Co-Op on some of these "bargain Ferraris"

Not at all! My reply is next to worthless though since I wouldn't be involved in your proposition, but I'd consider it in my area. However I think unless it's done with like-minded car enthusiasts (i.e. minimal disparity in how each member treats the car) it can be a bad situation.

 

With the prices of some 360's being so cheap, this logic could work against you. It all depends on how much I intend to use the car. Lets say that you buy a 360 for 100k, I put in 25k for 3months of use. Repair costs are cheap divided by 4, but most likely going to be more repairs due to "excessive wear and tear". The car is probably going to get used alot by everyone, hurting its resale value. So at the end of 2 years, you are going to sell the car for 50k, so my cost of 6 months of use is $12,500+repairs....so appox $2k/month

Now if I buy the car outright for 100k, I can use it for 24months, and realistically would be able to get a better price since the car isn't going to get beaten by other drivers. So if I can get 60k for the car, that 40k loss equates to $1667/month for using the car.


You always hear about people wanting to do Co-Op buys, but I have yet to see one done with good results....

 

Cant ever compare a Corvette to a Ferrari. You can buy Corvette motors for peanuts and swap motors all day long. Blow a 360 motor and you'll be out enough money to buy a few Corvettes. There are no cheap Ferrari's.

 

$75k for a 2000 360 with 30,000 miles would be an accomplishment even now IMO; I think you'll find them priced $10k more than that, base case.

But co-ops are a cool idea just under the right circumstances. I think it just needs to be done by relatives or very good friends for it work but that's just me.

 

I would only do a co-op with trusted friends whose cars, driving style, and integrity to pay up I all knew and felt good about. I'd never post on a message forum looking for this, especially not this one!

 

Doing it with one car, your "cost per month" is higher then if you bought it outright.

Now, if you did it with 4 cars, its an interesting thought...maybe a Z06, a 360, porsche, DB9? But now we are talking about maintaining 4 cars....and 4 depreciating cars

 

But it works so well for NetJets...

 

Yech! It would be like doing a co-op on a girlfriend.

 

i did this with an old lambo. i found a car, had a ppi, car failed ppi. dealer did not like looking at a 1973 urraco, and squawked every little thing wrong with it, in writing. owner freaked out, and needed to sell. owner offered me an even better price. i called a buddy, he said the hell with it, lets buy it together, spread out the liability, and agree to chop it up for parts if its a turd. the car is great, we fixed all of the small issues, and my buddy offered to buy me out of my part after some time passed, with a promise to give me a kick back if he sells it for $$$$ in the future.


i would gladly do it again with local, like minded gear heads. it was alot of fun.

 

I think the only "crazy" part is going out soliciting for partners among strangers. (And there's nothing stranger than a group on the internet. )

Shared ownership "flying clubs" was fairly common a while back, where a fair sized group would own two or three airplanes.
The reality was that one or two members wound up doing most of the flying, while others paid their money and just told themselves they *could* fly ... if they ever got round to it.

The biggest issue is the "usage" rules: no matter how you write them, they tend to favor some members over others. Do you let someone take the plane on vacation, and have it sit at a remote airport for a week, unavailable to others, or do you exclude that use and favor those who only do business day trips? Or restrict parking at remote airports, and limit use to the student pilots?

Trying to spread a number of craft among a larger group always gets complicated. Such clubs are often started with the best of intentions, but often wind up with a couple of members just being subsidized by the rest.

Even in a group partnership in a single vehicle, the differences can grate. Any time you have more than two or three people, you can get cases of the "democratic disease": the majority aligning against the minority. In larger groups, any procedures you implement to try to offset this effect can wind up shifting too far the other way -- the club directors having too much say. It can be enlightening: the problems of governmental structure in microcosm. But you usually don't go looking for a Ferrari in order to study political science.

For a straight two person partnership in an airplane or a car, you should already know the potential partner -- someone who shares your views on ownership, track use, and maintenance.

Mixing an "investment" buyer with a "drive the wheels off" buyer is a formula for disaster. Heck, look at some of the heated debates around here just over the timing belts change interval.

 

I would consider it, as a 2nd or 3rd exotic just for fun and to try a car out. Ideally (since i live in chicago) it would work with me and another person(s) who are in warm climates who can use it in winter months.