• Dec 2, 2011
Life is full of unattainables. Most of us will never hold the keys to an expansive beach-front property, lounge on our own personal yacht or park a Ferrari in the garage, and for good reason. The very exclusivity of those objects is part of their lure, but a new site looks to change all that. Jointli allows regular Joes and Janes to co-own property, vehicles, boats and more. The site's tools allow users to chose potential co-owners in their area, sign agreements and manage time shares accordingly. So, how much would it conceivably cost to own, say, a Ferrari F430?

According to Jointli, four people could conceivably wrangle one of the Italian exotics for as little as $8,000 per person, which works out to close to $8 per hour individually. Of course, Jonli's math means that's the cost after selling the vehicle after just one year of use. It also excludes any unfortunate dings or repairs that may arise as the result of four people who don't know how to drive a Ferrari being tossed the keys. The whole scenario sounds great in a perfect world. Unfortunately, our planet is about as far from that bright center as you can get. Head over to Jointli to check out the system for yourself.
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OWN A FERRARI FOR 8 BUCKS AN HOUR

A Social Marketplace for Co-Ownership -- Collaborative Consumption Means the Millionaire Lifestyle on a Beer Budget

New York, NY -- (November 29, 2011) -- Jointli.com allows a group of like-minded people to get together and pool their resources to purchase and own something together. Each co-owner gets an equal share of usage, and pays an equal share of expenses. For something like a boat, RV, or vacation home, which are never fully utilized by a single owner, it's a way to cut the cost of ownership at least in half while still using your shared item as much as you normally would as a single owner.

The Ferrari Example

Most guys have dreamed of owning a Ferrari since they got their first matchbox version of the real McCoy. Unfortunately, most of us don't have $185k to buy a (used, mind you) Ferrari. Even if we did, the average Ferrari gets driven only 1 to 2 days a week, or about 7 days a month. It's not exactly the kind of car you drive to the grocery store. That means that you'll be paying to have your Ferrari sit in your garage more than 75% of the time. Even for the super rich, that just doesn't compute.
That's where shared ownership comes in. It's a model that makes use of capacity that would otherwise be wasted. It's also a way to dramatically cut the cost of ownership of a luxury item, putting the millionaire lifestyle within reach of a much larger segment of the population. With three other co-owners you can cut the cost of ownership by 75% and still drive your Ferrari as much as you would have if you owned it by yourself.

Just for fun, lets compare shared ownership to a few other alternatives.
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vs Sole Ownership

This is pretty much a no-brainer. Even if you could come up with the $185k, you'd be spending a lot to drive a Ferrari. Based on the 1 year scenario in the graphic you would be spending $32k for a year of ownership. That's $20k of depreciation, $10k for maintenance and repairs (a set of tires alone is $2k), and $2k for insurance. Assuming 7 days of usage per month, you're paying $380/day of actual usage vs $95/day with shared ownership.

vs Renting

There are a few specialist rental services out there that will actually rent you a Ferrari if you can pass their screening criteria. You'll need to be over 25 in most cases, and you'll need to have a spotless driving record. Oh, and you'll typically have to pay a rather large security deposit to cover potential damages - up to $10k in some cases. Assuming you've gotten that far you can expect to pay about $1000/day for your dream car vs $95/day with shared ownership. To get to 7 days a month for a year, you'll be paying $84,000. That's almost double what you would pay to purchase the whole car with 4 co-owners, and you'll never get any of it back. When you buy instead of rent, you hold equity which you get back (minus depreciation) when you sell the car. This simple fact is why long-term rental of anything is almost never a cost effective option.

vs Peer-to-Peer Renting

Peer-to-peer rental of exotic cars is a model that has only recently been made available by a handful of services. In this scenario, someone who owns a Ferrari will rent you theirs for the day. You can expect to pay somewhere in the neighborhood of $500/day - much cheaper than the traditional rental, but still far more expensive than co-ownership at $95/day. Again, do this for 84 days (7 days a month for a year) and you'll be spending $42,000, none of which you can get back.

