Car sharing- running a semi special car for peanuts?
Discussion
Myself, a mate, and pos a couple of others are considering entering into a shared ownership of something a bit more exotic than the boggo family wagons. We will all have similar usage requirements and desires; long weekends, maybe the occasional trackday? Whatever we do we intend on drawing up some kind of contract so there is no ambiguity... Obviously need to consider usage, running costs, storage etc etc
Anyway main concern at the mo is insurance, will we be able to get a policy covering us all and enabling it to be stored at all addresses etc?
Also not really sure of the best way of formalising the situation which would arise if one person 'wanted out'.
Any tips?
For info we're going to start fairly low key to see how it pans out - current thinking is something like a 996 c2 or e46 m3 etc...
Anyway main concern at the mo is insurance, will we be able to get a policy covering us all and enabling it to be stored at all addresses etc?
Also not really sure of the best way of formalising the situation which would arise if one person 'wanted out'.
Any tips?
For info we're going to start fairly low key to see how it pans out - current thinking is something like a 996 c2 or e46 m3 etc...
(possibly NSFW)Three guys at my company did this a couple of years ago.
They all sold their seconds cars, (M3's, old TVR etc) and bought a new 911 Carrera S.
They had some sort of contract drawn up regarrding ownership. Then they had their own little agreements, like hand it to the next person with a full tank of fuel, and the car cleaned. (I think they had it a week at a time each, unless 'booked' for a specific reason.
As you say, I believe insurance was their biggest headache but they did manage to sort it.
After the first year one of the three dropped out, and I believe they paid him a third of the cars value at the time.
The two left then sold the Porsche and now share a Nissan GTR.
So far it has worked well, and there have been no arguments or issues.
They all sold their seconds cars, (M3's, old TVR etc) and bought a new 911 Carrera S.
They had some sort of contract drawn up regarrding ownership. Then they had their own little agreements, like hand it to the next person with a full tank of fuel, and the car cleaned. (I think they had it a week at a time each, unless 'booked' for a specific reason.
As you say, I believe insurance was their biggest headache but they did manage to sort it.
After the first year one of the three dropped out, and I believe they paid him a third of the cars value at the time.
The two left then sold the Porsche and now share a Nissan GTR.
So far it has worked well, and there have been no arguments or issues.
Hmm, yeah - I suppose a buy out is the only real option should someone want to get rid of their share. Worst case scenario is to sell up! Any particular insurers spring to mind?
I'm thinking maybe a bank account could be useful too for a contingency saving fund! I'm hoping a M3 or C2 would be a fair safe introduction, you never know - could be the first step to Zonda ownership...
On the car front, any thoughts on a maser 4200 as an alternative to the above?
I'm thinking maybe a bank account could be useful too for a contingency saving fund! I'm hoping a M3 or C2 would be a fair safe introduction, you never know - could be the first step to Zonda ownership...
On the car front, any thoughts on a maser 4200 as an alternative to the above?
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