I wonder if there's such a thing as an excavator co-op. Maybe buy 1/4 of a excavator and get to use it for 3 months of the year. Maintenance costs would be 1/4 too.
I relatively sure that question wasn’t serious, but serious answer: in some limited circumstances that can work. My brother and I co-own a couple of implements and share more equipment than we co-own. Probably would do more of that than we do now if we lived closer than 2 hours apart. It allows both of us to have access to more stuff than either would have on our own due to not only cost sharing, but also storage sharing. “My” chipper is a good example. Neither of us need a chipper full time, there’s never an emergency need for a chipper, and it’s easily transportable (assuming you have an adequate forklift on each end, which we do) so it’s a good candidate for sharing. It’s a good deal for the right equipment if you have the right people involved.
For the co-ownership of expensive stuff, setting up a LLC to be the titled owner and setting up the participants as stockholders (ownership) and managers (control) with a pretty standard off the shelf operating agreement, with maybe a few custom tweaks if you wish, is a relatively easy and cheap way to set up the contractual side of things and it makes it easy to set up insurance, financing, handling death or departure of a participant, etc. My brother and I already had a LLC, so that part was already in place for us. With a few hundred dollars and a bit of planning, setting up a co-op situation isn’t difficult.