Classic car group buy....?

[geeeman]

So seeing as some classics are almost unaffordable to most now.
Was thinking about buying one with one or two others and sharing the costs of ownership and having joint use

Anyone done that?
Im thinking c2 corvette, etype, maserati, old lambo etc (100k max)

[sunbeam alpine]

I believe that there are a few clubs you can join which give access to a selection of classics. Why not look at something like that?

I can't begin to imagine the problems of sharing a classic car with a group of friends - how would you pay for breakdowns etc? (different drivers have less sympathetic driving techniques).

I wouldn't do this even with my best friends. (The fact that they are all maniacs who drive everything like they stole it might be a deciding factor*)

• This shouldn't be seen as unjust criticism as I'm no better.

[geeeman]

Not so keen on renting cars.
I like the whole experience of owning one
Im sure people must have done something like this...?

[Welshbeef]

geeeman said:

Not so keen on renting cars.
I like the whole experience of owning one
Im sure people must have done something like this...?

They have - turns out everyone wants to use it at the same time and you then end up win a wet greasy icy weekend or day in middle of winter.

Personally I like driving my own car taking all the bills and treating it like a woman warm her up gently no burnouts not rev limit Hold on. No dings etc

[sunbeam alpine]

anonymous said:

[redacted]

I love driving and twirling spanners, hate cleaning/polishing.

[geeeman]

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

[Welshbeef]

geeeman said:

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

You have 3 proper Petrol head Cars - Cerbera cloud 9 surely you don’t want any more?

[akirk]

I know people who do this and it can work well, but...
- essential that the people get on well
- there must be a legal contract
- there has to be agreement over what happens if... (e.g. break the car, you fix it, but mechanical failure while you are driving should come from a running costs fund)
- works best where you perhaps share a couple of cars so that there is always one you can drive, so you still have access to more cars than otherwise...

[geeeman]

Welshbeef said:

geeeman said:

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

You have 3 proper Petrol head Cars - Cerbera cloud 9 surely you don’t want any more?

True its just that the prices of some classics i was interested in 5 yrs ago are now out of reach. So just thinking outside the box, also might be quite fun

[williamp]

geeeman said:

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

I looked into it years ago, and there were too many insurmountable problems for us to be comfortable with it. For example:


Who looks after it? Do we pay them rent? Is their home insurance/ security good enough? What if they go on holiday??
If they break it, do they fix it? Or is it shared?
Do you need a slush fund for repairs? Is this still fair if, through no fault of your own, you only used the car 10% of the time, yet owe 50% of the repair bill?
What if its already broken when you get into it? Is it your fault?
Are you all comfortable with diy servicing?? Do you trust the mate with the keen amateur and the halfords kit, or your proper £££££ branded stuff?
If it wont start, do you get another timeslot? (Very real posability with the aston we were thinking about...)
Will they treat it the same way you do? I.e. careful warm up, soft loaters on the carpet etc, or will they deive it like they stole it?
Who does le mans in it? And if it clashes with your neices wedding, what happens then?

There are hundreds of scenarios like this which you need to decide and agree beforehand. For us, it was too much. But good luck if you can make it work!

[The Surveyor]

If you want a classic and your individual budget is £50k, buy a £50k classic not half of a £100k car. The more expensive the car the more the shared running costs and insurance would be but you'll have the burden of not being able to use it whenever you wish.

If your buying for 'investment' purposes, that's a whole different level of potential heart-ache.

[Old Merc]

If say three people buy an exotic car as an investment, put it in specialist storage,share the costs equally, then just leave it, that`s OK. But even that could go pear shaped if one went broke and had to sell his "third".Or one died !!

Any other "arrangement" can be full of possible hassle. Three guys buy a car,put up a third each,that`s the easy bit. From then on will each one pay a third of the costs of running and storing it? will each one use it equally? will each one work on it equally? Then what happens when one wants to sell his third? I bet it wont work. My mate and his daughter`s boy friend bought and shared a classic car. It all went great..........until the daughter split with the boy friend.

Buy a car of your own. Work on it yourself, drive it when you want,it will be your pride and joy. If you decide to sell it you can put all the profit in your own pocket.

[akirk]

shared ownership and costs is a well known approach in the boat or plane world
- just make it all structured and legal

[aeropilot]

Old Merc said:

If say three people buy an exotic car as an investment, put it in specialist storage,share the costs equally, then just leave it, that`s OK. But even that could go pear shaped if one went broke and had to sell his "third".Or one died !!

Indeed.

I know of issues along these lines with the partner of someone that has suffered a serious stroke (and can no longer communicate) and is now in a nursing home, which needs to be funded. His wife and children are now trying to sell the 2 large ex-military vehicles acquired by her husband 30+ years ago, and which are now worth probably £20k+ and which were kept at a 'so-called friends' farm.......no contract, no paperwork etc.,.

