Should I Buy Or Rent a Boat?

We have researched and put together 7 factors to take into consideration when you ask Should I buy or rent a boat?

1. Factors to Consider When Deciding to Buy or Rent a Boat

When deciding if you should buy or rent a boat you need to take into consideration your knowledge and experience with the type of boat you are considering.  You should start small and work your way up to bigger boats.  

The advantage of renting a boat is that you have a large selection of vessels at your fingertips ranging in size and engine capacity.  You can try out various boat sizes prior to making that large purchase.  

You will need to consider how often you will be using your boat. 

For example, I own a MasterCraft Ski/Wakeboard boat and live in Melbourne, Australia.  I use my boat approximately 20 times per year and we are located on the water with direct access.  The frequency you will use your boat will be directly related to your location, the amount of times per year the weather is suitable and even how much it costs to re-fuel each time.

Budget is one of the primary considerations to take into account.  Once you have a budget that will determine the size and type of boat you may be considering buying. If you don’t have the budget to outlay a large sum of money and for the regular outlay to pay for the upkeep of the boat and possibly storage costs then renting a boat is for you.

Long term goals and lifestyle choices are important factors when deciding to buy a boat.  If you are planning to retire or semi-retire you need to consider if you are planning to stay in your current location?  If you purchase a boat now would it suit these long term goals?  Maybe renting a boat in the short term is a better option for you.  

You should take into account the resale value of your boat.  Just in case you decide to pack up and move to a new location or decide boating really isn’t for you.  

2. Financial Considerations: Buying vs. Renting a Boat

Let’s take a look at some of the costs of boat ownership:-

*We have not taken into account every possible outgoing & haven’t included a deposit amount

So, how much does it cost to rent a boat? If you rented the Corio Fishing Boat listed on

MatesBoat™ at $500 per day then you would be able to rent it for nearly 110 days of the year.  

You don’t need to worry about cleaning, storage, maintenance or even towing the boat.  People often wonder, why is renting a boat so expensive and as you can see from the costs above it is far cheaper to rent a boat than to own one.

Owning a boat is never a financially “Smart” investment but the memories created with your friends and family can be priceless.  You can make the same memories by renting a boat without the financial and ownership requirement burden.

3. Pros and Cons of Boat Ownership vs. Boat Rental

Pros of Boat Ownership:-

There is a lot of joy a boat can give you.  From having fun with family and friends on the water where you can reset your mind and body to catching that fish PB.  

Owning a boat gives you the power to go boating when you want, where you want and with whom you want. 

You are not bound by how long you are on the water and have the flexibility to cut it short or extend the day.

You can set your boat up just the way you like it and add features that you need.

If you love your boat or boating and are passionate about it then buy a boat, if you aren’t then rent a boat.  

Cons of Boat Ownership:-

Okay let’s be honest, there are some cons with boat ownership.  Now these cons can be far outweighed by the Pros depending on your personality and your knowledge and experience.  

There is more to owning a boat than just turning up at a boat dealership or sale yard and out laying your hard earned money.  You need to have some basic skills in boating, mechanical aptitude, common sense and be able to tow!  You will also need a car that is capable of towing the boat.  This may mean an upgrade to your existing vehicle, increasing fuel and running costs.

Looking after a boat can be a time consuming responsibility that many people do not want to undertake. Boaties love their boats and generally love looking after them.  If you are not a boatie at heart then taking on the maintenance  can be a chore and costly.  

Storage is a huge factor in boat ownership.  House blocks are becoming smaller by the minute with little or no additional space for a boat.  Without the space to store a boat undercover and protected from the elements and theft then storage fees can become a burden.

The saying often goes “The best 2 days of owning a boat is the day you buy it and the day you sell it”.  Not necessarily true for everyone, I have owned a boat for nearly 30 years and definitely would not say that.  

Boating is a passion and not ideal for short term pleasure due to the costs and general care required.

Pros of Renting a Boat:- 

Renting a boat is certainly the most cost effective way of getting out on the water.  For as little $400 – $500 per day you can rent a modern fishing or cruising boat.

There is absolutely no maintenance required when you rent a boat.  The boat rental owner takes care of all the maintenance and upkeep. They provide all the necessary safety equipment and can provide additional equipment such as fishing or tow sport equipment.

You don’t need to wash or clean the boat after use and there is normally no towing required or storage requirements.  Just return to the dock and handover the keys.

There is a large array of boats available to rent giving you the ability to try different boat types and set ups.  You may consider renting a boat before buying to ensure you get the right fit for your boating adventures. Try before you buy!

Cons of Renting Boat:-

Finding the right boat, location and getting the timings that you want can be restrictive when looking for Boat Rentals.  

You may be restricted to certain areas and often the boat speed may be governed to allow non-licensed drivers take the helm.  

