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Fractional ownership of a Ferrari- is it feasible?

Discussion in '308/328' started by Fairview, Apr 1, 2020.

  1. Fairview

    Fairview Formula 3

    Mar 16, 2009
    1,095
    Waynesboro, Virginia
    Full Name:
    Jeff Ward
    I haven’t posted for a while since I sold my 308, but I miss you all and your good advice and congenial discussions.

    I have gone to the dark side, returning to my former mistress, a 1984 Porsche Carrera M491 coupe. It’s a great little car, but I still miss the Ferrari days to some extent.

    I’d gladly own another 308 or 328, but with four other vintage cars, I don’t want to own another, at least by myself.

    Have any of you owned a sports car with a friend? Or have you shared half your car for half of another? I’ve experienced such in aviation, and from my experience has worked quite well. Why don’t we try it with our collector cars? Most of us own too many to use personally and they just sit under dust covers in dark garages, with battery tenders plugged in.

    I typed out an email to my insurance company, Hagerty, to see if they insure co-ownership, but I haven’t hit send yet. But aircraft insurers do it all the time, and airplanes are exposed to higher risks than cars I’d say.

    Anyway, I’d be interested in your thoughts. I can think of 50 ways it could go terribly wrong, but 50 ways it is worth trying with a likeminded co-owner.

    Thanks, Jeff

    p.s. I ascribe to the theory that every thread should have some photos, so pictures follow of my current fleet, underused, connected to battery tenders, but treasured.


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  2. killer58

    killer58 Formula 3
    Silver Subscribed

    Jun 30, 2010
    1,129
    CA & DC
    Very nice collection.

    I especially like the 29 Cabriolet as I learned to drive in a Tudor.
     
  3. LuigiVampa

    LuigiVampa Karting
    Rossa Subscribed

    Jan 17, 2020
    63
    Full Name:
    Todd
    Two things you never share - cars and women.

    When I first started driving at the track I wanted to buy a track dedicated car. Friend had a Porsche with a roll cage that he was thinking about selling but said why don't I buy half? He was like "if something happens something happens - we work it out." I almost bought half but decided it could be problematic.

    Fast forward, he did the deal with someone else, and on the guy's out lap at Watkins Glen he hits the armco and causes a bunch of damage.

    My friend mother f-ed him up and down. I guy "we work it out" went out the window when there was something to work out.

    Sell one of your other cars or don't buy the Ferrari.

    BTW - very nice cars. I am in the same bought - hard to keep my five vintage cars in rotation. What makes it especially hard is there is only one which I feel comfortable leaving in a parking lot.
     
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  4. mike996

    mike996 F1 Veteran

    Jun 14, 2008
    5,420
    TX//Mexico/UK
    Full Name:
    Mike 996
    TOTALLY CONCUR with NOT sharing ownership. I did it once - same sort of result as above post. "Why should I pay for anything when it broke while YOU were driving?" Don't do it!!!!!!!!!!!!!!!!!!
     
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  5. Rifledriver

    Rifledriver Two Time F1 World Champ

    Apr 29, 2004
    26,949
    Austin TX
    Full Name:
    Brian Crall
    And that happens about 99% of the time. Lots of friendships down the drain.
     
  6. johnk...

    johnk... F1 Veteran
    Owner

    Jun 11, 2004
    7,914
    New England/FL
    If you do it set up an LLC which owns the car. Make sure a usage schedule is defines, etc. But I agree, don't do it.
     
  7. 19633500GT

    19633500GT F1 Veteran
    Rossa Subscribed

    Nov 9, 2010
    6,791
    Connecticut
    Full Name:
    Ken S
    FWIW my best friend and I (since we were 16, we're now 34) have owned lots of cars together. We don't typically drive them much, but he's on the west coast and I'm on the east coast. You need two people who don't give a **** to pull this off though.
     
  8. thorn

    thorn F1 Rookie
    Silver Subscribed

    Aug 7, 2012
    2,565
    Tallahassee, FL
    Oh, hell no.
     
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  9. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Two Time F1 World Champ
    Rossa Subscribed Owner

    May 4, 2001
    29,862
    Birmingham, AL
    Full Name:
    Tommy
    I have done it before a couple of times. Worked out ok because we didn't keep them long enough to let it create problems. One was an 83 928 5 speed.

