Sharing a Ferrari

I know a guy who switches off every month with his other friend between his Huracan and a 458. One month he is driving the 458 and the next the Huracan. I have no clue how they do it I would never share any of my cars!!

 

This idea in my opinion is as insane as financing the purchase of a Ferrari. The only thing anyone should finance is for a principle residence.

 

That really doesn't sound like a great idea.

 

What she look like ?

 

Sharing a Ferrari is akin to having a swinger lifestyle. Works for some folks doesn't for others. I think you really need to know yourself and all the potential pitfalls (many already mentioned here) before you get into this arrangement.

If you're okay with the downsides, heck even embrace the scenario - who am I to judge?

Cheers

 

Or as an alternative, if you want different cars, different outings, etc. Just join one of those shared "Fast toys" clubs, you pay for as many days a year you want, and drive different cars. Kind of like a car co-op....

 

it's not just about the money - in our case 3 out of the 4 people end up buying their own Ferrari / Maserati; it was also about sharing the load re parking (everyone has more cars than garage space, LOL!), similarly minded people to ponder any issues, and also the fact that these cars rarely get driven enough by just one person, none of us really gets to drive our cars every weekend - had we gone the share route, that would have been a better chance.

 

It happens more often then people think. Group buys and sharing cost. Easiest way to move up the ladder with Ferrari and its' dealer. One person acts as the front man and buys cars and then has an arrangement with friends. Lots of flippers are able to get cars this way. they are the front man and not really buying cars for themselves.

 

Exactly this. Don’t think for a minute that God forbid an accident should happen while in another’s possession that you won’t be named in the lawsuit. And in a Ferrari? That’s just icing on the cake. It’s the world we live in. You can have the very best of intentions and no good deed goes unpunished.

 

That would be me, and we have had 10 great years of car partnership. First pair was my 1995 355 Spider, and then 1996 Porsche 911 Twin Turbo. Sold the Porsche to buy a blue / white stripe 2005 Ford GT with 900 miles on it from Lamborghini Houston. That has been our best purchase to date. Added a 2009 ZR1 Corvette to the mix for a couple of years. Sold the 355, and bought a used 2013 California, which we now are selling after 4 years of ownership. Sold the ZR1 a while back as well.

We have shared the insurance and all expenses, and list his home as one of the 2 locations where the cars are stored. He likes to tinker on them, and I like to drive them, so we have worked well together.

We did come up with a buy / sell agreement, in case we got crossways. That probably won't happen, as he taught me to powershift his mustang in 1968, and his firm has been doing our tax audit for the last 25 years. It's good to have your accountant on board with your hobby ! Give it a try.

 

Yup, this adds to my earlier comment. You better have insurance up the wahzoo in any kind of sharing/rental/buddy ownership.

 

I co-own with a friend a '00 550 Maranello, '70 911 and a '95 993 C2. It's worked out fine so far. We have more or less the same taste in cars and plan to add another one to the stable sometime this year, maybe sell one of the 911s and get something else. We'll see...

We own and insure the cars in an LLC and split everything down the middle, settle up on expenses periodically as needed and don't worry too much about it. We text each other when we plan to drive a particular car and the only real rule we have is to leave the car clean and with a full gas tank after you've driven it. The cars are on a maintenance schedule and we share that responsibility as needed. We don't keep track of who drives what car how much nor do we care...if my co-owner drives the 550 4x as much as I do, so what?

Naturally, this type of an arrangement isn't for everyone, but it's worked for us so far and has allowed us to purchase multiple cars that we wouldn't own solo. The way I see it, I don't have the time to enjoy 100% of any one car let alone 3 or 4, so owning 50% -- and only having 50% of the expenses -- works for me just fine.

 

In order to save money on insurance, tho I still pay it. There’s quite a difference in prices between a 60 year old man living in the country and 23 year old idiot living in the city. But the whole point of my post was that we definitely share the car even tho he considers me the owner (financially).

 

Ah, OK, that makes cents!

 

Not only is this way off in left field from the subject, it's ridiculous to paint such an absolute....financing nothing but a house....so you need to have enough liquid assets to already own a car so you can work to finance that house...but before you started working, you didn't have money for a car, so you saved your money from worki....nope, no you didn't. You couldn't get to work to make money because you didn't have a car since you couldn't pay cash for one. I guess we're all just expected to live off trust funds.

I have 5 cars. All reliable, low mileage, well maintained good runners, and a few of them have a bit of flash. My pickup will most likely outlast me. The Ferrari is the only one that has a lien, and it doesn't bother me one bit. I got a good deal, I put a very hefty down payment and am not, and will never be, upside down in that car, just as I have never, ever been upside down in any car I have ever financed...so yes, frivolously getting loans for cars and buying cars you cant afford is stupid, but there is a smart way to do it without tying up liquid assets that could be used elsewhere.

The only reason anyone makes this statement is keep their non-existent elite club "pure". I had a member here imply that I was a "poser" since I didn't pay 100% cash for my Ferrari. I've done a ton of work on that car, I know it inside and out. That same week, he posted a question about his car that was so ridiculously basic that most backwards hat wearing 16 year olds that just got their license would have laughed. Who's the real poser?

 

I would have to agree, ain't no way I could just plunk down 100k unless I did something stupid like liquidate a portion of my retirement fund. I can however make a significant down payment, say nearly half and finance the rest. Months I do really well I can pay significantly more then the monthly payment and not sweat it, months work is slow I make the monthly payment and go on.

Still don't think I would share ownership though, just not in my nature. Didn't share my toys much either as a kid either. Probably the only child syndrome in me.

 

i'd make a terrible partner. When I wanna drive....I wanna drive. Part of the reason for having a toy is knowing it's there anytime I wanna use it.

 

Apparently co-ownership is common enough that CT tittle applications are set up for it. Common with boats too. Like has been said, depends on the relationship of the co-owners. Personally, I would not co-own anything except investment property or a business.

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Dale count me in as a third if the time comes.
I'd be looking towards a 430 Scud and/or 599 HGTE and my P-bug and Boxer would be a buy in.

 

IMO there is a market for a "mutual fund" (with occasional driving privileges) in co-ownership of exotic cars.
There are companies that do it with other assets.

 

I'm with ya, brother. 430 Scud and/or 599 HGTE are on the radar for my partner and me as well.

Like I say, sharing/co-ownership ain't for everyone, but in the right situation with the right partners (obviously, this is key element to the whole thing), why not? Sure makes owning multiple collector/fun cars much more affordable and no real downside that I've experienced. At least not yet.

My co-owner and I considered bringing in more partners, maybe forming a small "club" or sorts, but decided that more partners would only increase the overall hassle factor and potential for getting crossways with one or more members. Who wants to deal with that? After all, owning fun cars is supposed to be FUN, not work.

 

I love idiocy. How many folks do you know who buy billion dollar buildings without finance.

I know someone who has a partner and they have many cars worth multi-millions. The cars get driven. I don't know the particulars, but it works.

 

Financing things in a business is much, much different than financing a Ferrari toy.

 

It is poseur not poser and yes, I have to wonder the reason someone would finance something like a Ferrari. You are obviously young and are far away from retirement. Prudent financial advice is to wait until you can pay cash for a toy like a Ferrari. I hope you have a retirement plan in place already before you make payments on any toy.

 

People do it with planes and yachts all the time; you just have to do your homework/investigation about the other party.