Having owned a boat for years, and many ones during that time, I can attest to the fact that owning a boat can provide a great sense of pride, satisfaction, and independence, but it comes at a price!

It was a difficult, almost agonising choice to finally give over the keys to someone else and instead rely on boat rentals.

As we continue on our path to simplicity and prepare to travel full-time, we realise that selling was (in retrospect) the best financial move we’ve ever made. We miss having the freedom to take it out on the lake whenever we wanted, but in all honesty, we didn’t use it nearly as often as we anticipated.

Advantages of owning a boat

• You can use it whenever and for as long as you like (weather allowing!).
• It’s a fantastic way to spend time with family and friends at a time that suits everyone.
• Boating on a regular basis might improve your health and happiness.
• Learn skills that will last a lifetime and live an extraordinary existence.
• You can select a boat that meets your specific requirements, such as speed, comfort, and handling.
• Owning a boat provides a great sense of pride, fulfilment, and freedom.
• You can go on overnight trips or extended weekends on the water if you have a luxury boat or a boat that you can sleep on.
• You’re going to be everyone’s best friend!

The disadvantages of owning a boat

Boating necessitates time and financial commitment.

You’ll almost certainly need a boat licence – check your locality and boat size to see whether this is required, although some don’t. You’ll also need some expertise before getting right onboard on the water.

• Fuel prices are often rising, not falling!
• The majority of boat owners utilise their boats far less than they planned.
• Maintenance costs are significant — anything that is depending on the sea is significantly more expensive.
• If the boat is anchored on the water, you’ll need to know a decent marine technician.
• Boat and accessory storage can be costly, especially if you don’t have enough space at home.
• Boats degrade in value faster than automobiles.
• Taking skis, kneeboards, fishing rods, nets, lifejackets, and other equipment can be a pain if you have to bring them every time (and don’t leave them onboard).
• The more times you transfer items to and from the boat, the greater the possibility that something may break.
• After each use, every boat should be cleaned, which can take as long as you were out on the water.
• You must ensure that the boat is used on a regular basis; allowing it to sit for months or years at a time may result in considerable damage.

Advantages of Renting a Boat

• It won’t put a dent on your wallet!
• There are no storage, mooring, or maintenance costs.
• You don’t have to worry about remembering to register or get your insurance in order every year.
• Try before you buy, or simply gain practise driving various types of boats.
• It’s useful for new boaters who wish to figure out which option is best for them.
• Due to its growing popularity, more operators are opening boat rental outlets.
• Some boats do not even require a boat licence to operate. You will be given complete instructions on how to use the boat, as well as all necessary safety equipment and accessories. There will be no need to pull the boat out of the water, clean it, or anything else. Simply moor your boat and walk away!
• Without the trouble of trailers, etc., you can travel anywhere and try different water adventures.

The disadvantages of leasing a boat

Spending time on the water with family and friends is fun, but it may be difficult to coordinate so that everyone and the boat are available.

• Some deposits can be rather substantial (but still cheaper than owning)
• Hired boats sometimes have questionable maintenance, so inspect them before leaving the pier and make sure you know what to do if they break down.
• You won’t get that gleaming, new feeling in a rented boat that you may get in your own.
• Boat rental is not available in every area.
• Availability might be a problem, especially if a decision is made at the last minute.
• Finding the perfect boat, such as a fishing boat for anglers or a bowrider for water activities, can be difficult at times.
• You may end up spending more than the cost of buying a boat if you hire on a regular basis.
• You’ll never receive the whole sense of satisfaction and pride from owning a boat.