Upgrade time?!

[cltTige]

Really considering upgrading boats for next season (well maybe selling soon and waiting for prices to drop lol). All we do is surf now so I think it’s time for a V-drive. One of my buddy’s who always goes out with us is serious about wanting to split a newer/nicer boat. I got my my list of pros and cons, but I wanna hear if anyone has done this? If you have, would you again, or what would you do different? Should we have a contract between us, and what should be included?

[BrentB]

I think it really depends on the type of relationship you have with that “friend” and what type of personality you each have. If you both have “Type A” personalities and want to be in control of everything then I think you would not remain friends for long after the purchase. But if one of you likes to take control and the other is more passive, then I suppose it could work.

On the other hand, if you’re too different that could be a disaster as well. Like if you’re obsessed with keeping the boat pristine and he would be just fine leaving it uncovered for a week in the rain.

I personally would never do it. I live on a lake and my next door neighbor is a very good friend and the guy I surf with the most. We really don’t need two boats. It certainly would seem more logical to share a boat. But we each have our own boat. I value my friendship with him too much to ever let a boat ruin it. I’d sooner let him sell his boat and allow him to use mine anytime he wants (but don’t tell him I said that, haha).

[sandm]

I'd never do it. imo best way to ruin a friendship.
too many downsides.... care, hours of use, weekend use, one wants to cash out, you stained the seats last weekend, etc.....

[Bamer]

I had some friends who did it with success for 4 summers. They both were ready to move on and sale. No serious issues ocurred between them, but they were brothers!

I’d say probably of having success do a split is very low and you’re more likely to lose a friend. If you do decide to do, you should list out all the run rules and stick to them. Where is boat stores? Who does maintenance and cleaning? Do you take it out without the other owner? How do you approve of non-mural friends who go out with you? Probably at least 50 questions should be answered And both of you agree on it. An official contract is pointless, but write down and agree on run rules.

Let’s say year 2 and he wants to upgrade sound system, but you don’t want to do it. How do you resolve differences. Make a plan for it


Personally, I wouldn’t do it.


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[talltigeguy]

I was in a boat partnership for 4 years. It worked very well. We separated simply because we both wanted to use the boat a lot and it became harder to share. We are still friends.

A few random thoughts on why it worked:

We both had high standards of cleanliness without being complete freaks. We both knew the other guy was going to leave the boat as good or better than he found it, without killing ourselves breaking out Qtips to clean it with.

We both had extra money to spend. When the dealer raped us for $600 to change the oil, we both just paid our half. If I suggested 2K for tower speakers, he said great and cut me a check for 1K.

We just split expenses other than gas down the middle. Keeping track of who had how many hours was just something that we didn't do. If I broke something, I paid for it, and vice versa. I think it helps to have a warranty in this situation so anything that mechanically breaks through no fault of your own does not get 'blamed' on the other guy.

He was conscientous enough to keep the boat clean, but super easy going in any other way. I generally took care of the boat, scheduled the maintenance and kept the boat in my boat garage. So you could say I was the Type A in the relationship. Some would see that as him taking advantage of me, but I also always knew when the boat was not being used and could take it on a whim. He had to call and check with me before he did, so it went both ways.

A good portion of the time, he was the guy I called when I wanted a morning on the lake with just the fellas, so we often were on the boat together.



I think this was unique, and most folks could not get that sort of setup. Our dealer suggested that we count hours and separate costs accordingly, and said that was why most partnerships failed. One guy uses it 75% of the time, but pays half of the depreciation and upkeep, and eventually gets irritated.

[UNSTUCK]

Did the boat get titled in both of your names? Was there a loan? Did one guy make the payment and the other guy pay him back his half?

I often thought about taking on a partner, but have that partner be more like a guaranteed renter each month. The boat would soley be mine, but I would "rent" it to him x times per month and then as much as he wanted when we didn't want to go out. He would be responsible for his damage and fuel. I would take care of everything else. Either of us could brake off whenever. Never did it, but an idea I toyed with.

[freeheel4life]

All I can throw out there from my end is PLEASE designate one person to handle service with a dealer. Getting wires crossed between owners on co-owned boats has been PITA for us in the past.

[cltTige]

I like all the advice, giving me stuff I didn't think about. its one of my best friends, he goes out with us almost every weekend, so now instead of having all the cost of ownership I would get to share it, however that’s all affordable - the big plus to me is I would get a nicer boat and I'd end up saving money if I was to upgrade anyway.

As far as maintenance and up keep, I'm confident that would go well and we are on the same page.
I think the biggest issue for me is upgrades and cashing out.

honestly you guys have me leaning away, just b/c of all the small stuff you don’t really think about when it’s just you that owns it.