Owning VS. Renting

Owning VS. Renting

The biggest No Brain-er in the Boating World!

Renting is a fraction of the cost of owning and here’s why: When you add up the cost of buying a boat interest payments, insurance, and marina fees, not to mention the unavoidable maintenance costs, the thought of owning a boat may be enough to scare you right out of the water. Benefits:
  1. No Down payments
  2. No Long term loan Obligation on your credit report
  3. Get more from less
  4. You only need a fraction of the money to sail the boat
  5. No Long term commitment to a boat
  6. No taking a big loss when you go to sell it
  7. Don’t have to sail the boat down the river on a freezing cold day to put the boat in storage.
  8. Hard to get a good slip in Chicago
  9. No surprises or hidden costs
Annual Costs of Owning a Boat Example:
2010, 18 ft  Seadoo Challenger valued at $25,000
Loan $20K at 8% for 15 Yrs.Annual loan payments $           2,400
Insurance $              500
Summer Storage $              500
Winter Storage $           1,000
Avg Annual Maintenance $              500
Oil/Supplies $              300
Boat Slip $              ????
Total Annual Costs $           5,200
1st year’s costs: $5K down Payment plus Annual Expenses equals $10,200 Unless you plan on using your boat a couple of times a week It’s a no brainer, renting is the answer.