How do you share a car?

cdnp6

cdnp6

Member
My Dad has given a classic vehicle to me myself and one of my brothers.
The question for those who have joint ownership of a vehicle is how do YOU balance vehicle maintainence, storage and above all driving time?
Do you ever feel someone is getting less driving time? What do you do to resolve any issues with costs of storage, maintainence?
Thanks for any advice.
 
Unless you get on really well the the other person and you are perhaps quite an easy going individual, it sounds like the beginnings of a family fued :D .

What I would maybe do is actaully try to write down the basic terms of an agreement:-

50/50 driving time - keep a log book in the car logging driving hours each of you do?
50/50 on cost of all parts/mainatenance - keep receipts and an account book just to make sure all is fair'n'square?
If your doing any work yourselves, either agree to take turn about or do all jobs together - again keep a log book of jobs done and time taken - then there's little scope for "selective memory related argument".

If you really want the car, your brother doesn't and you can afford to, buy your brother out?

Good luck.
 
I could never share something as personal as a classic car, were it me I would walk away and buy my own. If you dont your own life will be a compromise, maybe others can but I can not compromise, it's either full happiness or find a way for full happiness. Arrangements of this sort rarely work without a little resentment creeping in, if you feel there wont be then maybe try it.

Graeme
 
Whitewash wrote
I have to share the TV remote with my wife, that in itself is hard enough! :LOL:
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You get to share it?
I have to permission to use it?

Never mind dear I'm just going down to the garage...................
 
I dont exactly share a classic car,but my brother is a named driver on both of them.
If he wants to borrow the Triumph TR6,and I will not be using it,he is free to do so.
BUT!!
Only on the understanding that if anything goes wrong whilst in his charge he has to get it fixed,or pay for the part and I will fix it!
 
I share the landy with my brother in law. He's got it when it's working, and I have it when it's broken :roll: . What he's actually arranged is I get it if I need it, he pays all expenses including parts, and I do all the repairs and maintenance, and put in some diesel if I do a long trip. BTW the starting issues are cured. New battery and an extra earth strap to the engine.
Regards,
Dave
 
Neither me or my brother could buy the other out at this time. I like Steve's recommendations of 50/50 log of drivership, costs. The first item of business will be to get an honest appraisal and then go forward from there...
 
Sort it out from the start and work out annual cost of running & keeping the vehicle and then divide it by two or whatever proportion you agree on. If you and your brother agree you bear 2/3's the cost, you get 2/3's the usage of available time. Personally I'd buy your brothers share and let him drive it occasionally.
 
I would like to buy him out as he could use the money. Dad was offered 56,000 pounds, which he turned down, as he felt the car was worth 75,000 pounds. For a period of time in the early '90's I feel he could have got that for it, but I think the appearance of XK8's and XKR's in North America has affected the price of XKE's. As mentioned, I really need to have the car appraised, but even if the car is only worth 28,000 pounds I still wouldn't be able to buy him out at this time.
 
This scenario comes in aviation quite a bit.

What typically happens is that you buy a "fraction", i.e pay a chunk of the cost of owning the thing (not running costs). I`m talking capital expenses here. This represents a portion of the physical asset. This could be into a trust or similar, depends how up-tight you want to be. The trust could then own the car presumably, with all stakeholders as trustees.

Then the runnning costs are calculated into an hourly rate (in the case of planes, 100km units travelled might be better in a car) which you pay into the running cost kitty each time you use the beast. Insurance / mot/ tax / maintenance all get paid for out of the kitty.

Might work?

Cheers
 
Precisely what I was thinking James, just didn't want to indicate I have more than 1 hole to pour money down :mrgreen:
 
Hehe! "If it phuqs, flies or floats, it`s going to eat your money!". Never a truer word, I`m sure old cars fit should be in that list as well.

What do you fly? I had to sacrifice the flying when the kids arrived. Didn`t quite get my licence but loved every second of it.

MADPOM said:
Precisely what I was thinking James, just didn't want to indicate I have more than 1 hole to pour money down :mrgreen:
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It'll never work! Stick it on a car carrier and send it to me
and I will solve the problem for you........ :twisted:

Seriously, though, I think it should work as long as there is a
consensus as to how costs will be managed versus distances driven.
The AA in SA has a list of cars and what they cost to run which includes
maintenance costs, so I'm pretty sure it won't be too difficult to figure
out how much your new classic will run to per 100Km.
 
As sad as it may seem, it usually works out that when items, (houses, cars, etc.) are left to divide and no one can afford to own them individually, they get sold. Such happened to me in the case of a summer home, but at least one gets some financial benefit which can be spent on what we really need.
 
Not quite a complicated as sharing an expensive classic car. However, I car share for daily commute to work, each day we log who was driver and who was a passenger. We keep a tally of the points in spreadsheet that automatically tallies up points based on who is driver, fuel spent based on the car's mpg (there are a few cars in the "pool"). Because everything is logged using an agreed method, it works great - after 2-3 years, we're all still pals :D :D.
 
rottenlungs said:
Hehe! "If it phuqs, flies or floats, it`s going to eat your money!". Never a truer word, I`m sure old cars fit should be in that list as well.

What do you fly? I had to sacrifice the flying when the kids arrived. Didn`t quite get my licence but loved every second of it.

MADPOM said:
Precisely what I was thinking James, just didn't want to indicate I have more than 1 hole to pour money down :mrgreen:
Click to expand...
Click to expand...

C172 mostly, but of late have been enjoying a C162. The 172 is practically useless for 4 pax, so thinking of getting endorsed on a Cirrus GT22 for the touring work and flying the C162 when I'm just cruising locally.
 
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