Advice needed - ferrari purchase
Discussion
hello chaps,
a group of 3 of us have toyed with the idea of buying a ferrari between us and would be grateful for any advice on this.
we all earn in the 30-40k region and were looking on Nick Cartwrights site at maybe a £34k 348 TS, which will clearly cost us about £11k ish each to purchase.
From what I know so far insurance will be about £600 a year limited to 3000 miles, servicing every 3000 miles and therefore every year will be between £500 - £2000, petrol -don't even speak of!,
Is this just pie in the sky?
cheers,
B35
a group of 3 of us have toyed with the idea of buying a ferrari between us and would be grateful for any advice on this.
we all earn in the 30-40k region and were looking on Nick Cartwrights site at maybe a £34k 348 TS, which will clearly cost us about £11k ish each to purchase.
From what I know so far insurance will be about £600 a year limited to 3000 miles, servicing every 3000 miles and therefore every year will be between £500 - £2000, petrol -don't even speak of!,
Is this just pie in the sky?
cheers,
B35
). Make sure the agreement between you is rock solid. Servicing costs, who pays if it breaks, crashes, someone does the most miles, drives more like a c0ck than the others etc etc. Bet you won't be friends for long....any suggestions thought? and what typically will it cost to run? anything I should look out for?
Thought of a log book to log everyones miles, and times to get them to balance as much as pos. Have the person who's 'booked' the car be resposible for the insurance excess. Return full of fuel.
that sort of thing.
Thought of a log book to log everyones miles, and times to get them to balance as much as pos. Have the person who's 'booked' the car be resposible for the insurance excess. Return full of fuel.
that sort of thing.
So you do quite a few miles cruising down the motorway for a few hours, and I take it out for half an hour and do donuts on the rev limiter. You're paying much more towards the car than me, yet I'm the one causing all the costs.
That's the sort of problem you will get....
I'm sure someone here will know the general running costs, but believe me, that's not the issue. There are quite a few threads on General Gassing about this sort of thing and I seem to remember they all ended in problems.
That's the sort of problem you will get....
I'm sure someone here will know the general running costs, but believe me, that's not the issue. There are quite a few threads on General Gassing about this sort of thing and I seem to remember they all ended in problems.
Don't do it, agree with the above if you want to stay friends.
I've got a 348 and the costs approx:
At least £2K for a major every three years but expect more, maybe double with a top independant/main dealer. £750 for annual in between.
£1500 for a set of cats - they go. £1500 for a Tubi.
Insurance about £8-900 pa.
I've got a 348 and the costs approx:
At least £2K for a major every three years but expect more, maybe double with a top independant/main dealer. £750 for annual in between.
£1500 for a set of cats - they go. £1500 for a Tubi.
Insurance about £8-900 pa.
bryan35 said:
maybe a £34k 348 TS, which will clearly cost us about £11k ish each to purchase.
Jaysus ... now that is what you call "forecourt price" and then some!
You would be faaaar better off with the later and better GTB for far less ... like this beauty
even the Spiders like this aren't that much.
A decent RHD TS should be around the £25k mark private.
As to the rest ... if you can stay friends
go for it ... brilliant cars. Nice GTB, looks like it will need a major in 1000 mls tho, 31k is the most major service on a 348 and requires valve adjustment too. It's due one age wise next year anyway. Nothing to be afraid of though, don't believe the BS about F's being fragile. Only proviso on owning one of these is to service it annually and a major every three years and according to the service book.
I've always found it strange that more people don't do the group ownership thing with cars. It's very common in general aviation....
Another suggestion would be for you to get a solicitor to draft up a very clear agreement as to what happens in scenarios x, y & z.
You could even all agree to put your cash into an escrow account at the solicitor and spend say 80% on buying the car and then keep the 20% back for the inevitable bills.
Gawd only knows how you will arrange the insurance though.
Might even be an idea to speak to someone at your local flying club about how those guys arrange everything...
