I like this idea, but I think each shareholder would be required to own a minimum of four "weeks", otherwise the number of owners is impractical. 10% of that time must be considered maintenance time too.
Insurance could be a headache, but not insurmountable.
The age of the car is also a big issue. I love the idea of owning a share in a Bora, but let's face it the aim of this is having something we can enjoy, I would easily rack up 500 miles in a weekend, let's say I get four of those a year as do 11 other forista, the car is suddenly doing Mondeo-man mileage!!!
Mileage limits would deal with this, but then we're saying the aim of the game is to have a car that 12 different parties can polish and go to the pub and back in. If it is an investment - ok, that's different, I'm thinking the aim is get a driving experience we might not otherwise be able to afford.
A modern car however might make more sense, say a Gran Turismo that can easily handle 25k miles a year, bought at say 2 years old and run for 2 years. Let's guess the Maths.
2 year old Gran Turismo with 15k on the clock = £50k = £4200 each to buy.
Sold at 4 years old + 50k miles, 65/70 k miles in total, leggy but not insane. Value? £30k?
Depreciation £1,600 per investor.
Servicing - 4 scheduled services, say £6k in total?
Tyres - 4 sets, £4k?
Extended Warranty - £1500?
Insurance ?????????????????????????
Contingency???
So assuming you can claw back £30k at sale time you're looking at it costing around £2 - 3 k per investor over two years.
Not crazy, when you think that the biggest cost is depreciation.
Do the same maths on a Gran Sport where depreciation is pretty negligible, and some who might be thinking of tying up their cash in a 3200 for high days and holidays might be tempted to stick a third of that cost in a GS share scheme instead.
Posting in a rush so forgive me if this is a bit garbled!