Possible forum car Frank
- Thread starter Andyk
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GransportFan1
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GransportFan1
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so what is the criteria? 70's car?
GransportFan1
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Personally i think a nice Ghibli Cup in red, oh heaven
Parisien
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GransportFan1
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that is nice but it is in New York
Cossington
Junior Member
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How would the time be divided up and how would the logistics of passing the car across, work in practice?
There is likely to be quite a wide geographical spread amongst the joint owners, so perhaps to make it work smoothly we'd need to have the car for more than a week at a time - perhaps a month at a time?
Another way to ease the 'passing across' of the car from one joint owner ('jo') to another may be to arrange the sequence on a (closest) geographical basis. eg One 'jo' in Bristol has it a for a period, then the next period is by a 'jo' in the Cotswolds, then a 'jo' in Warwickshire, then Nottinghamshire etc etc.
Unless there is another way to structure the ownership I presume it would need to be in one or two names at most (but would welcome correction/ clarification on this point). As that person would be buying the car and would be responsiible for the outlay of cash there is a significant degree of trust and integrity required (in both directions, but particularly the brave man signing on the dotted line and preparing to and across say £15,-20,000) which we all need to consider at this stage (and not the day after the auction closes).
I like the idea of say twenty shares available, which can be transferred. Presumably, there won't be anything more formal than a brief written agreement, or will there..?
The concept of working ike a traditional classic car club may be one to evolve to in the future, but I think there is an initial risk that all 365 days may not be sold, so someone has to underwrite the unsold days (which could be considerable), so at this stage I personally think the share system is the preferential approach.
I'm happy for my thoughts to be disproved/ contradicted etc (preferably politely!) in the process of getting to a workable scheme.
Where do we go from here? I suggest two separate strands -
Firstly, can we agree the issues to consider to make a workable scheme?
Secondly, can we start to gauge initial (no commitment, but genuinely considered) levels of interest?
Kind regards,
David
There is likely to be quite a wide geographical spread amongst the joint owners, so perhaps to make it work smoothly we'd need to have the car for more than a week at a time - perhaps a month at a time?
Another way to ease the 'passing across' of the car from one joint owner ('jo') to another may be to arrange the sequence on a (closest) geographical basis. eg One 'jo' in Bristol has it a for a period, then the next period is by a 'jo' in the Cotswolds, then a 'jo' in Warwickshire, then Nottinghamshire etc etc.
Unless there is another way to structure the ownership I presume it would need to be in one or two names at most (but would welcome correction/ clarification on this point). As that person would be buying the car and would be responsiible for the outlay of cash there is a significant degree of trust and integrity required (in both directions, but particularly the brave man signing on the dotted line and preparing to and across say £15,-20,000) which we all need to consider at this stage (and not the day after the auction closes).
I like the idea of say twenty shares available, which can be transferred. Presumably, there won't be anything more formal than a brief written agreement, or will there..?
The concept of working ike a traditional classic car club may be one to evolve to in the future, but I think there is an initial risk that all 365 days may not be sold, so someone has to underwrite the unsold days (which could be considerable), so at this stage I personally think the share system is the preferential approach.
I'm happy for my thoughts to be disproved/ contradicted etc (preferably politely!) in the process of getting to a workable scheme.
Where do we go from here? I suggest two separate strands -
Firstly, can we agree the issues to consider to make a workable scheme?
Secondly, can we start to gauge initial (no commitment, but genuinely considered) levels of interest?
Kind regards,
David
Paco
New Member
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I think we need to a) define the maximum number of people that could co-own a car without disaster ensuing and then b) canvas non-committed budgets assuming the car is a Merak.
I reckon anything more than nine people would be risky from a decision-making perspective, and that may be too many. It does tie in reasonably with the number of months in the year one might expect tolerable weather though... (straw clutching?)
Then the budget, I reckon you need £15k to get a good car that would benefit from well intentioned fettling, imho this one is not worth over £15k from the ad alone so let's run with it.
The syndicate treasurer(s) will also need to hold the maintenance/improvement fund - let's say £3k.
That puts 9 members in at £2k each. Each member gets four weeks use allowing 12 weeks for maintenance and/or first come-first served use.
Or - the car could then be hired to other members in the dead time to recoup maintenance expenditure.
Or- again - you have lots more members but a differring share class - some members get a bit of use and equity share but no control in improvements etc so that decisions can be made by "the board".
Too complicated!!!
We need to define some costs - insurance for eg.
I reckon anything more than nine people would be risky from a decision-making perspective, and that may be too many. It does tie in reasonably with the number of months in the year one might expect tolerable weather though... (straw clutching?)
Then the budget, I reckon you need £15k to get a good car that would benefit from well intentioned fettling, imho this one is not worth over £15k from the ad alone so let's run with it.
The syndicate treasurer(s) will also need to hold the maintenance/improvement fund - let's say £3k.
That puts 9 members in at £2k each. Each member gets four weeks use allowing 12 weeks for maintenance and/or first come-first served use.
Or - the car could then be hired to other members in the dead time to recoup maintenance expenditure.
Or- again - you have lots more members but a differring share class - some members get a bit of use and equity share but no control in improvements etc so that decisions can be made by "the board".
Too complicated!!!
We need to define some costs - insurance for eg.
Parisien
Moderator
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Guys....thanks for all your ideas and considered thought....all over-comeable obstacles....just requires the will power and more importantly goodwill from those prepared to sign up.
1. Suitable/agreed/target car..this one...or too early in the process?
2. How many co-owners/timeshare/shares per week per share?
3. Purchase budget?
4. Maintenance budget...either to further fine tune or agreed schedule of works over 2/4/6 mths.
5. Annual servicing...tyres wear and tear, insurance, mileage pa.........part of the shared ownership agreement...ie if you put more in to buy, then have most periods of use, pay more to maintain.
6. Person most suitable to garage/ look after car at its base?
7. Buy out/sell up clauses to ensure least hassle if you want out after 2/3 years......period of ownership, when to sell if 50% agree..again a buy out clause for those happy to stay.
8. Any other considerations....please add on......
P
1. Suitable/agreed/target car..this one...or too early in the process?
2. How many co-owners/timeshare/shares per week per share?
3. Purchase budget?
4. Maintenance budget...either to further fine tune or agreed schedule of works over 2/4/6 mths.
5. Annual servicing...tyres wear and tear, insurance, mileage pa.........part of the shared ownership agreement...ie if you put more in to buy, then have most periods of use, pay more to maintain.
6. Person most suitable to garage/ look after car at its base?
7. Buy out/sell up clauses to ensure least hassle if you want out after 2/3 years......period of ownership, when to sell if 50% agree..again a buy out clause for those happy to stay.
8. Any other considerations....please add on......
P
Parisien
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Well Dem, this will be run by the forum owners....not a profit making seller scenario.....hence the goodwill and understanding of those going to be involved!
p
GransportFan1
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Frank serious, now that is a rarity.