Good luck!
Another suggestion would be for you to get a solicitor to draft up a very clear agreement as to what happens in scenarios x, y & z.
You could even all agree to put your cash into an escrow account at the solicitor and spend say 80% on buying the car and then keep the 20% back for the inevitable bills.
Gawd only knows how you will arrange the insurance though.
Might even be an idea to speak to someone at your local flying club about how those guys arrange everything...
Good luck!
chrisx666 said:
If you are still keen on the idea why not put 7k in each and get a decent LHD one - would be much less of a big deal if it all goes tit$ up..
No no no Chris, they don't want a LHD one, well, unless it's yellow, or a TS ... just steer 'em away from the really nice LHD TBs eh
Agree with the above. Massive can of worms.
Very rough rule of thumb, but budget 3k per year to run one. Might come in less, might even be slightly more if you end up with a car needing work. But you shouldn't have too many scares if you budget that much and should have enough to run it properly.
But really, an agreement between three of you like this will absolutely end in tears and not be a satisfactory way into ownership IMO.
Very rough rule of thumb, but budget 3k per year to run one. Might come in less, might even be slightly more if you end up with a car needing work. But you shouldn't have too many scares if you budget that much and should have enough to run it properly.
But really, an agreement between three of you like this will absolutely end in tears and not be a satisfactory way into ownership IMO.
Don't do it. Spoken to my aviation friend and his 'syndicate' have found this to work. mostly common sense really.
fixed costs are split equally.....
purchase, insurance, MOT, tax, misc parts replacement.
then, everything else they pay into a fund per person per mile......
fuel, tyres, servicing,
Also the person driving is responsible for the insurance excess for any accidental damage.
Also if someone wants 'out' then their share is offered to the rest before anyone else.
fixed costs are split equally.....
purchase, insurance, MOT, tax, misc parts replacement.
then, everything else they pay into a fund per person per mile......
fuel, tyres, servicing,
Also the person driving is responsible for the insurance excess for any accidental damage.
Also if someone wants 'out' then their share is offered to the rest before anyone else.
I have shares in 2 aircraft myself, one group (Cessna 172) works very well and all members are happy, the other group (Ex military Jet Provost) is a slightly different matter with lots of bitching and infighting....
The main thing is to build in some sort of cost per mile for maintenance rather than just petrol, also make sure you have a good bunch of like minded chaps. Your going to have probs if you have 3 chaps just interested in Sunday driving but one chap who wants to track the car a lot....also think carefully about a booking system so that no one person can hog it.
I'm actually looking for a 348 at the moment, I've considered 911's, Noble M12's etc but my heart is pulling me towards the 348. I've a budget of circa £25-£27 for a good car and have cash waiting so if anyone knows of a suitable vehicle please let me know !
The main thing is to build in some sort of cost per mile for maintenance rather than just petrol, also make sure you have a good bunch of like minded chaps. Your going to have probs if you have 3 chaps just interested in Sunday driving but one chap who wants to track the car a lot....also think carefully about a booking system so that no one person can hog it.
I'm actually looking for a 348 at the moment, I've considered 911's, Noble M12's etc but my heart is pulling me towards the 348. I've a budget of circa £25-£27 for a good car and have cash waiting so if anyone knows of a suitable vehicle please let me know !
Now then!
Slightly different level- but the same concept; I have just bought a caterham on a 50:50 basis with a good mate. We had both wanted one for years- and finally hit upon the idea of sharing one night in the pub... For once, pub talk actually happened and 6 weeks ago we collected an '02 plate Super Sport from Caterham Midlands with only 3,000 miles on the clock...
We haven't entered into it lightly, and possibly paid slightly over the odds by buying off Caterham- The key all along was finding the right car. We knew we wanted a used K Series- c. 150bhp and low mileage to make it as depreciation proof as possible
We then sat down and put everything in writing to cover every eventuality: break-downs, prangs etc... Not quite a legal document as it isn't lodged with a solicitor- but really quite detailed and signed by us both. That way, as and when things do go wrong- we will have it all in black & white...
