By JIM MOTAVALLI for the NEW YORK TIMES
The concept of timesharing supercars — from $150,000 Ferraris to $500,000 Mercedes SLR McLarens — is based on a rarefied version of austerity. After all, paying $30,000 or more for an annual club membership is certainly more financially prudent than actually buying one of these cars, which for the most part depreciate dramatically as soon as they leave the showroom.

There are several clubs that give their members access to supercars and high-performance sports cars for a specified number of days (depending on membership level), and some of the clubs said that the hard times cut both ways.

“The recession has hit the whole car industry, including our business,” said Rick Gaan, who operates northern California-based Club Sportiva, which began in 2003. “Things are starting to settle down, but people are a little more gun-shy, a little more careful these days. On the positive side, when they study the value proposition they say these are weekend cars anyway, so they might as well timeshare them.”

Mr. Gaan, whose collection includes not only top-dollar cars like the Ferrari F430 and the Aston-Martin DB9 Volante, but also more everyday drivers such as a Porsche Cayman S and a Shelby GT, said he’s still signing up customers at a steady rate. But some of the 120 members have been forced by the economy to “throttle back” from, say, 60 days of membership to 40. Nonetheless, he intends to expand north into wine country. Club Sportiva also rents a few of its cars on a daily basis (Ferrari F355 Spider anyone?) offering a more affordable version of the experience.

The New Jersey-based Vulcan Motor Club owns a dozen supercars ranging from a Tesla Roadster to a Ford GT40. Vulcan has about 100 members and annual memberships that range up to $35,000. The founders, Aaron Fessler and Tom Mizzone, are serial entrepreneurs rather than hard-core care enthusiasts, and they began the business in 2007 because they saw an opportunity. Despite the economy, Vulcan has opened a second outlet in Glen Cove, N.Y.

Mr. Fessler said he noticed that the very high price of exotics is followed by a precipitous drop of $50,000 to $60,000 once they have 100 miles on them. “For many people, and especially in this climate, it’s hard to justify that expense,” he said. “And people are timesharing everything else, from yachts to watches, so why not cars?”

The Classic Car Club, which opened in London in 1995, is also shaking off the recession blues. A Manhattan base opened in 2005, and the club plans to expand soon into Los Angeles and Miami. The fleet ranges from a Bentley GTC to classics such as a Triumph TR6. According to Zac Moseley, a club director, annual dues range from $8,000 to $25,000 for a variety of packages.

“The economy is tough on everybody, but some people use access to our cars as a replacement for actually owning any type of vehicle,” Mr. Moseley said.

Photo, courtesy of Jim Motavalli for The New York Times.
Article reposted from the NEW YORK TIMES.