Fractional Ownership of Luxury and High Performance Sports Cars Makes Its Debut on The Costa Del Sol

Oversteer Spain S.L., a Spanish Limited Company, is offering the opportunity to purchase shares in Top Marque vehicles such as Ferrari, Porsche and Mercedes. Oversteer presents the opportunity to drive quality vehicles not normally available through car rental except at very high costs. The cost of Fractional Ownership translates to a figure far below either the equivalent rental, or outright ownership of such vehicles.

Marbella, Spain (PRWEB) July 16, 2005 -- Oversteer Spain S.L., a Spanish Limited Company, is offering the opportunity to purchase shares in Top Marque vehicles such as Ferrari, Porsche and Mercedes. Oversteer presents the opportunity to drive quality vehicles not normally available through car rental except at very high costs. The cost of Fractional Ownership translates to a figure far below either the equivalent rental, or outright ownership of such vehicles.

The idea is a simple one: each car has a limited number of owners, with each having four weeks in the car of their choice. These can be taken as full weeks or split into weekend and midweek periods according to the owner's preference. Owners also have the opportunity to transfer their usage to other vehicles within the programme, giving added flexibility.

After paying an initial purchase price, the customer pays an annual or monthly maintenance fee to cover insurance, garaging, servicing, delivery, collection and valeting. As the usage of the vehicles is shared, so are the costs, hence making ownership a more justifiable proposition. At the end of the ownership period the clients would have the option to transfer to a new vehicle or to opt out and have a portion of their initial purchase price returned to them.

Jem Blok, Oversteer's Managing Director, has created an automotive solution for the well-heeled visitor to the Costa del Sol that is new and unique to the area. The product is aimed at both the affluent local population of English ex-patriots and also non-resident property owners in the area, and will later be expanding to other nationalities. The initial target is the private market, but the corporate field will also be explored at a later date. In addition there are plans to expand the programme to similar destinations such as the Algarve and the French Riviera in due time.

"Fractional ownership, where buyers purchase a share of an expensive asset and pay the seller fees to handle the scheduling and maintenance, is a fixture of the private jet industry and a growing force in the market for vacation properties. Now this model of ownership is creeping into other asset classes too. Increasingly it is becoming possible to buy a piece of a yacht, a fancy sports car, or even a luxury recreational vehicle -- and share the use of it with other owners." *

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