By Joyce Deaton

If you should see Alan Simonini easing his 42-foot Formula performance cruiser out of the slip at Peninsula Yacht Club and into the main channel, you’d never guess he’s enjoying his boat for one-fifth its true cost.

Simonini and four friends own the boat together in what amounts to a sort of floating condominium. This kind of partnership – along with boat clubs and a new joint leasing program – is just one way boaters on the Piedmont lakes are sharing the fun and expense of their favorite pastime.

It’s worked well, he says. “We have simple rules. Each owner is assigned the same number of weeks each year. If you want to use it some other time, you know whose week it is, so you only have to call one person to see if he’s not using it. We ration the holidays so everyone gets a chance at them.”

The five partners bought the Formula together with legal documents drawn up outlining their responsibilities. Yearly expenses are divided into monthly installments, and everyone pays Simonini, who volunteers to manage the venture. “If something breaks, we fix it,” he explains. “When you’re sharing expenses, you can afford to keep everything like new, and this makes the boating more enjoyable.” For about $8,000 each per year, the five partners pay for the loan plus cleaning, maintenance, dock fees, insurance, taxes and utilities.

Simonini likes the arrangement so much he’s organized partnerships for two other boats: a 26-foot J80 sailboat on Lake Norman and a 55-foot Sea Ray near Charleston, S.C. Still, it’s not without occasional problems. “It’s fun till people quit paying,” he says with a smile. Recent economic times have made it hard for some to keep up, and that can become awkward, even though partners are legally obligated. If someone wants out, he can be released from the contract by finding another partner who is approved by the group, or the remaining partners can agree to take on a larger share. Failing these steps, the partnership can sell the boat. Because people move or economic situations change, there’s frequently an opening in one of Simonini’s three partnerships. (Interested? Contact him at 704-293-4256.)

This kind of partnership is just one model for boat sharing. For would-be boaters who like the idea of sharing but want a less substantial commitment, “boat clubs” offer access to several types of boats for a joining fee and monthly payments. On Lake Wylie, the Carolina Boat Club offers its 40-plus members their choice of six boats – from a 21-foot runabout to a 36-foot yacht, including wakeboard boats, a pontoon, center console fishing model, and cabin cruiser. Brands include Supra, Moomba, Cruisers Yachts, Campion and Nautique by Correct Craft.

“We try to keep a ratio of eight members to one boat to make sure everyone has access,” says Tony Quinn, owner of HQ Marine, which operates the club. “There’s no big up-front fee – just $100 for a two-hour training course, then a modest monthly fee.” Members join for a year and can reserve boats online. Quinn says the club appeals to people who’d like to try different types of boats before they buy. “If they decide there’s one they’d like to buy, we’ll apply their membership fees to the purchase, so they can’t lose.”

For Piedmont lake dwellers who like to travel, Freedom Boat Club on Jordan Lake in Apex offers another alternative. For a joining fee plus monthly payments, they can have unlimited access to five types of watercraft – from a twin-engine jet boat to a bowrider, fishing boat and 21-foot deck boat. They can also use boats at any Freedom Boat Club franchise nationwide up to four times a year. Steve Alexander, owner of the three-year-old franchise on Jordan Lake, says he already has 40 members. A policy of four-hour sessions on the weekends ensures everyone has access to the boats. “On holidays, we ask members to reserve ahead, and so far it’s been very seldom when we can’t accommodate everyone.”

Like the idea of “owning” a particular boat you love, but want to avoid not only the complications of maintenance, insurance, taxes and slip fees, but also the hassles of bookkeeping and the risk of alienating friends who miss a payment? A new program at North Point Watersports may combine the best of the boat club and individual partnership ideas.

Called North Point Yacht Share, the program offers “fractional leasing.” You choose a boat from North Point Watersports’ eight boats in the program, ranging from a 24-foot Manitou pontoon to a 37-foot Formula Performance Cruiser (See sidebar.) You pay a $200 refundable membership fee that allows a check of your credit and driving record. Then when four to seven other people also choose your boat, each member signs a three-year fractional lease and that boat is launched. You go through professional training to either demonstrate or learn the skills necessary to operate the boat safely, then you and the other members handle scheduling online.

If your group has eight members, for example, you’re entitled to 45 days on the boat each year. Or you can choose partial days and extend the number of times you can go to, say, 90 half-days. With only eight members, it’s likely there will be times when no one is using the boat. You can check online and book the boat any time it’s not otherwise reserved – without counting those days in your total. “Census data show that most boat owners use their boat only 20 days a year, so you’re guaranteed more than twice that figure,” says Tom Flowe, marketing consultant for North Point. Holidays are assigned by lottery to assure every member will have an equal chance.

