Boating and the Sharing Economy
Boat sharing is an offshoot of the sharing economy, defined as an economic paradigm where goods/resources/services are collaboratively shared. The sharing economy allows people to become service providers using their physical assets.
If you have ever wanted to enjoy a boat regularly but do not have the funds required to own one, boat sharing may be a great option that offers precisely what you need.
Before making any long-term commitment, take the time to gather sufficient time share boat information, as this will help you make a better, more educated decision. The flexibility and use of the boat will depend on the type of boat-sharing opportunity you select.
Boat Sharing Opportunities
According to Statista, there were nearly 12 million registered recreational boating vessels in the United States in 2022. Boats offer an ideal asset for use on a sharing platform. This is because boats tend to be cost-heavy (buying, maintaining, storing) but light in terms of their use.
The Boat Club Model
Boat sharing opportunities, like that offered by the Adventure Boat Club, are tech-savvy, hassle-free, and include multiple locations with unlimited use options! Members are free to bring anyone for the boat ride, even pets, but only the member and their spouse can drive the boat.
The Timeshare or Fractional Boat Ownership Model
A timeshare for a boat works similarly to a timeshare for a vacation home or even a private jet. As a timeshare owner, you share the cost of ownership (in this instance, a boat) with other timeshare owners. Your timeshare investment offers the use of the timeshare asset, usually for specified times. Timeshare boat members are responsible for their fuel, provision, and crew, if applicable. Note, though, that a timeshare offers legal ownership that can be transferrable.
The Peer-to-Peer Boat Rental Model
Peer-to-peer boat rentals have evolved from the sharing model as well. In this model, private boat owners list through 3rd-party websites. This has become popular because it offers a wide variety of boats, from small to luxury yachts.
The Traditional Boat Rental Model
Traditional boat rentals are usually managed by businesses that own/maintain a fleet that is offered for rent in a variety of ways. Boat rentals
The Benefits of Enjoying a Boat Without Owning
Boating without owning offers these benefits –
- Increased Access to a Boat. Access to the boat is usually one of the most important benefits of these types of sharing arrangements. Depending on the type of boat sharing arrangement, you may have the option of unlimited use if boats are available.
- Reduced Financial Responsibility and Cost. The exact savings amount will depend on the type of boat sharing agreement. But, it is noted, that shared ownership (or non-ownership) reduces one’s potential risk of unexpected expenses.
- Reduced Personal Liability. Certain boat sharing arrangements require no maintenance or other costs as a member.
- Boat Expenses are Spread Across Many Owners. If a mechanical issue happens, the cost of repairing the problem will be spread across those with an ownership stake, if applicable.
The Take-Away
If you have thought about enjoying some time on the water in a boat but thought it was financially beyond reach – think again. With the sharing economy and expanding affordable alternatives, boat sharing has become more popular than ever and is challenging the more traditional boat rental models.
