I guess I was lucky with a close friend and a small dollar ($8000) boat a few
years back. We often used it together and had friends were very willing to pay
the gas guy before we did.

That said, I would probably never do it again unless it was the same couple. At
the time we were on a rather small lake in an area with only seven months of
decent boating. The boat was a 1/2 hour drive for both of us so there was
rarely a conflict of use. Only one did we have to keep some people on shore so
we could pull skiers or tubers.

IF you decide to go for a partner, know them VERY well. Don't let it destroy a
friendship!

Dan



Rod McInnis wrote:
Like everyone else said, it is a bad idea!

My dad did this once, shared a ski boat with a close friend. They aren't
friends any more.

A friend of the family did this, shared a sailboat. That was a disaster
also.


When the boat is in good shape, and both parties are using the boat
(especially if they use the boat together) then it works. Unfortunately,
the boat doesn't stay in good shape, and eventually one party starts using
the boat more than the other.

What is likely to happen is that the owner who isn't using the boat as much
will feel that he shouldn't have to pay 50% of the upkeep since he isn't
getting 50% of the use. Then there will be the arguments of what is "normal
wear and tear" that is paid for jointly and what was "damage" that should be
paid for by the person who caused the damage.

If you are still going to consider doing this, find a lawyer to make a
contract. Make sure you cover the following points:

1) how funds are going to be paid (I suggest opening a special account that
both parties pay into, then make all payments related to the boat from that
account). Include when payments are to be paid, and what happens if a party
is late. It would be better if the account kept a balance sufficient to
cover all expenses.

2) A big deal will be when maintenance is required, how you agree on what is
and what is not required. For example, the boat gets a scratch. You may
want to spend $$$ to get it fixed, your partner may say to live with it.
When does the upholstery get replaced? Lines? Carpet? Engine tune ups?

3) Detail how the boat time gets divided up, especially on major holidays.

4) Most important: define how the partnership is to be disolved! I don't
know of a "perfect" solution, but a common solution is: If either party
wants out, then the choices are to either sell the boat or for one party to
buy out the other. If the two parties agree on a price then the boat can be
sold. If the two parties can NOT agree on the price, then the party that is
wanting more (believes the boat is worth more) must "buy out" the other
party.


Having a legal contract will help avoid a financial distaster, but it won't
prevent endless headaches. One party is sure to object to how the other
party treats the boat. One party will want to upgrade, keep the boat nice
while the other party will want to keep the costs to a minimum. Both
parties will want to use the boat on the summer holidays.

I highly advise against sharing a boat. If you do, make sure you have a
legal contract that covers everything you can think of!

Rod