Can You Lease a Boat?
Leasing a boat can be cheaper and easier than buying a boat outright, with lower upfront costs and less worry about maintenance.
Whether you’re a weekend adventurer or a seasoned sailor, leasing lets you access a wide range of watercraft without the long-term commitment of storing a boat and keeping it in good condition.
What is a boat lease?
You can lease a boat like you lease a car: You agree to make monthly payments in exchange for using a boat for a set time period.
You can find reputable leasing companies, marinas, boat clubs, or dealers that offer boat lease programs. Compare your options by price, type of boats available and services included in the lease.
Your boat lease agreement will outline key details like:
- Lease duration
- Monthly payment amounts
- Usage restrictions (such as distance or hours)
- Required insurance coverage
- Maintenance responsibilities
Some lease agreements also include an option to purchase the boat at the end of the term, which could let you try out a boat cheaply before committing to boat ownership.
Should you lease a boat?
Deciding whether to lease a boat depends on your lifestyle, budget and boating goals. Leasing is great for some, but it’s not right for everyone.
Pros
- Low upfront cost
- Access to premium boats
- Easier to manage maintenance, cleaning and storage
- Can upgrade or switch boats at the end of the term
Cons
- No asset ownership
- Usage restrictions
- Seasonal availability may be limited
Boat leasing can be a good idea for seasonal boaters or vacationers, or people who are considering buying a boat but want to see what it’s like first. It can also be good if you have limited storage space or no access to a dock.
With leasing, you can try out high-end boats for a lower cost and not need to worry about keeping your vessel ship-shape. You can also try a new boat after the term is up, or even buy the leased boat in some cases.
Boat leasing can be a bad idea if you plan to use the boat heavily year-round or want to customize it. Buying a boat instead of leasing gives you an asset you can keep, and you won’t have to worry about lease restrictions or finding a lease quickly during peak season.
Boat clubs are a popular and convenient choice, taking care of everything from maintenance and insurance to docking fees and cleaning. They might also have boating classes and other training.
Members usually pay a monthly or annual fee for access to a fleet of well-maintained boats, sometimes at multiple locations.
But on the downside, members often need to make reservations in advance to use a boat, and it may be hard to find one during peak times.
Cost of leasing a boat: What you need to know
Leasing will almost always be cheaper than the cost of buying a boat, which can be anywhere from $200 to more than $15 million, depending on the boat.
On the other hand, a boat lease is a bigger commitment than renting by the day or hour, so if you’re only planning one or two trips, you should probably avoid leasing.
The actual cost of a boat lease mostly depends on the type of boat and how long you’ll have it for. Here are some sample prices for both short-term rentals and long-term boat leases at popular boat clubs:
- Long Island Boat Rentals in Port Washington, New York, charges between $425 and $930 for half-day rentals, and between $1,005 and $1,855 for a full day. However, memberships start at $4,788 per year, plus a $5,995 initiation fee for unlimited boating.
- Harbor Yachts, based in Boston, doesn’t offer rentals, but leasing memberships range from $6,400 to $14,600 per year, with a $2,000 initiation fee for the first year. These packages offer seasonal access with different levels of usage, from limited time slots to unlimited boating, depending on the plan.
How to lease a boat in 5 steps
Ready to lease? Here are the steps to take:
- Research reputable leasing companies, boat clubs, or marinas with lease programs.
- Compare lease offers, checking term lengths, costs and included services.
- Inspect and test the boat to make sure it meets your needs and is in good condition.
- Review the lease agreement carefully, including maintenance, insurance and return conditions. Don’t shy away from asking about unclear terms or what’s included, such as winter storage or emergency support.
- If everything checks out, sign the lease and schedule your first outing on the water.
Buying a boat instead
If you’re experienced with boating and want one of your own to keep, then boat loans may be a better fit.
Financing a boat works much like an auto loan, with fixed monthly payments and varying loan terms, depending on the lender and boat type.
Be sure to shop around for a good boat loan. And before you sign, calculate the cost of boat financing to understand the full financial commitment.
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Alternative to boat leases
Leasing a boat and boat ownership aren’t the only ways to get out on the water. Here are other options that might suit you better:
- Short-term rentals — Your local marina may have hourly or daily rental options for smaller boats and personal watercraft. You may need to provide a deposit to cover any damage, and you’ll have to pay for the fuel you use.
- Bareboat charter — This lets you book yachts and large power boats, usually by the week. You must be qualified to operate the boat, and you’ll be responsible for fuel, docking and mooring fees and the itinerary.
- Crewed charter — If you aren’t qualified to pilot a yacht, you can hire the boat and a captain through a charter company. For additional costs, you can hire a crew to take care of cooking, cleaning and boat management.
- Boat sharing — There are boat-sharing apps that let you book power boats, pontoons, personal watercraft, houseboats, yachts and fishing charters. When you’re done with your rental period, you return the boat to the owner.
- Fractional ownership — Like with a resort timeshare, you can buy a share of a boat and have guaranteed access for a set number of days per year. Some terms run several years, while others are for a single boating season. Some programs will even let you use different boat types at different locations.
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