A number of factors were diminishing Gianluca Baldo’s desire to drive the latest luxury car.

As the owner of two vintage Alfa Romeo Spiders, Baldo knew he wouldn’t have to shoulder just the cost of the new ride, but also endless repair bills, time spent ferrying the car to the dealership for tune-ups and oil changes, and concerns about where to keep it. In no time, the model would be out of style and he’d be back at the starting line.

More than a year later, Baldo is driving covetable vehicles such as the Lamborghini Gallardo, Ferrari F430, and Maserati Spyder. And he doesn’t worry about dents or annual inspections. “It’s great to walk into someone else’s garage and they throw you the keys,” says the 49-year-old owner of New Marble Co., a high-end stone supplier in San Francisco. “There’s no way I can provide that to myself. It’s way too much money.”

As a member of Club Sportiva, a “fractional car club” that serves the Bay Area, Baldo has his pick of a collection of rare and expensive cars, without the hassles of ownership. He started out with a basic annual membership costing around $3,200—the price of a couple of repairs on his Alfa Romeos—and recently upgraded to the elite level. For the additional $25,000, he drives whatever he wants, whenever he wants.

Such operations aren’t like traditional clubs that bring together devotees of Mustangs or Minis; neither do they usually offer part ownership in the cars, as fractional jet programs do with planes. Instead, they are businesses that assemble collections of automobiles and lend the vehicles to members for short periods of time.

Fractional car clubs began to appear in the U.S. around 2000 (the first, Classic Car Club, started in London in 1995), and since then have been thriving on Americans’ growing desire for affordable luxury. At last count, there were 17 such clubs, with more cropping up every month, says Jamie Cheng, cofounder of Helium Report, a San Francisco-based online consumer guide for the wealthy.

Torbin Fuller treated himself to a 1982 Ferrari 308 when he was working in finance for Ford Motor, but quickly realized he was spending more time servicing the car at the dealership than actually driving it. Maintenance was costing $1,000 a month. “When I netted it out, it just didn’t make sense,” said Fuller, who started Club Sportiva after selling the Ferrari two years later. “Why not just share it? Part of the psyche right now is, I want everything and I don’t want to be limited.”

There are, of course, some limitations. Car club members pay an initial fee, plus annual dues that range anywhere from around $3,500 to $30,000, all for the right to choose from a selection of automobiles that they can drive for a certain number of days. Some operate on a point system—the nicer the car, the more points required. However, shares often work out to be less expensive than luxury rentals, which start around $600 per day for a Range Rover to upwards of $2,000 for the latest Lamborghini. Plus, clubs throw in extras like home delivery and detailing.

While members don’t experience the thrill of owning the cars, they do get perks in addition to the driving. The initial focus in the U.S. was on the vehicles themselves, but car clubs have now morphed into country clubs with wheels. Most have large clubhouses with bars, cigar rooms, and lounges. (Donna Karan staged a fashion show and Sen. Barack Obama had a fundraiser at Classic Car Club Manhattan.) There are organized road trips in the Bavarian Alps and overnight road rallies. For the most part, members aren’t newly minted investment bankers; most drivers are middle-aged executives who already own several automobiles. There are also celebrities: driver Mario Andretti and Apollo 12 astronaut Dick Gordon are Club Sportiva members. They tend to be cash-rich but time poor, Fuller says.

“You get to play with fun toys and hang out with nice people in a great space,” said Sean Kavanagh-Dowsett, 40, the owner of three English restaurants and stores in Manhattan. His favorite lender: the 1965 AC Shelby Cobra. “We can’t all be Ralph Lauren and own a stable of cars, but you can get a taste of that world.”

Most collections include at least one Bentley, Lamborghini, and Ferrari; the cars are rotated every few months by either being sold or sent to other branches, so there’s always something new to drive, and members have a reason to renew. “Variety is important. Cars go out of style; new models come in,” says Milton Pedraza, chief executive officer of the Luxury Institute, a New York-based research group. “It’s all about the experience.”

It’s also about money. The vehicles can cost upwards of $250,000 (a 2006 Lamborghini Murcielago sells for $350,000), and repairs, maintenance, and a garage can eat up more than $12,000 annually per car. Then there’s depreciation: Some models can lose as much as $75,000 per year. Between buying cars and creating a nice clubhouse, starting a car club requires at least a $3 million investment, according to Michael Prichinello, director of Classic Car Club Manhattan.

“It’s a sexy business,” Prichinello says. “But it’s not an easy business.”