Big ride (without a big price)

CURTIS COMPTON / COX NEWS SERVICE Anil Kokoth launched Atlanta Joyrides, a business which is essentially a timeshare plan for fancy cars. For a fee, a member gets several weeks a year to ride in style. Cars include a 2006 Corvette, 1965 Mustang and a 2008 Porsche Cayman. A 1965 Mustang (left) is among the modest fleet at Atlanta Joyrides. For $1,875 — the lowest-priced package — you can buy about 10 days of summertime driving in one of the company's upscale rides. If you like to ride in style but don't want to worry about car maintenance, insurance and such, there are alternatives out there.

Across America, companies are beginning to offer customers what amounts to a timeshare for cars, mostly high-end luxury and sports cars. Some work as clubs where members pay dues to get the use of cars. Others offer partial or fractional ownership of specific vehicles. The business models aren't new, as airplanes, recreational vehicles and other expensive items have been offered for years on a similar basis.

Anil Kokoth of Decatur, Ga., is a small player in the market, but he's hoping to grow his 3-month-old business. He's starting out with three cars in his fleet: a 2006 Corvette, a 1965 Mustang 289 and a Porsche Cayman S. There's also a Chevy truck that customers can use if needed.

Kokoth said he's been a car enthusiast since the mid-1980s, when the Corvettes of that era made a huge impression on him. But that doesn't mean he's willing to shell out the money it would take to have his own luxury ride.

"I can't see dropping $70,000 on a Porsche," he said. But he could see spending several thousand dollars to drive one occasionally. And he believes others will, too, including business owners wanting to impress clients or those who simply want to have some fun behind the wheel.

His prices start at $1,875, which will buy about 10 days of summertime driving.

A mid-level package goes for $3,650 and is good for 20 days. The V-8 level costs $5,675, which covers 40 days of summer driving.

Another group, the Atlanta Driving Club in Vinings, Ga., has been in business for about two years and has a fleet that includes a Lamborghini Gallardo, a Bentley Continental GT and a Porsche Boxster.

Scott Hoover, the founder and president of the club, said members pay anywhere from $6,000 to $16,000 a year in fees, but they miss a lot of other costs.

"Statistics show that people who own exotic and sports cars only drive them 25 to 50 days a year," he said. "The rest of the time they're taking up space in the garage, costing money and depreciating."

Hoover said some of his club members — he won't reveal how many people belong to the club overall — own highend cars outright but still belong to his group so they can enjoy a variety of cars.

The allocation of the cars at the Atlanta Driving Club and at Atlanta Joyrides is based on a points system, with the most desirable times — like spring and summer — costing more points.

"It's like using frequent-flier miles," Hoover said.

Hoover said that in the two years, he's been in business, he's never had a member crash a car, which he says is no accident.

"We do a pretty thorough screening process on new members, and that includes a check of their driving record," he said.

Nationally, one of the leaders in the auto timeshare industry is Exotic Car Share and its Curvy Roads division. The company has its headquarters in Palatine, Ill., and has locations in Miami, Los Angeles and New York City. Exotic Car Share, essentially a club that offers its members driving privileges, has about 700 members nationwide, according to its Web site. Curvy Roads is different because participants actually own part of an individual car. Curvy Roads members pay their share of the car upfront — most often a one-fifth portion.

Bill Ramirez, managing director of Curvy Roads, said fractional ownership is practical even for those who can afford to purchase luxury cars outright.

"It works for jets, yachts and mansions," he said. Members buy in for $5,000 and then spend from $12,000 to $30,000 on the car. Ramirez said his group handles the problem of two co-owners wanting the car at the same time by booking well in advance and by offering other similar cars as substitutes. And his company is adding members and buying new cars on a regular basis.

"We've been through the growing pains and now we're eight years strong and growing," he said.