a owner needs to have it at the back of his/her mind that time is a very crucial factor when owning a boat. A boat quickly depreciates, which means it’s naturally maintenance-intensive and it requires constant attention. It is not just the time for using the boat that matters. Even the general cleaning of the decks and cushions consumes a lot of time and money. To clean a boat could cost more than a hundred dollars. However, you can always hire someone to clean your boats and pay money, which will be comfortable but expensive. 

>>Also Read: Beginners Guide to Buying a Sailboat

Commitment 

Another solid reason to avoid owning a boat is the level of commitment involved in owning one, especially if you are new to boating. Sailing a boat is tasking and building your sailing knowledge requires a lot of time and commitment. If you have limited boating experience, personnel skill advancement is critical. You have to take part in research boat training schemes and book yourself for a training course for one at your skill level in other to be educated on the workings of a boat. Even people that are experienced with boating still take these courses because boating is a wide field, and there are so many new things to learn. Unlike car parts that remain constant, boat parts get updated quite frequently, and the handling changes. In other to put up with these changes, one has to be committed to learning.

Also, one has to learn navigation techniques. A navigation technique is a way to determine the navigator’s position and set the desired course. There are different methods of locating your position, different plotting methods, and also different ways to determine your course. This just shows the level of work and commitment one has to put in to learn the ways of boating. Renting is a great start and a preferable option for new boaters who have yet to conclude whether the boating lifestyle is right for them and the kind of boat that will fulfill their needs. Renting allows you to test the waters you are unfamiliar with first. 

>>Also Read: Average Cost Of Owning a 40-Foot Catamaran Sailboat

Boating Insurance

If you are considering buying a boat, you also have to look at the insurance factor. The bigger and more expensive your boat, the more necessary it is to have a solid insurance plan which requires a lot of money. You might be thinking, is it really necessary to get an insurance plan? And if I want to get one, why? Here are some cogent reasons for doing that: 

1. Fuel Spillage Liability: This insurance generally covers boaters from expenses related to fuel spillage in water. For instance, if a boat spills fuel or oil, this coverage might help pay any associated clean-up costs, environmental fees, and legal fees, among others that the boat owner faces. The incursion of such fees if one does not have such insurance is quite unpleasant.
2. Property Damage Liability: Property damage liability covers the cost of damages to someone else’s property after an accident that was caused. This type of coverage typically kicks in after a collision, but it may help in other scenarios. In most instances, your property damage liability will help out when you damage other property.
3. Medical Expenses Coverage: This provides coverage for bodily injuries sustained in an accident regardless of who is at fault. It can extend to medical fees and even funeral expenses. However, it can be quite expensive, ranging from a thousand ($1000) dollars and above. 
4. Claim and Defense Expenses: If a lawsuit or any other form of legality is filed upon you, your liability insurance can help cover the legal defense costs, like acquiring a lawyer you may have.
5. Hull Coverage: Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, and motors, among other things. It also protects the boat from natural damages caused by severe windstorms, waves, etc.

Docking

This isn’t as convenient as it sounds when it comes to docking a boat that has been purchased. First, the cost of docking is high, and one has to pay monthly for these expenses, excluding maintenance. Then changes in weather around the docking region will give you a lot of things to worry about because there is a high risk of the boat getting damaged when there is a storm or the weather is unfavorable.

For instance, if there is a hurricane forecast and your boat is on the docks, you can only make sure it is tied up well and hope it doesn’t get damaged. Finally, the expenses, worries, time, and other factors affect docking for people who own boats. By contrast, if you rent a boat, you don’t have to worry about storing your boats in the off-season. Most neighborhoods prohibit boat parking, and off-season boat storage can be expensive. Worse off, if you store your boat in an inadequate place, theft and vandalism can be a valid cause for concern.

>>Also Read: Best Ways to Insure an Old Boat

Is It Better to Rent or Buy a Boat – Summary

So, depending on several circumstances, like whether you have sufficient income to own a boat, maintain it, insure it, and create time to work on it, will determine whether a boat should be bought or rented. Although on a general scale, renting a boat is far easier than buying one because of the numerous obligations and expenses involved with buying a boat. The one exception to the rule is that you liveaboard. If you liveaboard, owning your boat is the only way to go.