When you go to the dock at North Harbor Yacht Club, where the boats are kept, your boat is clean and filled with gas, ready to take off. When you return, simply walk away. North Point takes care of cleaning and maintenance.

Fees vary depending on the boat you choose, but each involves an initial down payment and a monthly membership fee. For the 36-foot Formula, the most expensive option, you’d pay $25,000 down and $786 per month. “Compare this with what you’d be paying to buy that boat, and you see why leasing is such a great idea,” says Flowe. “Over three years in the yacht-share program, you’d pay about $53,000, compared to about $300,000 to buy – including a down payment of $85,000 to $90,000.”

Besides cleaning and maintenance, your monthly fee also covers dockage, insurance, taxes and registration. “The only other expense you have is the fuel you use,” says Flowe. “That gives you peace of mind and makes boating a worry-free experience.”

Introduced at the February boat show in Charlotte, the program is now taking applications and expects to have boats in the water by early summer. The idea appeals to boaters of all types, says Mike Shott, one of the owners of North Point. “We’ve had a lot of interest from people who have no experience and are not ready to buy a boat. They can try one out and get the training they need from us. Also, some are interested in leasing instead of buying a second boat. And some of the people most interested are those who’ve had a boat before and know how expensive and time-consuming boat ownership can be. Many of them don’t want the hassle of maintenance. They can use the boat and leave it, and it’s our worry till they come back. That’s appealing.”

North Point does more cleaning and maintenance than most individual owners would do, Shott adds. “We want it to look good so everyone enjoys it, and it’s also in our best interest to keep it up since we plan to sell it after three years.”

Fractional ownership offers real advantages over both private partnerships and boat clubs, Shott says. “Sometimes, when you buy a boat with a group of friends, you don’t stay friends. You may have scheduling difficulties, someone doesn’t pay on time, or you’re wondering who banged up the boat or forgot to fill it up with gas. With fractional ownership, the boat is professionally managed and everyone’s responsibilities are clearly spelled out. That can save a lot of trouble.

“In a boat club, you’re likely to be one of many members. Everybody wants the best boats, and you may have a hard time booking the boat you want when you want it,” he adds. “When there are only eight partners in a boat, everyone is going to treat it like it’s theirs. There is real pride of ownership, and it’s a lot better boating experience. Also, most boat clubs have fairly small boats – not premium boats like the ones we offer.”

Shott calls the new program a great idea for today’s economy. “Even though the economy is weak now, people can still have the boat of their dreams that they might not be able to buy this year.”

North Point Yacht Share – The Boats

Here’s a rundown on sizes and features of the eight boats available through North Point Yacht Share.

• Formula 240 BR. This 24-foot bowrider features a versatile cockpit with an aft lounge and integrated wet bar. There’s an iPod/MP3 port in the dash and a waterproof remote for courtesy lighting.

• Formula 37 PC. This 37-foot performance cruiser is noted for its graceful design. It features adjustable double helm seating, a portside lounge and U-shaped aft lounge with stowable tables, an exterior wet bar and LED swim platform lighting. There’s an iPod/MP3 port outside, as well as a docking station and 10-disc CD player inside the cabin, which also includes a galley with cherry finish cabinetry and ultraleather upholstery.

• MasterCraft Prostar 197. This 19-foot competition towboat is the only craft ever certified for all five USA Water Ski events and is the official towboat of the U.S. Open of Waterskiing.

• MasterCraft X-Star. This 22-footer has pulled more world champion wakeboarders than any other boat. It’s widely recognized for its waves of consistency, smooth approach, thick launch pads and soft peaks.

• Rinker 246 BR. This 26-foot bowrider features a spacious swim platform plus generous seating in the bow and cockpit. There’s also a large sun pad and a line-of-sight instrument panel.

• Rinker 320 EC. This 34-foot cruiser features an extended swim platform, stainless steel boarding ladder and molded-in steps to the deck for sunbathing. There’s a wet bar with built-in blender, aft lounge with sun pad, and a spacious interior cabin with galley, aft berth and entertainment center.

• Manitou 24 Legacy SHP LR2. This 24-foot pontoon features a V-Toon hull that makes it handle more like a traditional V-hull. Extensive exterior graphics give the boat a distinctive look, and the interior layout features two captain’s chairs up front with two lounge recliners in the aft section.

• Manitou 24 Legacy SHP LF4. This 24-foot pontoon is identical to the Manitou 24 Legacy SHP LR2 except for its interior arrangement, which features wraparound bench seating in the front and two lounge recliners aft.

For more information on the North Point Yacht Share program, see www.northpointyachtshare.com