Cossington
Junior Member
- Messages
- 86
Paco's initial figures of £15,000 for a car plus a further £3k maint/improvement looks like a realistic sum to work out a scheme with (actual figures could be tweaked later). Given nine shares at £2,000 each. Nothing to stop anyone taking two or three shares. Cost of ongoing maintenance/ servicing tyres etc can be split straight (here into 'ninths'). This sort of scale of purchase perhaps has quite broad appeal - plenty (I hope) will be happy to 'give it a go' with £2-3k initial outlay.
Insurance is a big unknown - does anyone have any good contacts in the industry to get a sensible view on how an insurer might look at a scheme like this? An insurers view may force our hand into a maximum number of co-owners or a minimum age of owner, perhaps (hopefully not, the fewer imposed restrictions on a workable scheme the better, but better to know at this stage).
Frank, your point 4. - maintenance budget and the timing will probably be difficult to determine before we find the car - its needs will dictate part of the timing at least.
Where possible I think all participants should have a say according to the amount of money put in (or shares bought etc). However, there perhaps needs to be a 'board' of perhaps three people who can make exec decisions when the (say) nine co-owner disagree (eg I could foresee several opinions taking time to resolve on something as potentially simple as which tyres to put on!).
Insurance is a big unknown - does anyone have any good contacts in the industry to get a sensible view on how an insurer might look at a scheme like this? An insurers view may force our hand into a maximum number of co-owners or a minimum age of owner, perhaps (hopefully not, the fewer imposed restrictions on a workable scheme the better, but better to know at this stage).
Frank, your point 4. - maintenance budget and the timing will probably be difficult to determine before we find the car - its needs will dictate part of the timing at least.
Where possible I think all participants should have a say according to the amount of money put in (or shares bought etc). However, there perhaps needs to be a 'board' of perhaps three people who can make exec decisions when the (say) nine co-owner disagree (eg I could foresee several opinions taking time to resolve on something as potentially simple as which tyres to put on!).
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