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Wanted: Shared track day ownership
EasyJimbo - 2/2/10 at 03:53 PM

Guys

Been thinking of doing this for a while but thought I would run this past fellow Locost Builder, we all like cars and the ideal place to get the most from a car is the track. Well I thought about setting up a little group of us (3-4 people) who each inject an amount of money for a track car and then we share the ownership between the group and obviously track time is shared also. I have looked into this and a Caterham esc seems the obvious choice The running costs will be very low as it will simple be the cost of the track day and fuel and insurance (this is around £300 a year for all 3-4 of us for track use).

We could do this for less if we structured the ownership costs in a different way, i.e. I could take on 50% and you two could have 25% each. The actual cost to you would depend on what we went for, but I would think in total we would want to spend between 6-8k, but we can dicuss this.

Contact me if your interested and we can chat. I am based in Bristol.

James

nick205 - 2/2/10 at 04:47 PM

I've had the same thought in the past, but in practice I think the logistics of multiple owner/drivers, money in/out and storage/transport etc outweigh the benefits.

You can just see the scenario where X puts in 25% then needs it back and W, Y and Z can't buy him out so the car gets sold.

Two good mates living close by a good track might be the way to go though.

blakep82 - 2/2/10 at 04:51 PM

who keeps the car? who pays for damage? who car has to tow?

i don't think it'll work very well tbh

Richard Quinn - 2/2/10 at 04:52 PM

Most shared ownership things end in tears

EasyJimbo - 2/2/10 at 04:59 PM

I know what you are saying but we would have an agreemeent where we chip in each month for a damage fund and we could work the other things out I am sure. As long as things are clear up front and agreed it will work.
J

EasyJimbo - 2/2/10 at 05:06 PM

The car would reside with the person who has the biggest stake or if equal we could spread this out throughout the year. As I have already said there would be a fund per month which would cover costs etc from each person, which would not be too much but would be enough to cover any costs.

J

eddie99 - 2/2/10 at 05:09 PM

I think its an excellent idea but as above, i think it will end in tears, 1 guy will reck it. Other 3 will fall out with him because they have to pay 2k each to repair the car when he was being an idiot and etc... etc..
But again on the otherhand, friends living closeby, close to a track might work

Toltec - 2/2/10 at 05:09 PM

quote:
Originally posted by EasyJimbo
Guys

as it will simple be the cost of the track day and fuel and insurance


Tyres, brakes, oil changes...

You will need to be quite clear about how the additional costs of a track day are covered, who is going to spend time working on the car, where it is kept, who's name is on the V5 and what the agreement is if someone damages it.

I share a TVR with a friend and it has worked well for us, used to be three but one dropped out. I have known him for years and we trust each others driving and morals. We both get stuck into any work that needs doing on the car and if anything this helps with the motivation to go out to the garage.

A big positive for me is that doing a TD with a mate is more fun. It helps with refuelling, tyre pressure checks, oil/water checks and making coffees between runs.

At worst you will have to be prepared to lose your share of the car to someone else's mistake.

Good luck, I hope you find some like minded mates to share with.

fesycresy - 2/2/10 at 05:36 PM

Me and 3 mates discussed it. All very good drivers, but not the most mechanically minded, but they wanted to learn.

They all wanted a RWD big power car (325 etc), while I wanted a light FWD car (Clio/205 etc).

Never got past that sticking point, went karting instead.

MikeR - 2/2/10 at 05:48 PM

surely it makes more sense for a "bent it / fix it" approach to any issues with damage. Its not fair that you're paying into a damage fund and someone else is doing all the damage.

Just needs careful agreement that before anyone takes the car two people check it over. Anything found is the responsibility of the previous driver. If its not done then it becomes the responsibility of the current driver.....

only issue is when someones damage bill gets to a point they say "sorry, i'm not / can't afford paying up"

what ever happens sounds like a recipe for trouble. Then again i don't even like joint ownership of tools.

Hellfire - 2/2/10 at 07:27 PM

I think that unless the shared ownership is with family or really close friends, then it will be fraught with difficulties and either won't work or won't last very long. There are just too many 'what ifs'........ to contemplate and account for.

Phil

prawnabie - 2/2/10 at 07:33 PM

Worth a read...

http://nurburgring.org.uk/c-car/index.html

EasyJimbo - 2/2/10 at 08:01 PM

thats an excellent site with some good ideas.

J

blakep82 - 2/2/10 at 08:04 PM

quote:
Originally posted by EasyJimbo
I know what you are saying but we would have an agreemeent where we chip in each month for a damage fund and we could work the other things out I am sure. As long as things are clear up front and agreed it will work.
J


so if one of the 4 keeps damamging it, and the other 3 don't, do all 4 still pay for ALL the damage?

EasyJimbo - 2/2/10 at 08:16 PM

No in hindsight I think it would be better to have a policy that the person who crashed it pays for it.

J

Jubal - 2/2/10 at 08:32 PM

quote:
Originally posted by prawnabie
Worth a read...

http://nurburgring.org.uk/c-car/index.html


That's a good guide. I have shared cars and boats in the past. I'm on the lookout for a likely candidate car for the next share in fact. The biggest issue is the big boy's rule. You have to be sure all parties can and will pay to fix it if they break it. You also need to be clear on mechanical failures. How would you feel coughing up for repairs due to oil starvation when you know the guy who was driving at the time is 4 seconds a lap faster than you and hence much more likely to be causing the failure. Not great but it's the way it goes.

Like others have said it works best with good mates who you know earn enough cash to pay their way. I can't see it working with people off the internet.

Hellfire - 2/2/10 at 08:57 PM

quote:
Originally posted by prawnabie
Worth a read...

http://nurburgring.org.uk/c-car/index.html


Some good ideas on that link but I don't think the conditions can be applied to a car that will potentially be used on various tracks around the uk.......

Phil