    I really really really liked that car. More than I should have being a 308 guy down to the DNA level.

    Anyway, we split the cost. He played with it, I played with it, then we sold it. I will probably own another 928 again but not an 83. A little later they made it easier to get the heads off. 83 wasn't one of those.
     
  10. ferrariowner

    ferrariowner Formula Junior

    Feb 21, 2014
    593
    Mansfield, TX
    Full Name:
    Ron
    Which one of you decides how often to change the timing belts :)
     
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  11. mike996

    mike996 F1 Veteran

    Jun 14, 2008
    5,420
    TX//Mexico/UK
    Full Name:
    Mike 996
    We haven't spoken since...MANY years ago!
     
  12. Pis7a2020

    Pis7a2020 Formula Junior
    Silver Subscribed

    Dec 17, 2019
    266

    Two things I don't share...my exotics/high-end cars and my women. The only toy I ever considered sharing was a boat.

    BTW...nice collection.
     
  13. rob lay

    rob lay Administrator
    Staff Member Admin Owner Miami 2018

    Dec 1, 2000
    50,329
    Southlake, TX
    Full Name:
    Rob Lay
    there is a FerrariChat user who owns 1/4th of a 250 GTO, him and buds bought awhile ago when they were "cheap". talk about a great fun investment with friends! last update was 8 years ago, they may have sold since then.
     
  14. ferrariowner

    ferrariowner Formula Junior

    Feb 21, 2014
    593
    Mansfield, TX
    Full Name:
    Ron
    #14 ferrariowner, Apr 1, 2020
    Last edited: Apr 1, 2020
    I have seen partnerships with aircraft, but not a car. I would never do it. I wonder how insure company would view it? Someone will have to be the registered owner unless you form of a corporation (LLC).
     
  15. Vonbarron

    Vonbarron Formula Junior
    Rossa Subscribed Owner

    Aug 26, 2014
    778
    Sammamish Washington
    Full Name:
    S Barron
    #wifesharing
     
  16. Dr Tommy Cosgrove

    Dr Tommy Cosgrove Two Time F1 World Champ
    Rossa Subscribed Owner

    May 4, 2001
    29,862
    Birmingham, AL
    Full Name:
    Tommy
    I think it could be a problem for a co-owner in the event of an accident by the other owner
     
  17. dwhite

    dwhite F1 Rookie

    I know someone who partners on cars, each well over a million each. They drive them, enjoy them, show them and even sell them sometimes. I don't know the exact how, but they are also business ptns.
     
  18. dwhite

    dwhite F1 Rookie

    Opps, forgot to say, love the Karman Ghia.
     
  19. Jedi

    Jedi Two Time F1 World Champ
    Owner Lifetime Rossa

    Mar 18, 2008
    28,309
    Seattle Area
    Full Name:
    Jedi
    When I was a kid around 1970 or just after, I heard rumors / stories of "several folks going in to buy a brand new Cadillac" - the stories were told in a pejorative way and most often had some certain race/ethnicity aspects that I didn't really get - I was 9 or 10 and naive to stuff like that.

    No idea if it was real or true - but I sure did hear those stories quite a bit back then. My Dad said such things, and several close relatives and they'd talk about it.

    Jedi
     
  20. Fairview

    Fairview Formula 3

    Mar 16, 2009
    1,095
    Waynesboro, Virginia
    Full Name:
    Jeff Ward
    Thanks for the feedback everybody. I can see that such an arrangement is fraught with dangers and you’ve made some points I hadn’t considered. It may be hopeless to come up with a way to spread out the benefits and the burdens of ownership of a car collection.

    It is too bad because I, like most of you, enjoy sharing my cars with people. Cars like my Model A are fun for people to experience a rumble seat ride, and dozens had their pictures taken with my Ferrari. Those of you with 911s know the thrill of a first time ride. And if you drive a green Westfalia with plaid interior anywhere it is a people magnet.

    I wish there were some way of spreading the joy of our cars over a broader audience at a reasonable cost. My cars sit too much when they should be used and enjoyed.

    Let’s keep thinking about it. Thanks




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