Renting out your car
Discussion
Does anyone on here rent out their car, or rent a car from someone to race?
The reason I ask is that my M3 is ready to race, but I'm not. Rather than have it sitting in the garage for 360 days per year, I'd be happy to rent it out (it is eligible for a number of different series).
My question is what arrangements are typically made regarding insurance/entry fees/tyres/the engine letting go etc?
The reason I ask is that my M3 is ready to race, but I'm not. Rather than have it sitting in the garage for 360 days per year, I'd be happy to rent it out (it is eligible for a number of different series).
My question is what arrangements are typically made regarding insurance/entry fees/tyres/the engine letting go etc?
dan101smith said:
Does anyone on here rent out their car, or rent a car from someone to race?
The reason I ask is that my M3 is ready to race, but I'm not. Rather than have it sitting in the garage for 360 days per year, I'd be happy to rent it out (it is eligible for a number of different series).
My question is what arrangements are typically made regarding insurance/entry fees/tyres/the engine letting go etc?
Is it really even worth considering letting someone else drive the car flat out into a very solid object (i.e. Zero left)?The reason I ask is that my M3 is ready to race, but I'm not. Rather than have it sitting in the garage for 360 days per year, I'd be happy to rent it out (it is eligible for a number of different series).
My question is what arrangements are typically made regarding insurance/entry fees/tyres/the engine letting go etc?
Just ignore it in the garage.
you need to start by working out exactly what the running costs of the car are. lifing everything from brake pads, brake fluid, rebuilds on engine, gearbox, diff etc, oil changes, wheel bearings, disks, right down to harnesses and fire extinguishers.
say you rebuild the engine every 20 hours, then divide the cost by 20 and add that to your hourly cost. with the harness i work out the average hours per year, and multiply that by the replacement period to give me a total hour life for them.
once you've got the cost to run the car for 1 hour thats a start ( most sprint race weekends involve about 1 hours running)
then you need to factor in prep time and post race check over if your doing that as well.
are you taking the car to the races and supporting it as thats all your time as well, cost that out..
as for insurance you need to agree a value and make sure its taken out. also take a deposit for the excess!!!
you need a written agreement for all costs..
engine damage and mechanical break down is trickier, but basically you need an agreement that says the car comes back in the state it went out. if it started with a running engine it must come back with one. Handy to have a nominated 3rd party to do any required work, and again a suitable deposit !!!
tyres can be a problem, if your running list 1b's not as bad a slicks, but you can still trash them in one session and they can cost a grand !!!
have fun..
say you rebuild the engine every 20 hours, then divide the cost by 20 and add that to your hourly cost. with the harness i work out the average hours per year, and multiply that by the replacement period to give me a total hour life for them.
once you've got the cost to run the car for 1 hour thats a start ( most sprint race weekends involve about 1 hours running)
then you need to factor in prep time and post race check over if your doing that as well.
are you taking the car to the races and supporting it as thats all your time as well, cost that out..
as for insurance you need to agree a value and make sure its taken out. also take a deposit for the excess!!!
you need a written agreement for all costs..
engine damage and mechanical break down is trickier, but basically you need an agreement that says the car comes back in the state it went out. if it started with a running engine it must come back with one. Handy to have a nominated 3rd party to do any required work, and again a suitable deposit !!!
tyres can be a problem, if your running list 1b's not as bad a slicks, but you can still trash them in one session and they can cost a grand !!!
have fun..
Graham said:
tyres can be a problem, if your running list 1b's not as bad a slicks, but you can still trash them in one session and they can cost a grand !!!
I exchanged a few emails with a bloke that rents his car out. For tyres, brake pads and fuel the idea was that you supply your own. He could supply them or he could give you the specs and you could supply them.He also had a contract to sign that basically said the car needs to come back as it left him. If it gets written off then your buying it, no ifs and no buts.
^^what he said..
I've lent my race car to mates on events when we've double driven but I know they are skilled enough to handle it, I personally wouldn't want to rent mine to someone I didn't know even it was insured as it's difficult to replace.
Get you ass in the seat and drive it man
Dave
I've lent my race car to mates on events when we've double driven but I know they are skilled enough to handle it, I personally wouldn't want to rent mine to someone I didn't know even it was insured as it's difficult to replace.
Get you ass in the seat and drive it man
Dave
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