Is it worth it? Rent vs. Own

So this is probably going to be a subjective question to most people but I am looking for some insight. A little background first, I enjoy fishing and have always fished from the shore. This past week we were on vacation in Michigan and rented a pontoon and went out on a large lake and I caught a walleye and a couple of bass. From now on I never want to fish from the shore again. In Northern Illinois there are a few places for some good fishing. I have an opportunity to buy a 16 ft 1971 Mark Twain tri-hull with a trailer. It has a 65 hp Mercury with a dolphin attachment but needs a lower unit. The boat also needs a new deck and from reading here possibly some other floor repairs. The hull is in good shape and the motor runs well. I am extermely handy and am more than capable of doing the work myself. Cost of the boat is $250. So the question is it worth it when I can go out on the weekend I choose and rent a fishing boat from the marina for $85 a day versus the cost and investment of owning. Espicially a boat that is going to need some work before it is even water ready. Thanks for your help.

Re: Is it worth it? Rent vs. Own

If you are somewhat mechanically inclined i would say go for it.When i got my first boat (14' fiberglass fishing boat with 5hp motor) We had a blast on it. Cought lots more fish then i ever did from shore or rivers. And on the first 3 outings we saw wildlife closer then ever before. 1 bald eagle soared over us the 1st time out, loons swimming the 2nd time out, and a loon swam almost under the boat the 3rd time we had it out.

Re: Is it worth it? Rent vs. Own

Go for it. I had a very small boat that our family was outgrowing. I bought a boat that needed some work, and I did most of the work in the garage during the off seasons, spread over about three years. In the mean time, I got to use the boat during those seasons. If you look at the numbers you mentioned, you only have to use the boat a few times (rent vs. own) to pay back your investment. At that low of a cost, the boat won't really be eating any hay while you're not using it, so why not do it? The only thing that would make me nervous is that you may find more work to do when you get into it, but if you're handy, that shouldn't be a problem. After you're done, you can point to the finished project and say, "I did that!" The lower unit will cost some, but you can probably find a shop with a used one laying around.

Re: Is it worth it? Rent vs. Own

Thats a tough question, and one probably only you can answer yourself...

You will have to figure out how often you plan on using the boat, and multiply that buy the cost to rent one. Obviously at some point if you are planning on doing this long term, eventually you will have spent enough on rental fees to have just bought something.

Things to consider:

Pros of renting:
Use it and go.. (Don't have to clean it, do the maintenance, store it, wax it, etc.)
Cons of renting: it's not yours, so your limited to using it only when you can rent one, availability of rental boats, ongoing costs of renting (plus 85 seems cheap, its 200+ to rent a boat for a day here).

Pros of owning:
Boat is yours, you can do what you want, when you want, and not have to worry about it. (thats the only real pro I can think of hehehe)
Cons of owning: You have to buy it, store it, maintain it, and fix it when stuff breaks, (and it will break).

Now for the specific boat you mentioned, being that old and needing a new deck, I would say you're looking at nothing shy of a total rebuild (deck, stringers, transom). On top of that the motor isn't even in running condition. That will be a major project, and you will never recoup the money you put into it.

Good points are, if you want something for the long term, you will have a nice solid boat that will last you for years. Bad points are, that old of a merc will need a bit of work to keep it going, plus the initial cost of getting it running. When considering the cost of a "project" boat, you have to figure the hull as "free" because they are worthless, (if junk, you even have to pay to dump em). So the only thing you are paying for is the motor/trailer... You could be in for a lot of cash from the get go between fixing up the motor, rebuilding the boat, and servicing the trailer. Is the motor and trailer worth the 250?

I would suggest reviewing the restoration forum, and really looking through some of the "total rebuild" threads so you have an idea of what you will be in for. If you think you're ok with the work, costs, and time, and want to own, then go for it.

If not, but you still really want to own, then buy a starter boat, keep shopping around... there are plenty of boats out there that would be water ready in the range of what you would spend to get another boat rebuilt...

Good luck

Re: Is it worth it? Rent vs. Own

the boat you are think about, you might get to fish next season, maybe. i would rent several different types of boats before i bought one. you've had the great pontoon experience, now try bow rider, center console. etc. find which you prefer, then weight the cost of owning, vs renting. always remember the cost of owning and operating, comes out of recreational dollars, not investment $$, a boat is an recreational item, not an investment.

Re: Is it worth it? Rent vs. Own

cclark said:

It has a 65 hp Mercury with a dolphin attachment but needs a lower unit.The boat also needs a new deck and from reading here possibly some other floor repairs.

Click to expand...

Re: Is it worth it? Rent vs. Own

Having been there, like many of us, The boat will serve your purpose but with a lot of work and expense. You will likely pull out the floor, followed by stringers and transom. Then you have the motor to contend with. Aside from the lower end, what will it take to be reliable. As a starter, I'd look for a deep V 14 or 16 aluminium. You can see all what your getting, light for transport and very versatile. I see many for sale with motor and trailer for under a grand. When you want to upgrade, you will easily get your money back. This will always be cheaper than renting, and as you mod it to your liking, will be preferable.
BTW welcome to the forum.

Re: Is it worth it? Rent vs. Own

I REALLY appreciate the feedback from everyone and I do agree with what most everyone has to say. After considering a project boat and the expense involved this may not be the right situation for myself. What I really want to do is go out and fish, not spend all of my free time (which most of you may know comes very infrequently as well) working on a boat. I have looked around and found some very nice boats that would more than serve my purpose in the $1,000 to $2,000 range. After looking at the work involved in what I already know this boat would require I am already around the $1,000 mark and that is without all of the unknowns. Probably for the few weekends we have left up here in IL I will rent and try to find something I like in the offseason. Thanks again everyone for you help.