Co-owing a Ferrari

I've never co-owned anything and I wouldn't co-own an expensive old car, too many things can go wrong. Who's name will appear on the registration? Who's insurance will it be under? What if the other guy totals it and it's under your insurance? What if you need $8,000 worth of service and he can't come up with his $4,000 share? Does he get to drive it? Where will the car be parked?

This seems like a very bad idea.

 

Unless you are married to the other owner, I can't see how it could possibly make sense. To even attempt it would require a 50 page detailed contract that itemizes ownership, maintenance, insurance, and eventual sale considerations.

The only way I cans see in structuring it would be to create a corporation or LLC where you are both shareholders and the corporation would own the vehicle. Then the indepth agreement mentioned above would have to be defined.

If you can afford to buy a car yourself do not complicate your life, I can only see trouble in this arrangement over the long term.

 

IMO, not a good idea to go into something like this with a stranger. An immediate/close family member or close friend maybe, but not a internet responder. If you insist, you will do well to have a very thorough contract with the other party covering every possible situation and contingency that may arise sharing a car.

 

I have as much interest in sharing my Ferrari as I do my wife...

 

This was my reaction as well. Problem is the purchase price on an old Ferrari is just the start.

 

I think I have my priorities in order: I bought my Ferrari but I only rent my wives.

 

I know two guys in Houston that co-owned a classic Ferrari. They each had their own Ferrari (one a 550 and the other a 308 Fibreglass) and they shared a 330 GTC. I guess it can be done but there are a lot of obvious pitfalls.

 

I wouldn't co own anything

 

Take a look at partnership agreements commonly used in the airplane world. 2,3,4 owner GA aircraft are not uncommon. The agreements cover insurance, maintenance, etc. It's a good model for this type of thing.

 

This would be the ideal version of co-owning....each owner after their own to enjoy individually and the one to share for yet another spectacular driving experience. Mutal agreement and a high level of integrity amound the owners is a requirement.

 

Be aware that if for whatever reasons you want to get out of the agreement you have to buy out the other person. In a way this means that you should be able to buy the car on your own anyway. Much less hassle.

 

I would not co-own. Prices on Ferrari continue to fall, so you may end up with a better deal in 6 months than today. A few weeks ago a Mondial 8 sold on Ebay for less than $15,000 and it appeared in good condition.

 

Someone will want a divorce before its all over. The only question is who gets custody and who gets screwed.

 

lol, takes a lot of restraint to not make something out to that comment.

 

I respect your self control I made the comment, and even I am having a hard time...

 

As a pilot, I know how these always end.....not good. Of the people I know who have bought planes with partners, not one would ever do it again.


Mark

 

I owned my Dino with a good friend for about 2 years and it was OK.
I ended up buying out his half after that time because we had agreed that we would always drive it together and we had difficulty finding days when we were both free.
The car spent half the time at my house and half at his.

We kept track of expenses and shared them with no problems.

It worked out OK really because by sharing the risk we had the confidence to take the plunge which alone we might not have-- no matter how good the PPI, you could find the car had some expensive problem after purchase.

But I wouldn't do it with a stranger who didn't live near me.

 

My wife and I did this with a friend on a race car, a very risky proposition. The arrangement was informal, but worked just fine. We travelled to his house to work on the car and perform maintence and upgrades. He kept a ledger of expenses and when it was my turn to buy, say, a set of tires, we did, no problem. We crewed for each other at the track. We towed the car with our station wagon on his trailer, we shared on everything, never once squabbled. We sold the car when it became apparent that it was no longer going to be competitive and shared in the revenue. We are still friends 30 years later. Those were good times.

 

In theory it's a good idea. I mean if I had a Ferrari I would only drive it occasionally so why not share it, especially since the cost is so high. But for the reasons other posters mentioned I don't think it would work well. What if one of us is an ass and gets drunk and kills someone in it? You'd have to trust the other owner a lot. The only people I trust enough to go into something like that with would be my parents or my brother and none of them have an interest in owning a Ferrari.

 

There's a place around here that handles exotic car sharing called.... Exotic Car Share. I suppose if someone was inclined, they could do this through a 3rd party.

 

I did this long, long time ago. The co-owner was my best friend, we were lieutenants in the air force, both lived in the airport. We both had another car (Fiat 124 Spider, my one in white, his one in green) and wanted something else. We bought a 208 GT4 together and shared it for 18 months. When I moved, he bought my share.
Never a problem, we mainly used the car together.
But, as someone else said, I'd not share with a stranger.
Ciao
Eugenio