Shared Ownership of a car

[-Ashley-]

Afternoon All,

I am currently looking at getting a Clio 172 Cup for a mix of fast road and track use.

A friend of mine has a written agreement with one of his co-workers which basically means that they co-own the car and both take it for trackdays as and when, sometimes going together. My MD is receptive to the idea of some form of shared ownership and this is what I've loosely proposed:

"Would either do a 50/50 ownership with all costs split evenly and the car stored for track days only or an 75/25 arrangement where I keep it road legal and use it daily with the other person free to track it as much as they like on the weekends and I will cover all servicing / maintenance."

Does the above seem viable? Has anybody ever done something similar? Did it work or did you fall out?

Any feedback appreciated.

Ashley

 

[Inequality Street]

Sod that. Too much could go wrong.

 

[Chrisgti6]

50/50 on costs is a bad idea. What if they smash it up, you've got to pay half the cost.

I'm out.

 

[H182]

It could work for track days only, but not if you were using it as a daily. He could rock up wanting to use it and you'd be without a car. You'd could put a clause in that whoever broke it had to fix it.

 

[-Ashley-]

It could work for track days only, but not if you were using it as a daily. He could rock up wanting to use it and you'd be without a car. You'd could put a clause in that whoever broke it had to fix it.

It would be agreed that it would be free for me Monday - Friday and free on weekends for trackdays. He would only use it on weekends anyway.

 

[Budgie]

Depends entirely on how well you get on with your boss. Also, how handy you are with the spanners. I could share a car with a couple of mates no issues. with my boss, no chance.

 

[Shanny]

50/50 on costs is a bad idea. What if they smash it up, you've got to pay half the cost.

I'm out.

Same here. If something went wrong mechanically or if there was damage, regardless of any agreement, things don't always end well.

Shanny

 

[-Ashley-]

Depends entirely on how well you get on with your boss. Also, how handy you are with the spanners. I could share a car with a couple of mates no issues. with my boss, no chance.

Same here. If something went wrong mechanically or if there was damage, regardless of any agreement, things don't always end well.

Shanny

I got on very well with my boss, he is not your typical MD and we are always talking about cars; I have even detailed his cars in the past.

I understand the point on crash damage etc... But surely if you had something pre-agreed there wouldn't be an issue? We would have a signed contract that we were both happy with just to cover every eventuality including crashes, the engine going bang, selling the car on etc...

 

[ruisobreiros]

I would buy a £500 172 myself and do my own trackdays whenever I want to. And with a bit of luck you get a daily car at the same time.
Written agreements are never a good sign for something like this...

 

[Addicted]

So you don't strain the car at all and use it as a daily, and he wants to rag it around the track, and all around that he wants you to pay for 50% of his repairs (essentially)?

Am I missing anything? Seems insane.

 

[Goodj]

If it wasn't a daily, there'd be no problem.

But if it gets rolled down paddock hil on a Sunday, how are you getting to work on Monday?

 

[-Ashley-]

So you don't strain the car at all and use it as a daily, and he wants to rag it around the track, and all around that he wants you to pay for 50% of his repairs (essentially)?

Am I missing anything? Seems insane.

No it would be 50/50 if it was shared track use only. The split would be different if I used it as a daily as per my original post.

 

[-Ashley-]

If it wasn't a daily, there'd be no problem.

But if it gets rolled down paddock hil on a Sunday, how are you getting to work on Monday?

I do have my wife's car which I could use. She barely uses it and could get by without it for a week or two. No different to your daily breaking down under normal circumstances in my opinion.

 

[Goodj]

I do have my wife's car which I could use. She barely uses it and could get by without it for a week or two. No different to your daily breaking down under normal circumstances in my opinion.

I'd say it could be significantly more broken than a mere breakdown.
If you did have it as track-only though, totally go in with him. More spending power means better upkeep of the car, surely

 

[fixedgear]

I have a my track car I own and pay for 100%

I do track days with my mate, he pays half all costs, means lower cost for me. Works fine.

He would pay for any damage he causes and I'm not really worried about wear and tear.

Your 50/50 signed agreement sounds like it could go Peter Tong awfully quick

 

[RS Charlie]

How long have you known your MD?

I have shared a track before but that was with friends from years ago.

 

[RichieJA]

Would do a 50/50 for trackday only.

 

[LeeRS]

If you need a written agreement, then you cannot have to much trust in the other party. I would only have a select few who I would trust with this type of thing.

Just buy your own and have no qualms then.

 

[masekwm]

Never mix business and pleasure

 

[Ex-User (19928)]

If you can't afford to do it yourself, then no.

If it's a rare car and you're both working on it, then still no tbh.

 

[Knuckles]

I have a my track car I own and pay for 100%

I do track days with my mate, he pays half all costs, means lower cost for me. Works fine.

He would pay for any damage he causes and I'm not really worried about wear and tear.

Your 50/50 signed agreement sounds like it could go Peter Tong awfully quick

Unless you and your boss are besties, I'd be doing the above.