Cue so-called friend of 30+ years claiming them as his own etc.,etc. non-payment of storage fees etc.,etc and there doesn't seem a lot his wife can do about it.

[Norfolkandchance]

williamp said:

geeeman said:

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

I looked into it years ago, and there were too many insurmountable problems for us to be comfortable with it. For example:


Who looks after it? Do we pay them rent? Is their home insurance/ security good enough? What if they go on holiday??
If they break it, do they fix it? Or is it shared?
Do you need a slush fund for repairs? Is this still fair if, through no fault of your own, you only used the car 10% of the time, yet owe 50% of the repair bill?
What if its already broken when you get into it? Is it your fault?
Are you all comfortable with diy servicing?? Do you trust the mate with the keen amateur and the halfords kit, or your proper £££££ branded stuff?
If it wont start, do you get another timeslot? (Very real posability with the aston we were thinking about...)
Will they treat it the same way you do? I.e. careful warm up, soft loaters on the carpet etc, or will they deive it like they stole it?
Who does le mans in it? And if it clashes with your neices wedding, what happens then?

There are hundreds of scenarios like this which you need to decide and agree beforehand. For us, it was too much. But good luck if you can make it work!

Its fairly common in yachting and I've not met anyone who has told me about a disaster, and several who have quite enjoyed the experience, but the sort of issues above are the downsides, particularly with different levels of disposable incomes - one person thinks it could do with an engine rebuild and is happy to pay his half, the other thinks it will be fine for another couple of years and so doesn't want to / can't pay. Where they have worked it has been where there has been good communication and trust.

[aeropilot]

Norfolkandchance said:

williamp said:

geeeman said:

Yes for sure best option is own it outright
But too many cars not enough money or space
I think it could work.. would just need good planning

I looked into it years ago, and there were too many insurmountable problems for us to be comfortable with it. For example:


Who looks after it? Do we pay them rent? Is their home insurance/ security good enough? What if they go on holiday??
If they break it, do they fix it? Or is it shared?
Do you need a slush fund for repairs? Is this still fair if, through no fault of your own, you only used the car 10% of the time, yet owe 50% of the repair bill?
What if its already broken when you get into it? Is it your fault?
Are you all comfortable with diy servicing?? Do you trust the mate with the keen amateur and the halfords kit, or your proper £££££ branded stuff?
If it wont start, do you get another timeslot? (Very real posability with the aston we were thinking about...)
Will they treat it the same way you do? I.e. careful warm up, soft loaters on the carpet etc, or will they deive it like they stole it?
Who does le mans in it? And if it clashes with your neices wedding, what happens then?

There are hundreds of scenarios like this which you need to decide and agree beforehand. For us, it was too much. But good luck if you can make it work!

Its fairly common in yachting and I've not met anyone who has told me about a disaster, and several who have quite enjoyed the experience, but the sort of issues above are the downsides, particularly with different levels of disposable incomes - one person thinks it could do with an engine rebuild and is happy to pay his half, the other thinks it will be fine for another couple of years and so doesn't want to / can't pay. Where they have worked it has been where there has been good communication and trust.

Very common in aviation as well.

No reason why it couldn't work in motoring circles as well either, just needs to be set up correctly, and issue understood by all parties.

[Church of Noise]

sunbeam alpine said:

I believe that there are a few clubs you can join which give access to a selection of classics. Why not look at something like that?

I can't begin to imagine the problems of sharing a classic car with a group of friends - how would you pay for breakdowns etc? (different drivers have less sympathetic driving techniques).

I wouldn't do this even with my best friends. (The fact that they are all maniacs who drive everything like they stole it might be a deciding factor*)

• This shouldn't be seen as unjust criticism as I'm no better.

I agree here, have considered this a couple of times, never did it as it seemed that the positives didn't outweigh the potential negative impact on the friendship. I do let some people drive my cars (e.g. mister Sunbeam Alpine), but the amount is very very limited. Better buy something you like and if you fancy a change, add to the collection or sell & get a new one. (FYI, I am not rich enough to add to the collection nor do I have the stomach to sell - tricky situation )

[geeeman]

Why should it have negatives.. if anything its an opportunity to have some very interesting and exciting times, assuming legalities etc are agreed

As others have said it seems its a format that works in other areas

[Kinkell]

I bought a rally car with a friend and shared the driving and navigating. We then shared a race car with no ill effects. Our only rule was if you fk it you fix it although we always helped each other with the inevitable damage repairs.

[Norfolkandchance]

Kinkell said:

I bought a rally car with a friend and shared the driving and navigating. We then shared a race car with no ill effects. Our only rule was if you fk it you fix it although we always helped each other with the inevitable damage repairs.

Out of interest, what was the agreement if the was a mechanical issue. Say the engine let go. Was the driver over-revving or just unlucky that it happened to let go when he was driving?