So, if you've ever wanted to own a Ferrari (or a boat, RV, vacation home, or some other luxury item) but haven't yet joined the millionaire club, shared ownership is your ticket past the velvet rope.


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  • 39 Comments
      Room13
      • 3 Years Ago
      For 700 a month there are plenty of desirable cars you can own outright.
      Mr. ROBoto
      • 3 Years Ago
      I've been trying to something similar with a used limo or party bus and a full-time driver. Between all of my friends, we could all chip in like $50/week and have a car on call at all times. It would be a hell of a lot cheaper than taxis. There would still be an issue when two or more groups want the car. Also, it would give full-time jobs to three unemployed friends (one per shift)
      ryanandrewmartin
      • 3 Years Ago
      Nope. Would not. I would pay $8/hour to drive it though. :D
      Codeman
      • 3 Years Ago
      Why would anyone with $165k to spend on a year spend it on something that's been ravaged by 5+ people? There's no way that Ferarri would sell for that much.
      transam
      • 3 Years Ago
      Whats in this for Jointli? They must get some sort of fee, but nothing is mentioned in their math. In any case for $665/month you can own your own car, and a real nice one at that and benefit from it all day every day. Could you imagine the conflicts that will arise when one of the other co-owners wants the car on your week because he has some party or something he wants to show off at??? Disaster...
      Swede
      • 3 Years Ago
      Timeshare! It's unfortunate I associate that word with fraud.
      citidriver
      • 3 Years Ago
      For all those comparing this daily rate to other scenarios: it's $665 per month but you only have it for a week out of that month so its really $665 for a week, $8000 for just 12 weeks. And out of each of those weeks (if the car is not being serviced or in storage [northern climates?]), how many hours will you use it? that's the number to look at.
      • 3 Years Ago
      [blocked]
      Stinkyboy
      • 3 Years Ago
      i take one for 1/2 hour to impress my "friends". can I pay in quarters?
      Random Guy
      • 3 Years Ago
      People Pay $100-$400 a bottle for VIP in a nightclub. They might as well spend an extra $8/hour for a Ferrari..... that should make the night more interesting
        Random Guy
        • 3 Years Ago
        @Random Guy
        But yea...Sharing anything with four ppl will always result in Drama.
      sparecr
      • 3 Years Ago
      Did anyone do the math or am I way off. They are basing the numbers off a 40 hour work week. And then using those numbers it only costs $32 an hour for you to have your own Ferrari. You might even be able to get through one year without the maintenance expense. Which would save you just over $1 an hour. As for insurance a buddy with a Viper, 2 Murci's, and a Ford GT is paying almost what I pay on my Porsche and Veloster. He has collector car policy mine are standard.
        • 3 Years Ago
        @sparecr
        [blocked]
          Greg
          • 3 Years Ago
          Hyundai Tercel? hahahaha You don't even know what car you're talking about. Don't be mad because some people have nice cars.
          Krishan Mistry
          • 3 Years Ago
          U MAD?
          tump
          • 3 Years Ago
          Raggja, some of us actually have money.
        IBx27
        • 3 Years Ago
        @sparecr
        How do you buy a Porsche and a hyundai at the same time?
          Gorgenapper
          • 3 Years Ago
          @IBx27
          Sometimes the well-to-do would rather be seen driving in an inexpensive vehicle rather than flaunt their money at all times. If I ever win the lottery, I would do the same thing, except with like a Mazda 3 or something.
        stclair5211
        • 3 Years Ago
        @sparecr
        Why didn't you buy 2 hyundais and take the Porsche money and actually help someone with it? I mean heaven forbid we do something for someone else. I know. I know. You are very charitable. You donate your used Polos to goodwill.
      mmapying
      • 3 Years Ago
      undisclosed jizz and ***** juice = bad
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