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Old 28 June 2006, 14:23   #1
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boat share

i am considering sharing a boat with a friend,
this way i could have twice the boat for half the money.
also the fuel/maintenance costs would be halved.
any thoughts?
pros/cons
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Old 28 June 2006, 14:47   #2
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relatively common in the yacht world. The advice there seems to be to put it in writing and agree up front how you will split the costs etc (e.g. if you go out on your own and you ding the prop who pays to get it fixed? if you leave 1/2 a tank of fuel do you expect 1/2 a tank of fuel in return? etc) Also what about usage - how will you agree who uses it and when? What happens when one of you wants to leave (i.e. sell) - do you sell your share? - does the other party have the right to buy it first? how will you work out the value?

I think PBO and Sailing Today have both had articles about it - and the general conclusion is it is a good idea provided you plan it properly and agree everything in writing up front regardless of how good friends you are. This is as much about forcing you to discuss and agree the details as it is about having something to fall back on if it all goes wrong.
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Old 28 June 2006, 15:02   #3
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A couple of my friends own a small RIB together. Has it's pros and cons of course. Helps if you both have the same attitude about maintenance etc.
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Old 28 June 2006, 16:09   #4
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Do not think you can get twice the boat for half the money. One or the other and there are long term risks involved.
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Old 28 June 2006, 17:09   #5
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Me and GL doing exactly this. It halves the costs of everything, and means you can have a better boat. But everything should be in a contract, even down to who gets the boat if one dies !
What you could consider is to set up an account at the bank each owner puts in a set amount of money in each month by D Debit, and then if something goes wrong with boat, you buy it out the fund and nobody`s scrattin around for dosh. It does work, as long as its thought out and written down.
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Old 28 June 2006, 17:18   #6
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if you share with someone i would have thought you could get twice the boat for the same money or the same boat for half the money......does that make sense
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Old 28 June 2006, 17:18   #7
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As said above

You both need to have the same outlook on what you want from the boat and to what standard it should be maintained.

Both pay into an account for the maintainance.

Kind of doing this with my brother - no contract but working well.

Regarding fuel - you have to own up to what you've used and always make sure there's enough in the tank for what the other partner might want to do when it's their turn.
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Old 28 June 2006, 17:25   #8
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I've been in a boat share for the past 18 months and have just left it. I was just bought out of the deal as the others wanted more useage. Make sure you can get access though when you need the boat to match your holidays! I work in the education sector and i was losing use of the boat as my weeks fell when I was in work etc.

Also consider equipment - how many lifejackets do you need? We all bought our own for the number of people we took with us etc.

With regards to fuel as we used plastic 25ltr cans we all bought our own cans and just took them with us - so you only ever used your own fuel (for long journeys used to borrow the others)

PM for anymore ideas etc
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Old 28 June 2006, 17:29   #9
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Its a good idea. I've found you seem to go out on the boat with your mates, so you might as well let them pay for it as well.
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Old 28 June 2006, 17:33   #10
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I have known of two boats with shared owners and in both set ups those involved have said 'never again'. The whole concept rarely works unless all parties concerned are extraordinarily fair and sensible people. Classic gripes are 'Who scratched it?', 'Who left beer cans in it?',' I left it full of fuel, Why isn't it now?', ' How come you always get it when the sun shines?' and on and on. Good luck.
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