Sailing is a beautiful pastime that provides you with sun, fun, and loads of memories. Unfortunately, it’s also a hobby that’s been inaccessible to many people in the past. Boat sharing is the perfect solution to this accessibility problem, both for boat owners and those who want to sail but are tight on the cash needed to buy a boat.
What is Boat Sharing?
If you do a quick Google search, you’ll see boat sharing is on the rise, but that doesn’t answer the question of what exactly boat sharing is. Boat share platforms are companies that work off of business models like Airbnb and Uber, where you rent a house or get a ride directly from the owner of that resource, except for boats. This creates a mutually beneficial situation, because the owner of the boat recoups costs on things such as maintenance and boat slips, while those renting get to enjoy the experience of sailing without investing in a boat of their own.
What is the Cost of Boat Ownership?
If you’ve been considering getting into the boat share industry for a while, you may have been told that a boat is not a good investment. It does make sense that financial advisors make this claim; after all, new boats purchased in the 30-foot range generally run between $175,000- $500,000, and that’s before other costs such as personal property tax, fuel, boat insurance, and winter storage come into play.
Boat ownership can be expensive, but the good news is there are many ways to cut down on the costs to make it more manageable, and boat sharing is one of these solutions.
What are the Benefits of Boat Sharing?
There are many benefits to ownership within a boat sharing model. For starters, boat sharing can open up an avenue to new financing opportunities. In addition, your membership in these programs as an owner will supplement the costs of maintenance, insurance, slip rental, and so on. Meanwhile, your membership costs are further supplemented by allowing SailTime to add other members to your boat. This money can be used to make payments on your boat and pay it off faster. And, of course, you’re guaranteed time on your boat, so you still get to sail while making money.
How Do I Get Started?
The first step in diving into boat sharing is to decide how to buy your boat. Determine what type of boat you can afford, what model and size best suit your needs, how you’ll finance it, and who you’ll buy from. Then, gather a down payment and apply for financing. The best way to pay your down payment is to save for your boat over time, but if you own a house, utilizing a home equity loan can be a good option to get the funding you need faster. Finally, you should explore ownership opportunities with an established boat sharing company.
Boat sharing is a great way to not only invest in your love of sailing, but also grow your net worth. You just have to take the leap.
