Tim West bought a six-metre boat for $80,000 in 2019 and is already making a profit by renting it on Book my Boat.
His regulars include fishermen, who hire out his Bar Crusher to drop a line in Sydney Harbour, and families, who go for joyrides off Pittwater on Sydney’s northern beaches.
Each hire takes up about two hours of his time but Mr West doesn’t mind when he’s pocketing 74 per cent of the fee and the only damage has been the odd scratch on the hull. “I work in an office, so driving around Sydney and meeting people doesn’t feel like work to me,” Mr West told“The best thing is the financial benefit – not only have I got an $80,000 boat that isn’t costing me anything, I’m actually turning a small profit.“I’m considering getting a few more boats, paying them off while I’m still working, and then I could retire in about 10 years and my life would be less stressful," Mr West said.
There are more than 900,000 registered boats in Australia, according to the National Maritime Manufacturers Association, but owners only use them on average 28 days a year.
Book My Boat was hamstrung by COVID-19 in its early days, but Mr Lloyd in December raised $400,000 through 200 investors.
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