I am wondering if anyone knows of a process or has heard of people forming a corp, or LLC to distribute the cost of buying a car? For example, if you wanted to buy a nice 914 and couldn't afford it, you might have a few buddies who would join in and share the cost and the car.

I already have a 914, but there are other cars (read Ferrari) that I and a few friends would love to get our hands on, yet none of us could afford individually.

Any thoughts?
MadeRight

Sounds like a good way to lose friends.

I have to agree with John, none of you will enjoy it when one of the other owners puts a dent in it, or breaks down somewhere. Too many ways to get into arguments over stuff.

QUOTE (VegasRacer @ Apr 15 2005, 09:50 AM)

Sounds like a good way to lose friends.

and i don't have many to start with (esp here)

2 of my 'rules for life' are...

#1 - Don't ever lend money to friends.

#2 - Don't EVER sell a car to a friend.

Sharing could be even worse....

QUOTE (CptTripps @ Apr 15 2005, 08:31 AM)

2 of my 'rules for life' are... #1 - Don't ever lend money to friends. #2 - Don't EVER sell a car to a friend. Sharing could be even worse....

and dont lone your tools to friends

IMO i am sure that COULD work, but when i think of your question it reminds me of some experiences with moving out with friends. Couldnt see a damn reason why it wouldnt work but those kinds of things always find ways to make problems. you could always finance it

QUOTE (grasshopper @ Apr 15 2005, 11:33 AM)

and dont loan your tools to friends Edit: I fixed your spelling

I don't have a problem with that for some reason...haven't been burnt yet with tools.

The only thing I ever partnered in was a 24' sail boat with 2 other friends.
I worked out nicely only because we understood the rules.

1. Whoever screws it up must fix it ASAP. Cant afford to fix it? Fix it anyway.

2. When general maintanance work needs to be done on it, EVERYONE must do their best to meet with the other partners at the same time and do the work together. That way no one say's, "Oh yea', I put 5 hours into this or that" when it might look like only one hour.

3. Regular running costs are to be divided equally. Period. If you barely use it tough poo poo.

4. Keep a calendar at a persons house who will maintain usage schedule.

We discovered that we all were pretty busy doing our own stuff and scheduling was rarely an issue. In fact we ended up using it together most of the time. After work and long weekends at Angel Island BBQing and comsuming large quantities of Kamikaze's. BTW, that was the name of the boat... Imagine....

I share a car...I pay for it, gas it, change the oil, buy parts....never get to drive it. Belongs to the wife....

Okay - I understand all your points about losing friends, etc... All valid points.

The thing is, people do this sort of thing with airplanes, another expensive hobby.

I wouldn't enter lightly into such an agreement with any friend, however if a friendship breaks apart over a scratches fender, I'd have to question the depth of friendship.

I lend tools, CD's, books, etc to friends ALL THE TIME. Just label them and write down who has them. If a good friend breaks your stuff, they'll replace it - often with something better than you had.

I think the idea would be to have 3-5 people involved. Since it would be an LLC or corp, the entity owns the car(s), not the people. So long as a expectations are drafted up, I think it could work. It would also be way cooler to have a few cars available to you then one car at a time.

What I am wondering is the legal complexity and feasibility of setting up something like this.

Any attorney 914 drivers out there who can weigh in?

MadeRight

What about insurance? That could get complicated and/or expensive.

Sounds like a...you get it monday, wednesday, friday, I get it tuesday, thursday, saturday and we rotate sunday. But I want it Saturday, but it's my day!

Then nobody wins...

alot of blood my friend....all over your new car...