Buying a classic to rent out? (and to enjoy of course!)

[RemarkLima]

Has anyone gone down this route of ownership? So by renting out for weddings, self drive holidays, events etc... you could effectively get the car to pay for itself - or at least the upkeep?

I guess insurance would be a bit troublesome? As would faith in humanity to have some mechanical sympathy?

Anyway, interested in people's thoughts on the idea.

[nitrodave]

It's not a unique business model, there a so many companies which do this already I think it would be hard to stand out and make it profitable.

I also think it would open up a whole world of pain and financial loss.

Exotic hire cars are rarely treated with any sympathy... example - https://www.youtube.com/watch?v=BcDa0S-_gZs

Heck, i hired a brand new corvette and a hertz shelby rent a racer in florida, within a week i'd shredded the tyres and ragged them up daytona beach and filled the underside with sand just because i knew I was handing the car back then hopping on a plane out of the country.

[niagra]

I've thought about it, but there seems to be too many downsides. What will you do if the car breaks down and that's the customer's weekend getaway in a classic ruined?

[RemarkLima]

I can understand caning a normal hire car to death, or at least trying too, as their business will be to just move the car on after a couple of years of service.

And it's not to run a business entirely off of the back of it, just a small sideline... With breakdown cover and insurance etc.

I hired an Austin Healy Sprite in New Zealand for our wedding, but it took me ages to find something interesting to hire. The guy doing it was just as a sideline, and from chatting to him, the kind of people who want to hire a classic aren't your usual tourists!

It does seem a risk, but I guess that's what insurance is for

[SV8Predator]

RemarkLima said:

It does seem a risk, but I guess that's what insurance is for

As you wave the hirer off you will be stting yourself waiting for the phone to ring as you know it's just going to bring you grief.

And how will you insure against ruining someone's wedding / special weekend, when the thing breaks down and the hirer then confronts you and explains where he's going to insert the wheel brace?

[Keep it stiff]

I was chatting to a guy recently who does wedding hire with a couple of Jags, a MK2 and an S type. Much better, I would suggest, to drive some income (excuse pun) via this route than handing your keys over to a complete stranger. He was getting 2/3 bookings a month at around £350 a time. Lots of people doing the same of course, there are insurance considerations but otherwise outlay would be minimal. Quite a few sites who front this sort of thing a take their cut. Good excuse to get the classic out more often and fun too. If I had more space at home I would be tempted to give it a try with a P5b.

[RemarkLima]

SV8Predator said:

As you wave the hirer off you will be stting yourself waiting for the phone to ring as you know it's just going to bring you grief.

And how will you insure against ruining someone's wedding / special weekend, when the thing breaks down and the hirer then confronts you and explains where he's going to insert the wheel brace?

I'd be thinking of not buying a a complete shed, and keep it in decent fettle ;-)

Certainly you'd have to have a contingency plan in place, ready to hire a Ferrari or something should the car not be working on the weekend... But no different to the usual wedding stuff of the caterers deciding to change the menu on the day or the photographer taking blurred photos ;-)

Like any business, how you handle problems would make the difference.

I think I'd be more worried just having someone drive off in "my" car... Even if it was 100% reliable. But that's part of the dealio!

[RemarkLima]

Keep it stiff said:

I was chatting to a guy recently who does wedding hire with a couple of Jags, a MK2 and an S type. Much better, I would suggest, to drive some income (excuse pun) via this route than handing your keys over to a complete stranger. He was getting 2/3 bookings a month at around £350 a time. Lots of people doing the same of course, there are insurance considerations but otherwise outlay would be minimal. Quite a few sites who front this sort of thing a take their cut. Good excuse to get the classic out more often and fun too. If I had more space at home I would be tempted to give it a try with a P5b.

Very true, if they're happy to be driven then no dramas there! As you say, nice excuse to get dressed up and take a nice drive :-) good to hear a positive tale.

[SV8Predator]

RemarkLima said:

I'd be thinking of not buying a a complete shed, and keep it in decent fettle ;-)

You've not owned a classic car before, have you?

[RemarkLima]

SV8Predator said:

You've not owned a classic car before, have you?

Heh heh heh, is it that obvious?

But in my defence, I'm pretty handy with a spanner, and my wife's car is 25 years old now... But obviously much more modern than anything I'd like to buy.

I guess you're saying they'll let you down at the exact point that you need them?

[izzzzythedog]

up until very recent ive been involved in the wedding car business since 1984 ,,, whatcha want to know

[RemarkLima]

izzzzythedog said:

up until very recent ive been involved in the wedding car business since 1984 ,,, whatcha want to know

Did you drive the cars? Or did you hand over the keys? I guess the main thing is insurance for renting out, was it much more than usual? Or did you just have to pay per rental?

Ultimately, was it worth the effort? I'm guessing it must have been otherwise you'd have not been doing it for so long!