Boat Co-ownership

[Langy3366]

Anyone tried it? Does it work? What pitfalls to look out for?

[Jizm]

Do you mean privately or using a company like RIB share RIB shack?

[Langy3366]

I was thinking privately.

[Jizm]

Without doubt you would need to be very good mates but would probably find it would cause a great deal of friction between you despite best intentions. You would both want to use the boat the same time, not to mention have difference of opinions regarding how the boat is left, any damage etc.
In my view it's best avoided if you want to remain friends.....
Just my 2p worth.

I have looked at both private and RIBshare companies and decided to buy my own in the end. The RIBshare can be expensive and there can be hidden costs incurred not made clear at the outset. That said if it's financially viable for you then it can be hassle free boating...

[Hightower]

I would agree with Jizm as I have co-owned a boat with a real good friend for several years. As the boat was stored at mine, I found I was doing all the work in maintaining it. I didn't mind at first, but these type of things do eat away at you over a long period of time. We're still great friends that still go fishing with each other but the Evinrude blew up and the boat got sold before things came to a head.

I would never "share" another boat!

[willk]

Boat Sharing, a terrible idea, worse than wife swapping because you'll love the boat...

[HUMBER P4VWL]

Don't do it.

[Mollers]

It doesn't work.

[Polwart]

Originally Posted by Langy3366

Anyone tried it? Does it work? What pitfalls to look out for?

there have been a few threads here in the past, try searching for "Share / sharing" rather than coownership. However a brief synopsis would be that it seems to be very unpopular in the rib (and possibly wider powerboat) world. Its more common in the yacht world (but even there there are plenty of people who think it is mental). I'm not convinced it is totally stupid but there is definitely potential for problems. I'm not sure 'really good friends' are the best people to share a boat.

[Screaming04]

Done it, doesn't work.

Although we had a clearly defined arrangement, my partners (couple) were upset when I wanted to sell.

The deal had been: if someone wanted out, the other person can buy the other party's share or the boat would be sold.

My partners couldn't afford to buy my half and were left boatless (blaming me for it).

Another problem was sharing maintenance, I had been doing all mechanical work and maintenance, they'd been doing waxing etc (hard boat). They were hinting that I should be helping with the waxing etc. while I was quite certain that I was spending at least the same amount of time with the mechanics (they had little appreciation/understanding of the work I was doing).

We had both owned boats prior to this arrangement.

These people had been close friends , I'd been in their wedding party etc. We haven't spoken since. (It's been just over 7 years)!