Classic Car Share ?
Discussion
Folks
Anybody have any knowledge or experience of sharing the costs in purchasing & maintaining a clasic car between say 2 or 3 individuals instead of joing one of the classic car clubs which are a bit remote for North East Scotland.
Idea came from a mate who has recently bought a share in a boat [ 4/6 berth cruiser ] with 3 other local guys - shared the cost of buying it and in the future will share all insurance and maintenance costs - so instead of each of them buying a cheap wee boat for the weekends they have got themselves a very decent big boys toy ..[£20k total]
Obviously needs a little trust in finance / ownership / rota of use etc..but there would be a lot of benefits in sharing the costs and as a group affording a more expensive model etc...
Probably a lot of issues that I have not thought about ..???
Anybody have any knowledge or experience of sharing the costs in purchasing & maintaining a clasic car between say 2 or 3 individuals instead of joing one of the classic car clubs which are a bit remote for North East Scotland.
Idea came from a mate who has recently bought a share in a boat [ 4/6 berth cruiser ] with 3 other local guys - shared the cost of buying it and in the future will share all insurance and maintenance costs - so instead of each of them buying a cheap wee boat for the weekends they have got themselves a very decent big boys toy ..[£20k total]
Obviously needs a little trust in finance / ownership / rota of use etc..but there would be a lot of benefits in sharing the costs and as a group affording a more expensive model etc...
Probably a lot of issues that I have not thought about ..???
This isn't all that uncommon for higher value purchases. I have friends with shares in planes and they work a similar way to your friend and his boat.
If I was doing a classic car then I would want to see the follow as a basic start:
Equal shares between members.
Initial 'fighting fund' started with, say, £750 (poss too low depending on the marque you're after) from each member to cover unforseen eventualities.
Per mile charge to cover wear and tear so people covering most miles pay more.
Mileage logs to cover every movement of the car and who drove.
Any accidents/claims to be handled by the driver at the time. Any excess to be paid by the driver too.
What sort of car are you after? Have you got a dry and covered area to keep it? I suspect that the care of the car will be the biggest issue. Some drivers may be less sympathetic than others.
Hope this helps.
James
If I was doing a classic car then I would want to see the follow as a basic start:
Equal shares between members.
Initial 'fighting fund' started with, say, £750 (poss too low depending on the marque you're after) from each member to cover unforseen eventualities.
Per mile charge to cover wear and tear so people covering most miles pay more.
Mileage logs to cover every movement of the car and who drove.
Any accidents/claims to be handled by the driver at the time. Any excess to be paid by the driver too.
What sort of car are you after? Have you got a dry and covered area to keep it? I suspect that the care of the car will be the biggest issue. Some drivers may be less sympathetic than others.
Hope this helps.
James
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