Cabin Cruiser (Power Boat) Timeshare-Ownership

 
I am interested to own a good quality Cabin Cruiser Power Boat, but since I don't foresee using it more than 2 months in terms of absolute time a year, I am considering timeshare-cum-ownership partners, preferably 1 more partner at most.

Flexible arrangements, all possible terms very well defined up front. Approx 3-4 years total commitment, after which will relinquish my share or sell the Cruiser. 

Why partnership? (timeshare-cum-ownership)

Split the costs, maintenance, insurance, marina costs, labour, cleaning, repairs, divide and conquer,  depreciation, etc. Expect to resell the boat at almost 80-90% of purchase price, so you may end up paying overall not more than $5000 in depreciation for 3-4 years.

What about personal independence? Everyone says it won't work.

This will be likely TOP OF YOUR MIND. I have thought about this a lot and written a full post on this here. 

The terms are clear, consider almost every eventuality, are fair, transparent and must be agreed upon.

The widely held belief that partnerships in boat ownership is a bad idea is a DOGMA. Partnerships go bad and fail because of the gap between expectations and reality. Usually disappointments when basic fairness isn't reciprocated.

But, if all likely scenarios, especially those likely to fail are well defined and iron-clad, then those disappointments do not arise. That is what lawyers and constitution writers are good at!

In short, if you can manage to find partners who are compatible, agree on a more or less similar terms, can afford a similar financial outlay, share fairly and are responsible it can be a fruitful timeshare partnership. 

There are many cases of successful partnerships.

Tentative budget 
Price range - $125,000-$130,000 USD ($152,000-164,000 CAD). For 2 partners this will halve.

Timeline of the timeshare in years
3-4 years. Approx 3-4 years total commitment, after which will I relinquish my share or sell the Cruiser. Buyout or total sell options possible.

What kind of Power Boat Cabin Cruiser?
I have just started the search. Open to used boats. You can welcome to join the search. I have 3 people in my family, so won't need a large boat. Approx 31-33 feet. Sleeps 3-5 max. Good quality, preferably later than 2010. I have already identified SeaRay Sundander post 2010 in this price range. 

How Much Does Boat Insurance Cost?
The average annual cost of boat insurance is a few hundred dollars (200-500) per year), though it can run over $1,000 per year, depending on the type of boat and your personal profile. Not like auto insurance! 

What happens if the parties fall out mid way?
Detailed and Fair legal agreements will foresee every possibility. I will capture all scenarios and both-parties will be the signatory to all possible conditions including participatory cleaning, maintenance and care of the boat. Parties can together sell the Cruiser after the term ends in 3 years or one can buy out the others.

My qualifications and profile
I have been a boater in the past. PCOC and SCUBA certified. I am now learning sailing. I am a good planner and organizer, with clear goals of touring with the cruiser in the summer months especially the Trent Severn Waterway. I aim to do it for 3-4 years, then sell my share in the boat. I am flexible, open and listen to sensible advice. I am a long time diver and amateur astronomer. Financially I can hold up my side of the bargain. I live in Mississauga, Canada.

Now what is the catch? 

Do not forget to read all things that can go wrong and their mitigation here.

What kind of Cruiser?
This is a very nice comparison here and here