Allocation is on alternate weekends and we have flexibility to swap when one of us has a wedding etc...
The main points of the agreement are:
Both in on initial commitment of 12 months- cash up front- 50:50
Servicing, tyres etc on 50:50 basis (to be reviewed after 6 months depending on individual milage)
First service to be carried out by Caterham for peace of mind
Insurance 50:50- two named drivers 6,000 miles pa £160 each with Flux
Neither of us will allow anybody else to drive it.
Allocation runs from 01:00 Weds am to 11pm following Tuesday
At end of week- make sure it is left with a full tank.
Always to be left in the same condition as found.
If pranged- individual pays excess.
Cosmetic damage paid by driver.
If it breaks down / blows up... Cost on a 50:50 basis... (This is where trust comes in- we are good mates and into straight-talking- If one of us feels that the other one is hooning around like a c0ck- we have to say so!)
We are both in for 12 months and then after that; if either one wants out- serve a month's notice- Other party has first shout to buy them out- alternatively find somebody else to buy ib- or last resort- sell and split proceeds 50:50.
We have had it for 6 weeks and 1500 miles now with no worries what so ever... You could say that we are still in the 'honeymoon' phase- but if you are all straightforward chaps- although you do need to trust who you are going in with...
Sorry to waffle on a bit- but from my experience I would strongly recommend going in with others- it is a sure way to get more for your money. As long as you put everything in writing- no worries.
Bear in mind that our costs are slightly different: £200 for a service slightly lower than a Ferrari...
Good luck,
Charlie
Slightly different level- but the same concept; I have just bought a caterham on a 50:50 basis with a good mate. We had both wanted one for years- and finally hit upon the idea of sharing one night in the pub... For once, pub talk actually happened and 6 weeks ago we collected an '02 plate Super Sport from Caterham Midlands with only 3,000 miles on the clock...
We haven't entered into it lightly, and possibly paid slightly over the odds by buying off Caterham- The key all along was finding the right car. We knew we wanted a used K Series- c. 150bhp and low mileage to make it as depreciation proof as possible
We then sat down and put everything in writing to cover every eventuality: break-downs, prangs etc... Not quite a legal document as it isn't lodged with a solicitor- but really quite detailed and signed by us both. That way, as and when things do go wrong- we will have it all in black & white...
Allocation is on alternate weekends and we have flexibility to swap when one of us has a wedding etc...
The main points of the agreement are:
Both in on initial commitment of 12 months- cash up front- 50:50
Servicing, tyres etc on 50:50 basis (to be reviewed after 6 months depending on individual milage)
First service to be carried out by Caterham for peace of mind
Insurance 50:50- two named drivers 6,000 miles pa £160 each with Flux
Neither of us will allow anybody else to drive it.
Allocation runs from 01:00 Weds am to 11pm following Tuesday
At end of week- make sure it is left with a full tank.
Always to be left in the same condition as found.
If pranged- individual pays excess.
Cosmetic damage paid by driver.
If it breaks down / blows up... Cost on a 50:50 basis... (This is where trust comes in- we are good mates and into straight-talking- If one of us feels that the other one is hooning around like a c0ck- we have to say so!)
We are both in for 12 months and then after that; if either one wants out- serve a month's notice- Other party has first shout to buy them out- alternatively find somebody else to buy ib- or last resort- sell and split proceeds 50:50.
We have had it for 6 weeks and 1500 miles now with no worries what so ever... You could say that we are still in the 'honeymoon' phase- but if you are all straightforward chaps- although you do need to trust who you are going in with...
Sorry to waffle on a bit- but from my experience I would strongly recommend going in with others- it is a sure way to get more for your money. As long as you put everything in writing- no worries.
Bear in mind that our costs are slightly different: £200 for a service slightly lower than a Ferrari...
Good luck,
Charlie
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