Part Ownership in Track day car
Discussion
A strange request but one worth listing IMHO
I have a R35 GTR (far too expensive to track) but want to do some track days and own my car for doing so.
As I will not be using the car that often I though I'd offer up the chance to part own a track day car ! my intention is to purchase a BEC engined car (6k mark) - low ownership costs and maintenance.
My proposition is simple cost of car split 50/50 down the middle.
Cost of repairs irrespective of cause will also be split 50/50.
Cost of maintenance again you have guessed it split 50/50 again.
I am based in Surrey, so if anyoen is interested drop me a pm and we can discuss
I have a R35 GTR (far too expensive to track) but want to do some track days and own my car for doing so.
As I will not be using the car that often I though I'd offer up the chance to part own a track day car ! my intention is to purchase a BEC engined car (6k mark) - low ownership costs and maintenance.
My proposition is simple cost of car split 50/50 down the middle.
Cost of repairs irrespective of cause will also be split 50/50.
Cost of maintenance again you have guessed it split 50/50 again.
I am based in Surrey, so if anyoen is interested drop me a pm and we can discuss
Ej74 said:
OK advice considered
Cost of repairs based on damage is payable by person driving at the time !
But if it just blows up that's not necessarily the drivers fault. But it might be, how would you know? Cost of repairs based on damage is payable by person driving at the time !
What if one driver wants to do more days than the other? What if it gets crashed/breaks down on one day with one driver so the other driver misses out on his next day while it awaits repairs?
It's a great sounding idea but loads of potential for problems
. You would seriously be better off getting a £2-3k hot-hatch/MX5/E36 if that's all your budget will stretch to and not have to answer to anyone.
My brother and I share a boat.
The key to it working is that both parties must have the same approach to maintenance and care of the boat / car.
We each pay into a bank account a fixed amount each month to cover all running costs (except fuel) over the year plus a large margin to allow for unexpected bills.
Ownership is split 70/30 me/him but he's used it more than me over the last few years. This deal works well for us - I administer the finances and he's happy for me to do this.
The key to it working is that both parties must have the same approach to maintenance and care of the boat / car.
We each pay into a bank account a fixed amount each month to cover all running costs (except fuel) over the year plus a large margin to allow for unexpected bills.
Ownership is split 70/30 me/him but he's used it more than me over the last few years. This deal works well for us - I administer the finances and he's happy for me to do this.
I share a track car with my Dad and brothers. Accident damage is down to driver, breakdowns/car failures are split. If we miss a track day due to it being broken it's tough, you could break down on the way there it's just luck (actually broke down first lap on the last outing, swapped it for my daily for a laugh for the rest of the day). It does help to have someone similarly minded though.
Ej74 said:
OK advice considered
Cost of repairs based on damage is payable by person driving at the time !
So if you knacker the brakes on your stint and I crash due to knackered brakes on my stint, I get to foot the bill for the repairs?. Oh and also for the knackered brakes because, well, I was the last person using the car.Cost of repairs based on damage is payable by person driving at the time !
Where do I sign up?.
Ej74 said:
OK advice considered
Cost of repairs based on damage is payable by person driving at the time !
Accident is caused by a blowout from a tyre we were just about to replace or mechanical failure on a part we were going to replace next week. I'll feel a bit aggrieved at having to pay full whack when I might attribute a percentage of the cause to you.Cost of repairs based on damage is payable by person driving at the time !
Minefield.
RH
Ej74 I see you post in the Thames Valley section sometime, be good to catch up at somepoint.
Pher Kovac and I share an prepped MR2 and split everything down the middle other than the basis of "you bend it you mend it" or if it's bent that bad you buy the other person out. Only set us back £750 each look in my garage at the MR2 bloody brilliant buy.
Pher Kovac and I share an prepped MR2 and split everything down the middle other than the basis of "you bend it you mend it" or if it's bent that bad you buy the other person out. Only set us back £750 each look in my garage at the MR2 bloody brilliant buy.
I did this with a friend, we set-up a very basic list of rules which we both signed. Probably not legal but was worth it for peace of mind so we both knew were we stood.
1. No person apart from the above may drive the car.
2. If rule 1 is broken no insurance claim may be made.
3. The person who has the keys is in charge of the car.
4. The person in charge of the car is responsible for all damage done, whether he is with the car or not.
5. The only exception to rule 4 is when a person has picked the keys up from the other owner and going to drive the car away. Any damage done whilst parked is the responsibility of the person who parked it.
6. Any damage done has to be repaired by the person in charge as soon as possible, all repairs must be done by Ariel. Person in charge is responsible for getting the car to Ariel and back.
7. The party who is in charge of the car if it breaksdown / crashes is responsible for all towing costs.
8. Any maintenance, breakdown, MOT, replacement of equipment cost will split by the two owners. The split will be relative to their ownership, unless there is excessive use by either party (over their ownership percentage). Track day mileage will count as 4 times the mileage of road mileage.
9. The car is not insured if it used on a track day. Track day insurance is optional. It is up to the person in charge to arrange insurance if he wants it.
10. The car must be covered at all times when left outdoors for the night, unless away from either owners home.
11. Any items stolen or lost from the car will have to be replaced by the person in charge. For example steering wheel, petrol cap, wheels. Insurance claim will not be made if these items are stolen.
12. Any speeding tickets / parking fines will be paid by the person who was in charge of the car at the time of the offence.
13. Any changes to the car has to be discussed with both parties and agreed.
1. No person apart from the above may drive the car.
2. If rule 1 is broken no insurance claim may be made.
3. The person who has the keys is in charge of the car.
4. The person in charge of the car is responsible for all damage done, whether he is with the car or not.
5. The only exception to rule 4 is when a person has picked the keys up from the other owner and going to drive the car away. Any damage done whilst parked is the responsibility of the person who parked it.
6. Any damage done has to be repaired by the person in charge as soon as possible, all repairs must be done by Ariel. Person in charge is responsible for getting the car to Ariel and back.
7. The party who is in charge of the car if it breaksdown / crashes is responsible for all towing costs.
8. Any maintenance, breakdown, MOT, replacement of equipment cost will split by the two owners. The split will be relative to their ownership, unless there is excessive use by either party (over their ownership percentage). Track day mileage will count as 4 times the mileage of road mileage.
9. The car is not insured if it used on a track day. Track day insurance is optional. It is up to the person in charge to arrange insurance if he wants it.
10. The car must be covered at all times when left outdoors for the night, unless away from either owners home.
11. Any items stolen or lost from the car will have to be replaced by the person in charge. For example steering wheel, petrol cap, wheels. Insurance claim will not be made if these items are stolen.
12. Any speeding tickets / parking fines will be paid by the person who was in charge of the car at the time of the offence.
13. Any changes to the car has to be discussed with both parties and agreed.
Rovinghawk said:
Accident is caused by a blowout from a tyre we were just about to replace or mechanical failure on a part we were going to replace next week. I'll feel a bit aggrieved at having to pay full whack when I might attribute a percentage of the cause to you.
Minefield.
RH
So that's mechanical failure, split it. Accident I would say is going beyond your talents or the conditions you're driving in.Minefield.
RH
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