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I figure all powerboaters
fall into three groups. According to independent research, some 40,000
of you PMY readers are among the Gotta Go Biggers. You own a perfectly
fine boat but are nevertheless planning on buying a new one within the
next year. Most of the rest of you are in the Wish I Could But I Can’ts.
For a variety of reasons, you’re not actively looking for a new boat—but
we know you will be, probably within the next two years.
That leaves a large
group of powerboaters called The Practically Constrained, who can’t
afford a bigger boat or can’t justify the added expense of a new
boat based on the time they use it. You’ve seen them at your marina.
They’ve owned the same boat for five years or more and appear to
have no intention of trading up. I suspect a lot of them wish there were
a way to cast off their concerns and go boat shopping. Well, I think there
is: shared ownership.
I’m not talking
about interval ownership, where a company purchases a boat, then sells
shares to individuals, much like a time-share condominium. Interval boat
ownership has been tried and, to the best of my knowledge, hasn’t
worked. I suspect the reason is that many buyers believe such a scheme
doesn’t provide that all-important feeling of ownership, plus there’s
the difficulty of getting the days you want.
Shared ownership is
simply where individuals or couples buy a boat they couldn’t afford
or justify individually, then work out the details of usage among themselves.
It works. I know. I co-owned my third boat, a 26-footer, and it worked
especially well for a number of reasons. First, Don and I worked different
shifts with different days off, minimizing the chance of a scheduling
conflict. Second, we were both meticulous about maintenance and took a
lot of pride in the appearance of our boat. Experienced boaters, we understood
the cost of upkeep inherent in boat ownership and willingly paid it. Third
and most important, we trusted each other, so we were able to work out
conflicts when they developed.
But Don and I co-owned
a 26-footer. Can shared ownership work for a big boat? I think so. I know
of three groups—two of which own a powerboat and the third a sailboat,
all over 50 feet—who have made it work for at least ten years. All
three have owned multiple boats, plan to purchase together again, and
recommend the process. Two of the groups didn’t know each other well
before becoming involved in the process, yet only one felt the need to
involve a lawyer. Everyone says that the conflicts have been relatively
minor and easily solved, that they get plenty of use when they want it,
and that shared ownership has allowed them to buy a much larger boat than
they could have bought on their own. They also say the hardest part was
finding each other in the first place, which makes me think maybe PMY
needs to devote a spot in the magazine or on our Web site where such people
can advertise—a kind of boat matchmaker.
I know the vast majority
of PMY readers couldn’t care less about shared ownership.
They want to own their own boat and can afford to do so. But I’ll
bet there’s a sizeable group of boaters out there who would readily
give up a little freedom and their old boat for a bigger, newer one. They
just need someone to bring them together.
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