Boat co-ownership: sharing the costs

When Jon Mossberger's boat needed $5,000 in repairs, he was thankful he co-owns it with seven fraternity buddies, reducing his share of the expense to $625.

He was less happy to hear that the steering mechanism in the $70,000 boat had been damaged because of a co-owner's lack of experience using it.

"That was frustrating," he says.

Mr. Mossberger, 31, shares a 2002 Chaparral 280 Signature and goes out on Lake Michigan with his friends nearly every weekend.  more...

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