- Programme splits ownership of luxury cars into 12 shares.
- Shareholders legally own the vehicle, book use through a bespoke app.
- 'For everyday Kiwis who dream of driving something extraordinary', says AllNest.
AllNest Luxury, a new automotive company in New Zealand, is claiming to “transform the way people experience luxury-car ownership” by using a “tech-enabled platform for fractional ownership”.
None the wiser? Think of AllNest as timeshare for premium cars, giving users the ability to own part of a luxury vehicle and have the use of it for certain periods, without having to commit to the full capital cost, maintenance and depreciation that comes with many high-end machines.
It’s not a rental scheme. AllNest sets up a specific company for each new vehicle and clients actually own the cars – it’s just that they share it with up to 11 others.
Each car is divided into 12 shares (approximately 10% of the vehicle’s value each), and owners are entitled to 30 days of use per share, per year – although you are also free to purchase additional shares to have more time with the vehicle, up to a maximum of six. The co-owners legally have the car through a bespoke company, “ensuring transparent and secure ownership” says AllNest.
Owners can book the car for a minimum of one day and a maximum of 14 days, based on their wants and needs; it’s done through an AllNest Luxury app. Typically, once owners have had their pre-booked time with the vehicle, they are responsible for delivering the car to the next person, with a full tank of fuel; 30 minutes is allowed within the schedule for inspection and updating the car’s condition on the app.
Owners also contribute an annual maintenance fee, which covers insurance and registration, the booking and use management by AllNest, servicing and tyres, and “fair use” of toll roads (up to 60 per car, annually).
AllNest takes care of a lot of the admin that comes with owning a car, including maintenance and servicing, facilitating any insurance claims, allocating traffic fines and registration/Warrant of Fitness.
The cars are kept for three years and subject to an annual mileage cap of 30,000km, which AllNest says is the optimum time/distance to minimise depreciation and maximise resale value, while still giving owners adequate use of the vehicle.
After three years, the car is sold and the proceeds are distributed among the owner group, based on their individual shareholdings.
It’s not solely about extremely expensive cars and SUVs. Examples given by AllNest are as diverse as the Jeep Wrangler and Toyota Land Cruiser Prado (both $9400 per share), Audi SQ5 ($12,100) and Porsche Cayenne S ($24,000).
“For decades, fractional ownership has been a way for wealthy individuals to access luxury assets,” says AllNest. “High-net-worth groups have been quietly co-owning yachts, private jets, helicopters, and holiday homes — sharing the costs while still enjoying the experience. Why? Because buying, maintaining, and running these assets alone can be financially draining, even for the rich.
“Now, the same concept is reaching luxury car ownership in NZ. And this time, it’s not just for the ultra-wealthy - it’s designed for everyday Kiwis who dream of driving something extraordinary without taking on the full burden.”