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Joint Ownership of Race Car

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Old 06-12-2012, 03:29 PM
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winders
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Originally Posted by Matt Romanowski
We have nothing formal. We've been good friends for a long time and just make everything fair. We actually travel to and from events together and split all of that stuff. We just work under the "make it fair" doctrine and everything has been fine.
Well, the problems happen when what one person views as "fair" is not the same as what the other person views as "fair". In my experience, most people do not define "fair" the same way when it comes to spending money.

You would have to be a Pollyanna to think this kind of thing would have any chance of working without a detailed formal agreement.

Scott
Old 06-12-2012, 04:24 PM
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jakermc
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Mark Kemp and Mark Bowman have been doing this for years with their 996 Cup. You might give one of them a call if you know them from PCA circles. Or I can put you in touch, let me know.
Old 06-12-2012, 04:30 PM
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Toby Pennycuff
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Thanks Rob. I'll give Kemp a call. How's racing with the Prancing Horse?
Old 06-12-2012, 04:46 PM
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This can't possibly have a happy ending. Unless neither one of you is the driver and it's a business venture to launch someone else's career. And even then.....
Old 06-12-2012, 05:07 PM
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Originally Posted by winders
Well, the problems happen when what one person views as "fair" is not the same as what the other person views as "fair". In my experience, most people do not define "fair" the same way when it comes to spending money.

You would have to be a Pollyanna to think this kind of thing would have any chance of working without a detailed formal agreement.

Scott
I'm not saying it works for everyone, I just know that I do it without trouble. We've blown a few motors, hurt a transmission pretty good, and lots of other stuff, but never had a problem. You mileage will vary.

I know two local guys who do it with a spec miata without trouble. They are going on 8 years of sharing it. Maybe it's something in our water?
Old 06-12-2012, 06:08 PM
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Quinlan
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You and your friend might want to do a dry run by marrying the same woman. See how that goes.
You'd probably have a lot of the same issues mentioned in this thread.
Old 06-12-2012, 06:14 PM
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ZSA Motorsport
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my guess is that its a rarity for it to work.
dude drives the car for 3 days, no incidents, but the use just puts the axles, trans, etc. on the edge.
2nd dude jumps in and 2 minutes in, the axles give way, the car goes off and its 15k in damage.
who's responsible?


if you were to agree to full and timely servicing of all parts based on usage, ie X hours and you owe a set of axles, trans, rebuild, etc. then sure.
and thats assuming you can actually compute actual costs for stuff.
you go in to replace axles and realize that A, B and C also need changing then...but dude#1 is a cheapie and says 'eh, why bother', and dude #2 is a safety prude and wants the trans rebuilt at 25 hours, not 35...

the upside is if all goes well, great.
but its always those situations when crap goes wrong that puts you in a big bind.
Old 06-12-2012, 06:57 PM
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cannon1000
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Buy two track cars and have fun on the track together. Split the cost of a tow vehicle and a nice trailer. Just a thought.
Old 06-12-2012, 08:35 PM
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Originally Posted by Toby Pennycuff
Thanks Rob. I'll give Kemp a call. How's racing with the Prancing Horse?
Enjoying the newness of it all - a different platform to drive, visiting tracks I have never been to, etc. but really do miss NASA and PCA events. The competition is better there and it's where my friends are. Traveling to the F-car events is also expensive! I spent $2K in diesel fuel alone just getting my rig to Monticello Motor Club and back! (including fuel to run the RV generator)

They do give cool trophies though and I am leading the points race. Last year the champions got a custom made BRM watch with their car colors and car number integrated into the design. Really hoping they do that again!
Old 06-12-2012, 09:14 PM
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jittsl
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Any agreement between two people around something as unpredictable as a race car has got to start with both people not giving a **** about the potential losses involved. If you want to put together an agreement to protect yourself from losses associated with someone else's behavior in a race car then you are just kidding yourself. If you don't trust your partner to do the right thing by you AND if your not in a position that you don't care about any potential losses, then do yourself a favor and don't do it.
Old 06-12-2012, 10:59 PM
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VaSteve
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Originally Posted by Quinlan
You and your friend might want to do a dry run by marrying the same woman. See how that goes.
You'd probably have a lot of the same issues mentioned in this thread.
LOL


Seems like the only reason you'd want to do this is that it comes down to money. As in, you probably can't afford it to begin with. Thus, when the problems start, it will come down to money again.
Old 06-13-2012, 08:30 AM
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ninjabones
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Originally Posted by jittsl
Any agreement between two people around something as unpredictable as a race car has got to start with both people not giving a **** about the potential losses involved. If you want to put together an agreement to protect yourself from losses associated with someone else's behavior in a race car then you are just kidding yourself. If you don't trust your partner to do the right thing by you AND if your not in a position that you don't care about any potential losses, then do yourself a favor and don't do it.
^^^ I agree with this. I've seen shared race cars work amongst my friends (mostly spec miatas), mainly because the guys involved could write the other a $5k check without blinking if the car was wrecked (and that did happen on more than 1 occasion), and because the maintenance costs were so inconsequential in comparison with their pcars.
Old 06-13-2012, 07:58 PM
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Sterling Doc
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You'll have more fun buying 2 cheaper race cars, and racing together - like 2 944 Spec Cars in my sig

Neal (yellow car) & I (orange one) do share my car for a full enduro season, but on a rental basis. I own and maintain the car, he pays for the seat. That seems to work out well.
Old 06-13-2012, 08:48 PM
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multi21
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Originally Posted by Sterling Doc
You'll have more fun buying 2 cheaper race cars, and racing together - like 2 944 Spec Cars in my sig

Neal (yellow car) & I (orange one) do share my car for a full enduro season, but on a rental basis. I own and maintain the car, he pays for the seat. That seems to work out well.
Rental is far different from partners, but if Neal is involved in an on track accident during his stint in an enduro, who picks up the repair costs? How about a money shift? Or something as simple as a cut CV boot from an off?
Old 06-14-2012, 02:42 AM
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I think sharing a race car may work if both parties can easily afford to buy and run one individually.

The "fair doctrine" works if you're in good financial shape.

Obviously, similar driver levels etc helps.



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