Financial Breakdown: To buy or to boatset...

[jdlev]

Hey Guys,
Wanted feedback on whether to own, to boatsetter, or to freedom boat club it. We had a fantastic experience renting a 192 on Lake Norman - aside from the amount of gas we burned, lol. Total for 4 hours was about $400 for the boat, and then $160 for non-eth fill up. Didn't think we drove it too hard, but I'm not kidding when I say we coasted into the slip on fumes (literally cut off as soon as we docked). Host was a nice guy named Joe. Figure it was an even $600 for half day of fun. Whole experience was great and couldn't have been more fun. Only knock I could give the boat was I think the 19' might be a tad small if you've got more than 4 people.

Contrast that with my first boat ownership, and every boating cliche' you can think of was true. B.o.a.t = Break out another thousand. Best day was when you buy it...2nd best day is when you sell it...etc. Ended up giving it away after having dumped a total of about $10k for everything into it. Yeah, not eager to repeat that experience.

Despite the god awful experience w/ ownership vs the great experience w/ renting...something kind of rubs me the wrong way about giving the boat back at the end of the day. Can't really place my finger on it?
-$10,000 for a clunker boat...which in all honesty I probably could have dumped for $3-5k, but we took it out maybe 8 times?
-$600 and all I had to do was show up with 2 kids life vests?

I keep hoping to find a 2015+ 242 limited w/ decent hours (sub 200) for under $40k, but that's not really working out. When you get into the '10s-'13s, you get into the $30ks, but I recall someone on here mentioning timing chain issues w/ the pre '15s? We've considered a pretty clean '13, but it's right at $40k...something just rubs me the wrong way about paying close to $40k for a boat that's 10 years old that retailed for $45-50k new in '13. Of course...if I did buy it...I'm sure we'd move from inflation to deflation and the boat would be worth $30k in a year (which is exactly what I thought this time last year, lol)

So the '13 has about 120 hours on it...which seems crazy low for a boat 10 years old, and it does look like it's in great condition. Am I just being too picky?

 

[Beachbummer]

Boat is like a plane. Must use over 100 hours per year of use to break even. Use it a little, and you are putting in a lot of effort and depreciation for little benefit, vs renting being more expensive if you use it a lot.(say, use it only 4 times a year, probably better off renting).

Are you ready to break even? or are you an occasional flyer? (boater?)

 

[tdonoughue]

(I have no doubt @Beachbummer is right on his numbers, but I think after 11 years my boat has like 158 hrs on it. Already this thread is depressing me.)

 

[Bottom Bracket]

(I have no doubt @Beachbummer is right on his numbers, but I think after 11 years my boat has like 158 hrs on it. Already this thread is depressing me.)

Not enough data, engine hours+hours spent chillin or fishing.

 

[Beachbummer]

Sorry, I meant hours of use, not engine hours like the plane.

I'll make something up I think it's accurate. If you use it more than 10 times a year you are probably better off owning. Less that 5 for sure renting would be cheaper.

 

[tdonoughue]

I agree with the principle (actually both versions have merit). Just depressed at my personal result from the calculus.

Sorry; I think I pulled us off track from the OP point/question...

 

[Beachbummer]

Hey, there's a way to fix it, Go use it more Over the last 4 years I've splurged for Dry stack in the summer. It reduces the effort immensely. But you still need time to use it. Best of Luck!

 

[FSH 210 Sport]

You can’t use your ownership experience since it was a clunker boat. Buying a used boat increases the chances of getting another clunker.

What year and how many hours in the 192 rental?

The other guys are probably correct about the number of times you use the boat in a year and the owner / rental question, but even that’s not really accurate, some years you might use it a bunch and others not as much.

So the real question is are you a boater or a renter?

The same questions apply to you as a purchaser deciding which boat to buy.

-What are you going to use the boat for?
-Where are you going to use the boat?
-How many people are going to go out in the boat? Be honest with yourself here.
-How often are going to use the boat ? How many boating days will you have on the water in a year? I think boating days is a better metric than hours on the engine.

 

[Ohio]

Boated last year for a week at Norman with a 19.5' bowrider. It was too small for that lake. Went this year with a 24.5' bowrider, much more enjoyable.

My first 3 boats were old, inexpensive and previously well cared for. The newest one was a 1986. All of them ended up being unreliable at some point. We then bought a 5 year old boat, a 2012, and the one we have now is a 2017. Both have been reliable, no issues with lots of use.

Buy something fairly new that has been well cared for and you will probably be happy. The hours don't matter that much unless they are crazy high. I have seen recommended to buy a 10 year old boat, use it for a few years and you will know just how much you like boating and how much boating you do. A boat at 10 years will not depreciate very much at all in the 3 years you use it. So if you end up wanting to get out of it, you can sell it for pretty much what you paid for it.

 

[Adrian @ JB Solutions]

Gas usage is a bit high. Using a full tank in 4 hours is pretty rare.

Anyways I have a few renters that just rent from me instead of buying a boat. It all depends in how much you use it. Freedom Boat Club can be limiting and expensive.

 

[Jim_in_Delaware]

One doesn’t necessarily buy a boat (or other toy) because it makes financial sense!

Sometimes it is a matter of having what you want, where you want, and when you want.

Don’t currently have a pricey boat, but do have pricey off-road toys. Once I figure in insurance and maintenance costs, there likely isn’t any cost savings over renting these toys for a day. BUT, we have the convenience of having exactly what we want to drive, whenever we want to use them, and the ability to trailer them wherever we want. Really no difference than having water toys.

