kit car joint ownership
Discussion
Hi, Am thinking of buying a westy with a chum from work.
We're looking at putting in £3k each and buying a 2.0l vauxhall or ford engine car.
Work chum has a garage at his house (mines got the babywagon in it)and we both have our own daily drivers.
I was thinking of splitting the bills 50/50 and of course if you bend it you mend it is the key philosophy with the westy. We would keep a log of who had it and when for speeding tickets (lets face it there's going to be a few!)
Has anyone done a similar thing and if so was it a sucessful joint venture?
any tips or advice greatly received.
H
We're looking at putting in £3k each and buying a 2.0l vauxhall or ford engine car.
Work chum has a garage at his house (mines got the babywagon in it)and we both have our own daily drivers.
I was thinking of splitting the bills 50/50 and of course if you bend it you mend it is the key philosophy with the westy. We would keep a log of who had it and when for speeding tickets (lets face it there's going to be a few!)
Has anyone done a similar thing and if so was it a sucessful joint venture?
any tips or advice greatly received.
H
Edited by hman on Tuesday 4th November 08:02
I'd expect the one storing it to pay slightly less tbh.
Consider too how you'll deal with wear & tear stuff, especially if one of you gets busier than the other and doesn't get the time to use it. Bills split 50/50 is fine unless you haven't used it for 6 months, your mate has been enjoying it on a few trackdays and it needs new brakes, tyres, suspension bits, etc. Also how will you deal with damage - will you leave minor scratches, minor fibreglass cracks, or are you planning to keep it immaculate and if one of you damages it at all it has to be fixed?
Consider too how you'll deal with wear & tear stuff, especially if one of you gets busier than the other and doesn't get the time to use it. Bills split 50/50 is fine unless you haven't used it for 6 months, your mate has been enjoying it on a few trackdays and it needs new brakes, tyres, suspension bits, etc. Also how will you deal with damage - will you leave minor scratches, minor fibreglass cracks, or are you planning to keep it immaculate and if one of you damages it at all it has to be fixed?
sjg said:
I'd expect the one storing it to pay slightly less tbh.
Consider too how you'll deal with wear & tear stuff, especially if one of you gets busier than the other and doesn't get the time to use it. Bills split 50/50 is fine unless you haven't used it for 6 months, your mate has been enjoying it on a few trackdays and it needs new brakes, tyres, suspension bits, etc. Also how will you deal with damage - will you leave minor scratches, minor fibreglass cracks, or are you planning to keep it immaculate and if one of you damages it at all it has to be fixed?
I was thinking the same about knocking off some cash for storage, although it will give him more convenient access to the westy which he may see as a benefit - I would have to travel 15 miles to get access to it.Consider too how you'll deal with wear & tear stuff, especially if one of you gets busier than the other and doesn't get the time to use it. Bills split 50/50 is fine unless you haven't used it for 6 months, your mate has been enjoying it on a few trackdays and it needs new brakes, tyres, suspension bits, etc. Also how will you deal with damage - will you leave minor scratches, minor fibreglass cracks, or are you planning to keep it immaculate and if one of you damages it at all it has to be fixed?
If it went to a track day then I would hope we would go together, although its a fair point as I am prone to dissapearing off to the ring now and then - although from what I've seen parts are very cheap so I wouldnt have an issue with replacing consumables if I was a heavy user. I would be the one fitting the parts anyway so theres an offest of no labour payable by my chum.
Damage, scratches, cracks are wear and tear which would be left until we both agree they should be sorted (neither of us would allow it to become unsightly or dangerous). Mending after crashing would be the responsibility of whoever the driver was at the time.
It's easy if both parties are reasonable. I've not done it with a car but I have with boats where the sums are even greater. Just agree the ground rules, about who pays for what and how/when the other pays his share and you won't go far wrong. You also need a contingency plan in case circumstances change for one or the other. Depending upon your relationship you may want a mini contract between you about shared title/ownership just in case you fall out over anything and the guy with the V5 in his name decides to sell! Good luck.
I sold a 50% share of my Furyblade to my mate for £4K. Only because he virtually did all the trackdays with me, and been to France 3 times with me as well, sharing the driving. He got fantastic use of a very fast car for free, and i got all the bills for tyres, clutch and brakes ect. It worked out fine for about 6 months, then i crashed it heavily aquaplaning on a French motorway. Fortunately, I only smashed up the 50% of the car which was his..... then gave him his cash back out of the insurance money. It worked for us while it lasted, but he was 100% confident that i would not try and rip him off and i was confident he would pay up for consumables as he has NO mechanical skills, i did all the maintainance.
All i can suggest is you price out a set of tyres, brakes, clutch, a couple of dampers so its eyes wide open when the car needs £300 spent on it. Also we had a "you bend it, you mend it" agreement which can be harsh but necessary. Tricky if an accident is not your fault though... I suppose only do it if you are GOOD mates and can comfortably afford the costs without arguing.
All i can suggest is you price out a set of tyres, brakes, clutch, a couple of dampers so its eyes wide open when the car needs £300 spent on it. Also we had a "you bend it, you mend it" agreement which can be harsh but necessary. Tricky if an accident is not your fault though... I suppose only do it if you are GOOD mates and can comfortably afford the costs without arguing.
Been doing this for a year on a CVH Westfield, everything 50/50. I provide garage and he has to drive to have get to me.
I do all the maintenance under the tutorage of a third party, something I have always wanted to be able to do.
We are currently fitting a 2 litre zetec, all costs 50/50, brilliant experience for me (Plus a few new tools at half price).
I couldn't afford it otherwise but together its cheap (£2,700 each initial purchase, then shared annual costs £180 tax, £170 insurange £50 MOT, plus bills, thats a base cost of less than £200 a year each).
My co owner and I have known each other since we were kids, so know each others faults and trust each other fully.
Besides my friend has cancer so our last chance to be big boys and share big toys. Who cares who breaks it, we both push it hard and we are insured.
Tip for track days, Llandow will let you split the drive, so although less track time it also lets you split the cost. (usually becomes an open pit in the afternoon, so less of an issue).
Basicly go in with open eyes, know what you are letting yourself in for, realise your partners limitations and accept them as part of the deal.
I do all the maintenance under the tutorage of a third party, something I have always wanted to be able to do.
We are currently fitting a 2 litre zetec, all costs 50/50, brilliant experience for me (Plus a few new tools at half price).
I couldn't afford it otherwise but together its cheap (£2,700 each initial purchase, then shared annual costs £180 tax, £170 insurange £50 MOT, plus bills, thats a base cost of less than £200 a year each).
My co owner and I have known each other since we were kids, so know each others faults and trust each other fully.
Besides my friend has cancer so our last chance to be big boys and share big toys. Who cares who breaks it, we both push it hard and we are insured.
Tip for track days, Llandow will let you split the drive, so although less track time it also lets you split the cost. (usually becomes an open pit in the afternoon, so less of an issue).
Basicly go in with open eyes, know what you are letting yourself in for, realise your partners limitations and accept them as part of the deal.
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