Living large, paying little

So that chunk of change under your mattress is not chunky enough to satisfy your cravings for Chanel clutches and Hermes bags.

And never mind the nearly two-year-long waiting list; you are definitely a few bucks shy of ditching your lumbering SUV for the sweet rumble of a Mercedes SLR, which is currently priced at over $450,000.

But fret not.

Owning stuff outright is so yesterday.

Today, the buzzword is “fractional ownership,” an increasingly popular concept that allows everyday consumers who aspire to a more upscale lifestyle to enjoy elite playthings at a fraction of the usual cost. Expensive classic cars, ultra-private golf clubs, luxury RVs, even trendy designer handbags can now be rented, shared or borrowed for just a small percentage of their actual cost.

The trick: You own just a piece of the pie. You – as well as a whole bunch of other people – get to enjoy all the advantages of ownership while paying only for the portion you own.

Such is the premise behind Windpath, a Stamford, Conn.-based company launched last year by 29-year-old Ian Treibick, which offers a so-called fractional sailing program. For $579 a month, eight members can share one luxury yacht that would normally cost upward of $200,000.

The boats range from a 35-foot Catalina 350 to the more luxurious 41-foot Catalina 400 that can sleep seven. The interiors have teak finishing, surround sound, flat-screen TVs and DVD players, and master suites.

Sailing days are split into two time slots – morning and afternoon – and each member is guaranteed a minimum of seven uses a month, Treibick said.

“The time-share concept is a pretty viable business model because there is not a lot of dock space to keep a boat in this area and it’s fairly expensive to do,” Treibick said. “This is true everywhere in the United States. There are more boats than there are slips, and it’s a big challenge.”

Although most people associate shared access with real estate, the idea of fractional ownership actually took hold back in the 1980s when NetJets, now part of Warren Buffett’s Berkshire Hathaway, first applied the concept to private jets.

Before then, only the extremely wealthy could afford to jet around in a private plane. But now, instead of shelling out $7.1 million for a new eight-passenger Hawker 400XP, a 1/16th share can be had for about $400,000.

Michael Silverstein, a senior vice president at the Boston Consulting Group’s Chicago office and author of the new book “Treasure Hunt: Inside the Mind of the New Consumer,” describes the trend as “the democratization of luxury.”

Silverstein estimates there are 48 million households in the United States earning between $50,000 and $150,000 and said this demographic is largely behind the movement.

“The truth is that the upper 40 percent of Americans are rich by historical standards,” he said. “Their real incomes are more than double from 1970 and more than quadruple from 1950. Fourteen percent of the cars sold in America are now more than $35,000. They have more disposable cash than ever.”

Tour GCX offers its members 10 rounds of golf at up to 18 private golf and country clubs in the greater New York area for $6,250 a year. Each round can accommodate up to four players, and includes greens and cart fees. That breaks down to about $156.25 per person per round.

If you are more of a car buff, a car-sharing club like the Classic Car Club of Manhattan might be more up your alley. The club’s garage is stocked with exotic beauties like the 1977 Aston Martin V8, 1965 AC Shelby Cobra, 1980 308 Ferrari, 2005 Subaru Impreza WRX STi and many others.

For a one-time initiation fee of $1,500 and a gold membership costing about $10,500, members can enjoy around 40 driving days use per year without the hassle of owning, insuring and maintaining such high-maintenance vehicles.

The Seattle-based online retailer Bag Borrow or Steal has built a loyal following of female shoppers over the past three years who pay monthly fees to rent trendy and expensive handbags from Chloe, Fendi, Marc Jacobs and other designers.

“The key is access – access without the hassle or the guilt of buying,” said Bag Borrow or Steal Chief Executive Michael Smith. “It’s not about keeping up with the Joneses. It’s not about collecting and owning things. People are beyond that. It’s about enjoying high-end luxury goods.”

Smith, the former president of Nordstrom.com and chief executive of Lands’ End, refers to Bag Borrow or Steal as “the Netflix for ladies’ luxury goods.”