Jim

 

[Beachbummer]

I think that is still making financial sense, you are just valuing time and accessibility at a premium. That's is totally OK. That's the magic of a mostly free market economy, you get to spend your money as you please.

 

[PatrickKolby]

Do the best of both worlds. Turn your boat into a business and rent it when not using it. Wife and I have done that since buying new in 2020. Boat still looks brand new. The key is vetting your customer and being super OCD

 

[Dornbox]

Hey Guys,
Wanted feedback on whether to own, to boatsetter, or to freedom boat club it. We had a fantastic experience renting a 192 on Lake Norman - aside from the amount of gas we burned, lol. Total for 4 hours was about $400 for the boat, and then $160 for non-eth fill up. Didn't think we drove it too hard, but I'm not kidding when I say we coasted into the slip on fumes (literally cut off as soon as we docked). Host was a nice guy named Joe. Figure it was an even $600 for half day of fun. Whole experience was great and couldn't have been more fun. Only knock I could give the boat was I think the 19' might be a tad small if you've got more than 4 people.

Contrast that with my first boat ownership, and every boating cliche' you can think of was true. B.o.a.t = Break out another thousand. Best day was when you buy it...2nd best day is when you sell it...etc. Ended up giving it away after having dumped a total of about $10k for everything into it. Yeah, not eager to repeat that experience.

Despite the god awful experience w/ ownership vs the great experience w/ renting...something kind of rubs me the wrong way about giving the boat back at the end of the day. Can't really place my finger on it?
-$10,000 for a clunker boat...which in all honesty I probably could have dumped for $3-5k, but we took it out maybe 8 times?
-$600 and all I had to do was show up with 2 kids life vests?

I keep hoping to find a 2015+ 242 limited w/ decent hours (sub 200) for under $40k, but that's not really working out. When you get into the '10s-'13s, you get into the $30ks, but I recall someone on here mentioning timing chain issues w/ the pre '15s? We've considered a pretty clean '13, but it's right at $40k...something just rubs me the wrong way about paying close to $40k for a boat that's 10 years old that retailed for $45-50k new in '13. Of course...if I did buy it...I'm sure we'd move from inflation to deflation and the boat would be worth $30k in a year (which is exactly what I thought this time last year, lol)

So the '13 has about 120 hours on it...which seems crazy low for a boat 10 years old, and it does look like it's in great condition. Am I just being too picky?

I live in Maine and the summers are short. I also agree with @Beachbummer 's number but will probably put 30 hours on our bat in a summer. With that said. we've owned several bats that were in line with your first boat experience and I too don't like renting a boat for whatever reason. With that said, I've also never spent the amount of money on a boat like we did for your Yamaha and while we still have little things that I have to fiddle with, it's nothing like the nightmares we previously owned. From my experiences, the Yamahas, and probably most new higher end ridiculously priced boats, they're not like the boats of old. Then again, if my connex breaks after writing this, I'm sure you'll hear my screams of anger all the way down in Delaware.

 

[jdlev]

(I have no doubt @Beachbummer is right on his numbers, but I think after 11 years my boat has like 158 hrs on it. Already this thread is depressing me.)

@tdonoughue - how's your boat's value held up. I assume you bought it new? Curious what you think you could sell it for today versus what you paid for it back in the day.

 

[jdlev]

Do the best of both worlds. Turn your boat into a business and rent it when not using it. Wife and I have done that since buying new in 2020. Boat still looks brand new. The key is vetting your customer and being super OCD

I've considered that as a possibility. You actually make any money doing that or just enough to cover your costs?

 

[PatrickKolby]

I've considered that as a possibility. You actually make any money doing that or just enough to cover your costs?

our rate is $299/hour 3 hour min. We are in a highly desired area for boating and there are a lot of tourists so it’s fairly easy to drum up the business on apps that are available like GetMyBoat and BoatSetter.

 

[Adrian @ JB Solutions]

our rate is $299/hour 3 hour min. We are in a highly desired area for boating and there are a lot of tourists so it’s fairly easy to drum up the business on apps that are available like GetMyBoat and BoatSetter.

$300 an hour? I wish…. You would get zero business in my area at that rate lol

If you go this route be sure to follow your states laws. FL has gotten really strict on bareboats.

 

[tdonoughue]

@tdonoughue - how's your boat's value held up. I assume you bought it new? Curious what you think you could sell it for today versus what you paid for it back in the day.

Lessee... bought it for $53k in 2012. JD Power just now says I can sell it for $35.7k average.

Oh, and I might have put a couple of dollars into it along the way.

All in all, probably not too bad. But, as others have said, I bought it to use, not as an investment... Have had many good times with friends, the kids, the kids and their friends, family. So I'm very good with the purchase.

 

[Freedomvango]

I can actually speak on this since I've been a member of the freedom boat club.
At the time it worked great. I was working for someone else instead of my own business and had defined time off etc etc etc. I stopped using it once my time frames messed up with business growth.

At the time i had nowhere to store a boat let alone anything to tow it (I had a bunch of sports cars)

Now, my time is a little weird, the payment is basically the same either way, and I have flexibility. FBC you can't overnight with a boat, you have an XXmile radius you can travel and are limited to dawn to dusk. it's a challenge if you want to do an evening or night cruise.

I decided to get my own 195s in general preparation for a Beneteau Antares 8 to let my wife get comfy in driving independently and easing into it.

So. The moral of the story in my logic of buying a boat:
If you are okay with 7am to 8pm use only, and range limitations then FBC is great
If you want flexibility, pay the same for a boat and do it yourself

The cleaning conveniences are a thing to think of also since you don't actually have to clean FBC boats. so take that with what you will