It's your car, apart from when you track it, in which he pays half of maintenance, or the whole cost if he bins it.

 

[-Ashley-]

How long have you known your MD?

I have shared a track before but that was with friends from years ago.

I have known him for 3 years and get on very well with him.

If you need a written agreement, then you cannot have to much trust in the other party. I would only have a select few who I would trust with this type of thing.

Just buy your own and have no qualms then.

It's Not that we don't trust each other it's just see we can both be prepared for every eventuality; nothing wrong with planning ahead in my opinion. I don't know if I can financially justify having a car solely for trackdays.

 

[klm182]

if he is the MD.. why cant he pay for it all... let you use it as an employee bonus ,as you get on so well..... he sounds a scrooge to me ha..what if you get sacked?

 

[adamlstr]

If a long-standing mate fancied doing this, no bother.


My boss, nah.

 

[klm182]

So you don't strain the car at all and use it as a daily, and he wants to rag it around the track, and all around that he wants you to pay for 50% of his repairs (essentially)?

Am I missing anything? Seems insane.

the thing he hasn't told him is... he has to work every weekend,when its his turn for the track days... ha ha

 

[M.C..]

No, too much hassle.
Buy your own it will be much better in the long run and you can do what you want to it without having to consult somebody else.
Also what happens in the summer when there are very few trackdays on weekends due to racing and he wants to do trackdays in the week?

 

[Tony Hunter]

Forget it. It will end badly.

 

[DCELEC 182]

Sounds like you've already made up your mind and just looking for reassurance....none here I'm afraid, disaster waiting to happen unless you just share it as a track car pure and simple (in my opinion).

 

[-Ashley-]

I haven't made up my mind at all, I was just looking to get people's opinions which I am grateful for.

 

[masekwm]

I haven't made up my mind at all, I was just looking to get people's opinions which I am grateful for.

So you go for the 75/25 option, he thrashes it around a track on the weekend.
On Monday morning the clutch fails.
Who's paying?

 

[Sesqui89]

Depends on your relationship in my opinion. If you'd class each other as friends then sharing it for track days only could work. However if it was potentially your daily as well I reckon the risks are going to outweigh the benefits. Probably worth bearing in mind that even if you are friends, if you had a disagreement over it your boss could ultimately make your life hell on a daily basis if he wanted to.

 

[levaz]

I let my boss borrow my megane once about 5 years ago (had worked there 5 years at that point, but had know him around 9 years) as i'd borrowed the company van for the weekend, which was his daily drive.

He had it from fri afternoon-mon morning, racked up 900 miles, filled it with diesel and wrecked 2 alloys.

He footed the bill, but never again, and that was just borrowed for a weekend.

 

[Inequality Street]

I let my boss borrow my megane once about 5 years ago (had worked there 5 years at that point, but had know him around 9 years) as i'd borrowed the company van for the weekend, which was his daily drive.

He had it from fri afternoon-mon morning, racked up 900 miles, filled it with diesel and wrecked 2 alloys.

He footed the bill, but never again, and that was just borrowed for a weekend.

Your face must have been a picture!

 

[levaz]

Your face must have been a picture!

That's an understatement.
Alloys I can half understand, although wasn't best pleased about.
The diesel got me, not like the filler neck wasn't green, and there's a sticker inside the flap saying unleaded only.
But apparently as it had an open cone filter on it, it sounded like a diseasel, so he diseased it right up!

 

[levaz]

also, this is what happened to my bosses last track car.
Clio Cup racer, went in backwards at Rockingham on a test day doing about 80mph.

The photos don't show the full extent of the damage, but the roll cage was bent when it came out.

 

[alistairolsen]

Id happily share a car, but only on the agreement that running costs were split and only with someone who could afford to buy me out of my half if (when) it got binned.
I wouldnt then use that car as a daily (I can afford to run a daily and as it's then free to take on track, that too, and its my risk how hard I push knowing I need the car for work)
I also wouldnt consider such an arrangement with a work colleague, particularly one with any control over my career progression.

 

[-Ashley-]

Id happily share a car, but only on the agreement that running costs were split and only with someone who could afford to buy me out of my half if (when) it got binned.
I wouldnt then use that car as a daily (I can afford to run a daily and as it's then free to take on track, that too, and its my risk how hard I push knowing I need the car for work)
I also wouldnt consider such an arrangement with a work colleague, particularly one with any control over my career progression.

Very valid points mate thank you; every one is giving me stuff to think about so thanks for your advice so far.

 

[alistairolsen]

No worries at all! I've seen various arrangements and given it a bit of thought over the years and in the right circumstances it can make a lot of sense.

 

[Addicted]

The fact you are still contemplating it worries me more than the fact you asked the question, sorry.

 

[klm182]

The fact you are still contemplating it worries me more than the fact you asked the question, sorry.

you know what some people are like on here, I remember some one asked,"where do I have my belts done" birchdown or northwest performance?..about 30 people said birchdown ,no one said nwp..then he said,he has just booked it into nwp.. ha