If your idea of the perfect vacation is water-skiing, fishing, or hanging out on the water, there's a chance you're thinking that purchasing boat would be a great investment. Before signing any contract though, you should consider whether or not boat rentals might make more sense over the long run.
Let's do the calculations: The average price of a new family outboard motor boat is in the $70-$80,000 range. Once you've pondered that a while, you will discover added costs that should be factored into your final expenditure such as state and federal taxes, vendor processing fees and interest on your loan. All this adds up to about $600 or so a month. Do you currently own a car or truck that can transport your new boat, along with the trailer to haul it on - or will you need to buy or rent that equipment too?
But wait - there's more! Think about:
Insurance
Maintenance
Depreciation (even higher than a new car!)
Transportation and storage (unless you intend to park it in your driveway or garage - or have a boat slip
Licensing for both the boat and the trailer
Safety items such as ropes, anchor, life vests
Toys like wake-boards and water-skis, or scuba diving gear
The increased expense of fuel to haul the boat wherever you are going. Your typical economy car isn't capable of hauling even a small boat.
Since the normal boat owner actually uses their boat only 14 days each year, the average price tag per day of use is around $692, or close to $10,000 per year. On the other hand, daily rental charges normally considerably less than this figure - plus you skip the logistics of getting the boat to your destination, storing it in the off-season, and performing a world of upkeep chores. Furthermore, you're not tied to one type of boat. Think about it - you can investigate a fishing boat rental one day for you and your mates and hire a gentle pontoon type vessel the following day that can accommodate family and friends for a picnic and lazy day of sunshine and swimming.
Often a day's fun on the water includes jet-skiing. Rather than jump into ownership, consider Jet Ski rentals. Models vary significantly as to size, horsepower and safety features. Hiring one can save some costs, and also provide a chance to try out various models to determine what works best for you and your family.
Now, if you either live on the water or own a vacation home on a lake or river and you're not in the habit of picking out a different destination with each getaway, then purchasing a boat or jet skis may make sense for you. Odds are you will use it somewhat more than 14 days a year. However, it still makes sense to rent first to determine exactly what you want, and then perhaps looking into some well maintained used boats before you commit yourself to a new one.
The answer to the question, whether you should rent or buy a watercraft will depend on your vacation habits, your family and your budget. But perhaps the immediate answer is, "try before you buy" and try renting various vessels as part of your purchase research. After all, most people don't trade in their boats every year for another model, so investing in a souped up Miami Vice type cigarette speed boat and then realizing what you really want or need is a 4-bed floating motel or a pontoon party boat could be a costly mistake.
Reproduction permitted only if all active links are maintained and byline is preserved, and/or your byline is omitted. 2011 All Copyrights Reserved.
Let's do the calculations: The average price of a new family outboard motor boat is in the $70-$80,000 range. Once you've pondered that a while, you will discover added costs that should be factored into your final expenditure such as state and federal taxes, vendor processing fees and interest on your loan. All this adds up to about $600 or so a month. Do you currently own a car or truck that can transport your new boat, along with the trailer to haul it on - or will you need to buy or rent that equipment too?
But wait - there's more! Think about:
Insurance
Maintenance
Depreciation (even higher than a new car!)
Transportation and storage (unless you intend to park it in your driveway or garage - or have a boat slip
Licensing for both the boat and the trailer
Safety items such as ropes, anchor, life vests
Toys like wake-boards and water-skis, or scuba diving gear
The increased expense of fuel to haul the boat wherever you are going. Your typical economy car isn't capable of hauling even a small boat.
Since the normal boat owner actually uses their boat only 14 days each year, the average price tag per day of use is around $692, or close to $10,000 per year. On the other hand, daily rental charges normally considerably less than this figure - plus you skip the logistics of getting the boat to your destination, storing it in the off-season, and performing a world of upkeep chores. Furthermore, you're not tied to one type of boat. Think about it - you can investigate a fishing boat rental one day for you and your mates and hire a gentle pontoon type vessel the following day that can accommodate family and friends for a picnic and lazy day of sunshine and swimming.
Often a day's fun on the water includes jet-skiing. Rather than jump into ownership, consider Jet Ski rentals. Models vary significantly as to size, horsepower and safety features. Hiring one can save some costs, and also provide a chance to try out various models to determine what works best for you and your family.
Now, if you either live on the water or own a vacation home on a lake or river and you're not in the habit of picking out a different destination with each getaway, then purchasing a boat or jet skis may make sense for you. Odds are you will use it somewhat more than 14 days a year. However, it still makes sense to rent first to determine exactly what you want, and then perhaps looking into some well maintained used boats before you commit yourself to a new one.
The answer to the question, whether you should rent or buy a watercraft will depend on your vacation habits, your family and your budget. But perhaps the immediate answer is, "try before you buy" and try renting various vessels as part of your purchase research. After all, most people don't trade in their boats every year for another model, so investing in a souped up Miami Vice type cigarette speed boat and then realizing what you really want or need is a 4-bed floating motel or a pontoon party boat could be a costly mistake.
Reproduction permitted only if all active links are maintained and byline is preserved, and/or your byline is omitted. 2011 All Copyrights Reserved.
About the Author:
Author Stephen Daniels recommends you check out Buzz Off Power Sports, for Lake Powell ski boat rentals if you are vacationing in Glen Canyon, Utah. In the heart of the beautiful red-rock canyons they offer a great variety of boats for rent, by the day or special weekly rates. All boats are fully equipped, and they even have fishing and ski gear that can be thrown in with the rental packages.
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