If you don’t use something everyday, you should rent it.
I recently took a stand up paddleboarding course on a whim. The course was a blast, and of course I thought about how nice it would be to have my own paddleboard to take out whenever my heart desires. So let’s take a look at how much that might cost:
MEC has paddleboards starting at about $800. Now let’s take a look at how that compares to renting:
So I can rent one for a couple hours for $40.
That means that I’d have to rent one 20 times to make it a better deal to buy one.
Sure if it was my only hobby and I wanted to go twice a week it might be worthwhile, but I have other things I’d like to do too, so there’s no reason to own a paddleboard.
Let’s look at another example. I’ve thought about trying mountain biking.
Oak Bay Bikes rents full suspension mountain bikes.
The first bike on their list is a 2016 Norco Carbon Sight 7.2. According to the internet, this seems to be a bike that is worth somewhere between $3500 and $7500, as there’s a couple different models of Norco Sights.
Oak Bay Bikes rents it out for $60/day. So assuming it’s at the low end of the model range, I can take out a $3500 bike for $60/day, meaning I’d have to rent it for about 60 days to have made it a better deal to have bought it.
In addition, every time I rent a bike, it’ll be professionally maintained and cleaned.
What if you lived frugally Monday to Friday, then rented a millionaire lifestyle on the weekends?
I was recently driving along Cordova Bay Road, saw a McLaren pull out behind me, continue along for a few kilometers, then pull into the golf course on Blenkinsop. It occurred to me that this was like owning a racehorse to be able to do laps in your backyard.
Scenic Rush lets you take exotic cars from Vancouver to Squamish and back (80km) for $500. They have a Lamborghini Gallardo, Ferrari F430 Spider, Audi R8 and a Nissan GT-R. These are $200,000 cars. So you can either spend $200,000 on a car to get your groceries with, or $500 on the experience that you should really be getting out of the car.
Continuing along this line of thought, the next thing that I think of, when I think of big money, is those gleaming white yachts that are often moored in the inner harbour. Can you rent those?
Sure enough, Island Cruising will rent you a 46’ yacht for about $4k for a week. I don’t have $4k lying around, but it sleeps 6 – so if you took it out with 5 other friends, you could be cruising around the gulf islands on a $300,000 boat for $100 per night, per person.
Yes, it would be nice to win the $60 million, and I’m still buying my ticket this week. But I think that we place too much emphasis on owning things, when what we really want is just the experience, and that can be afforded by the average person at a much lower cost.
The millionaire, or multi-millionaire, might own all the things, but still can’t use them all at the same time – you can’t drive your Gallardo at the same time as you’re steering your Beneateau, so why be paying to have one parked while you’re using the other?
One of my dreams would be to own a beach house on the ocean. But do I need it if I’m still working 9 to 5? Going to the beach, when you have time to do so, is free. While I’m in my office, my beach house wouldn’t be doing me any good.
As a renter, it makes the most sense to me, as much as I’d like to rent a beach house, to pay the least I can for rent, and then use the money I’ve saved to do the things I’d like to do on the weekend.
I’ve decided to focus on minimizing my expenses and belongings, in favor of having amazing experiences. This Christmas I’ll be asking for gift certificates to experiences, rather than new sweaters. Here’s my Christmas list: Your Victoria Bucket List.
What would you buy if you won the lottery? Can you rent it?