I talked a few months ago about the cost/use model and how it relates to the rather expensive stand-up paddleboard that I bought back in May. Now that I’ve had the board through the summer, I thought I’d update the blogosphere about how much I’ve actually used it and whether it was a worthwhile purchase, or not.
It’s been almost 5 months since I bought the board, and I’ve been pretty consistent about taking it out about twice a week, which translates to about 40 times. Since I really love Stand-up Paddleboarding, I’d have probably rented one at least twice a month during that period for a total of around 10 times at $30/use.
The simple cost/use is: $16.25 ($650/40).
The more complex cost/use is:
Total cost of the board: $650
Rental cost saved: $300
Possible resale value of the board: $200 (minimum)
Total number of times used: 40
Therefore, 650 – (300+200) = $150
$150/40 times= $3.75/use.
Even with the simple cost/use model, I’m pretty happy with $16.25. It’s definitely a price I’m willing to pay for 2-3 hours of exercise, fresh ocean air, beautiful views and either moments of fun socializing or complete stillness and solitude. I have wetsuits from scuba diving, so could theoretically even use the board during the winter and reduce this simple cost/use substantially further. It really doesn’t get horribly cold in Busan during the winter and the water stays really warm for another couple months.
But, looking at the more complex cost/use model makes me very happy! Only $3.75. In another couple months the board will have paid for itself in terms of how much I saved by not renting.
This was most definitely worth the money I spent!