The limited availability of Boat Rentals can be an issue if you are looking to rent a boat during peak seasons or areas of high demand.  

Boat rentals may not come with the specific equipment you require or would like to have such as “Fish Finders”, bait tanks or water towing setups for skiing and wakeboarding.

You need to consider your lifestyle and what you want to get out of boating.  If you want to just be on the water a few times a year then boat rental may be the perfect choice for you.  

If you are after a lifestyle where you spend lots of time out on the water for long periods of time and have the resources to fund and maintain it then boat ownership may be for you.

4. Assessing Your Boating Frequency: Renting vs. Buying

The average days a boat owner uses their boat in Australia is around 10 – 20 days or around 40-120 hours.  This is heavily dependent on the State and location you live. 

For example, I have owned a ski/wakeboarding boat for nearly 30 years in Victoria.  Lets face it Victoria isn’t known for its year round boating weather.  

I estimate that I use my boat at least 20 days a year with around 120+ hours. This appears to be slightly higher than the average boat use throughout Australia. However, I own a holiday house on the water and have direct access which provides a more convenient boating experience.  In the U.S it is around 75-150 hours a year. 

95% of boat users use their boats in Australia predominantly during December to January.  Which is consistent with my boat usage.  

As we saw above, the yearly cost of boat ownership of a $100,000 boat is around $54,186.92.  In my example, it would therefore cost around $450 per hour to run and maintain my boat.  Not to mention the cost of owning a house on the water and owning a larger car that I need to tow it.

To rent a similar boat it would cost around $1,800 per day.  In this consideration the boat seats up to 16 people and you can ultimately share the costs between family and friends.  When you own the boat yourself you may get some people chipping in for fuel but that’s about it.

If you are wanting to go fishing say 10 times a year you could hire a boat for $400-$500 per time without any of the hassles of looking after and storing it.

5. Maintenance Costs: A Crucial Factor in the Buy or Rent Decision

Maintenance costs can add up significantly when owning a boat.  This will depend on the age, the type of boat, where it is used, how it is stored and frequency of use.  

Fuel is a major expense along with storage costs.  Ongoing repairs and upkeep can come unexpectedly and at any time.  

Getting your boat serviced yearly can cost between $600 and $1,500 depending on the type of boat and engine.

When you rent a boat through a professional boat rental service provider you can be assured the boat is maintained to a high standard. 

You don’t need to worry about unforeseen maintenance or repairs.  Just bring the boat back and handover the keys!  

6. Flexibility and Convenience: Renting vs. Owning a Boat

When renting a boat you have the opportunity to explore a variety of boats available for rent.  This gives you the opportunity to explore new areas and also try out different boats and types.  

There are a myriad of fishing boats available to go fishing and if you are interested in skiing or other tow sports then you can find a boat that suits your needs.

If you are traveling interstate or are towing a caravan you have the convenience of finding a local boat hire company that will suit your requirements.  

The latest Census data (2012) released by the Australian Bureau of Statistics showed there were nearly 60,000 people in Australia calling a caravan home on Census night.  Now this is not just people traveling but permanent sites also. 

People who are traveling around Australia and towing a caravan generally cannot tow a boat(yes I know you can put a tinny on the roof).  Renting a boat is the perfect answer to caravaners wanting to go boating. 

If you are on holidays in a coastal town or by a river or lake and looking for something to do, then why not rent a boat.

Moving house or downsizing when owning a boat restricts you on your choices of property to buy and location.  This lack of flexibility can cause some angst among couples.

7. Environmental Impact: Buying a Boat vs. Renting for Sustainable Boating

Most people in the world, especially Australia, believe that the environment is worth looking after.  I do!

Manufacturing boats with aluminum or fiberglass does have an impact on the environment.  It’s not just building the hulls that affects the environment but all the wiring, plastics, foam, paint and precious metals that are found within these boats.

More boats are being produced yearly and unfortunately most of these will sit idle in a mooring or in storage!  This is a bad use of resources which can be better addressed by being part of the sharing community.

By renting or chartering your boat to non-boat owners you are helping to protect the environment and make better use of the resources already being used.  You can even make some passion money and claim your expenses on tax.

Electric boats are now in production and growing in popularity.  Why?  Because these manufacturers believe the environment is important and want to help protect it.  

Additional Q&A’s

Q. How much is it to rent a boat for a day?

A. Small fishing boat $400-$600 

     Large Wakeboard Boat $1800 

     Tinny $200-$300

Q. Why is renting a boat so expensive

A. See paragraph 2

Q. Do I need anything to rent a boat?

A. Yes.  Depending on the boat type you will generally need a Marine licence. There 

     are also some boat rentals that don’t require a licence so make sure you check.

Q. Is renting your boat worth it?

A. Yes. On average you could earn $15-$20K per year and able to claim tax

     incentives for your vessel’s expenses.

Boating for Everyone!