1/4 share VE SS-V Ute anyone? (Brisbane)

[daabido]

Recently I've been reading about fractional car ownership (mostly happening in America). It got me thinking that I've always wanted a Commodore Ute, but I could never justify owing one outright as well as my Monaro.

And that got me thinking (I've got to stop hurting my brain like that) that there must be other people in the same boat.

So here's my idea:
Four like minded people in Brisbane get together and purchase a new VE Ute (my preference is a SS-V auto, pretty much any colour) and share it.

Each owner would get to use the Ute for around 12 weeks a year, which allows time for servicing and heaven forbid, repairs.

Each owner would contribute to the cost of servicing based on kilometres driven, or another formulae which is fair to everyone.

I'm no sure about insurance, but I believe that in some fractional ownership structures, insurance companies are willing to write premiums as long as everyone holds their own comprehensive cover. Four lots of premiums... Why wouldn't an insurance company like that?

The Ute would be held in a company structure or trust of some sort which would secure the rights of all the owners.

After three years the Ute is sold and you get back 1/4 of your "lifestyle investment".

Now there's obviously some other details to work out like tyre replacement and how to apportion that and some rules about no trackwork and no other drivers (except maybe spouses to keep them onside) and how to get the Ute to everyone when it is there turn, but I think it's an interesting concept.

I would be willing to pay the cost of a lawyer to draw up an agreement and then release that agreement back onto LS1.com.au so others can use it if they want.

One of the testimonials which I read said that the person was excited every time it was their turn with the car because it was like a new car every time.

I'm not looking to make any money on this so I hope this post isn't against forum rules...

I would be interested in your thoughts and obviously I would be interested in hearing from anyone interested in such a concept.

[pagey]

maybe viable for a weekender like a lotus/350Z etc etc.. but the vast majority of people would be using a ute as a daily driver I would assume.

[vyss2ute]

Would be along the same lines as time share boat ownership wouldn't it.
Honestly I can't see it lasting too long. Whilst it's a novel idea, I feel it will see too many problems to justify doing it.


What happens if someone wants to pull out? Do you all have to chip in and pay them out? What if one party dosen't have the cash to help pay the other person out?
What happens if it's involved in an accident and off the road for an extended amount of time. Does someone loose their time due to someone elses negligence?
How will you know that the other people will look after it? IE: Services and not flogging the bejesus out of it when its cold, treating it like a rental car...
What if someone does the runner? As they are classed as an "owner" can you report the car stolen? Might be hard to find them if they have had 10weeks to rebirth the ute or its in parts around AUS.Not meaning to sound negative but there is alot to take into consideration especially when there is abit of money at stake aswell.

Adam

[Caprice270]

Yeah it would not worl. Assuming this is not some sort of scheme, chances are thatthe co-owners will have a dispute in some way, shape or form and the results will be disastrous. Buy the ute using finance and that way you don't have to put up with other people using your car.

[Mungrel]

IMO its a bad idea.
Adam has brought up some very valid points.
In addition to that, what happens when the mod bug bites, and each party wants to follow different routes.
One wants a hi compression stroker, one wants a low compression twin turbo monster and the other is just satisfied with a diff and tune?

[SS Enforcer]

So for 9 months of the year you can't drive the car you have a share in ... sounds like a real pain in the ass mate.

What if one guy likes doing burnouts and the others potter around like miss daisy .

Too many problems in this arrangement I believe.

cheers

[iloveholden]

I think its a good thought but... it would never work because of the previous points raised before me. Though a good idea.

Maybe one day your gonna have to buy a ute outright..which is infortunate cause you already have a monaro.:bow:

[BOSS-GTP]

It won't work - hate to be negative but all I can imagine is drama.

If you were to give it a crack, you might be better off thinking about it in terms of 7 day bookings. That way it is more likely that each investor would get constant satisfaction from it and be able to plan for the shorter term instead of the longer term. I'd hate to be the bloke who chipped in and only got to drive it 9 months after sticking my hard earned in.

You might get better response if it was an R8 or Maloo as they are likely to be out of reach of more people and more desirable to more people at the same time.

[dadem0n]

I can understand people doing this with a track car / drag car. It would and does work well.

With a daily driver it wouldnt work. How could you find 3 people to give you $10K to drive a standard ute for 3 months a year?

[ls2 crew]

boat share sucks for the reason of you can't control the weather, just imagine your inlaws want to move house or have something for the dump on your weekend to enjoy your investment in that ute........bastards

[planetdavo]

The ONLY positive is for YOU getting the chance to drive a new ute you can't afford to buy.
With the losses through depreciation, wear and tear and other running costs, you might as well see if anyone rents them out, and just do that. You'll find it cheaper for a week or two a month, then you get to hand it back, and as long as you haven't scraped it, no more to pay til next time!

[daabido]

Thanks guys. Some really good replies there... Probably would work a bit better with a HSV of some sort. And I wasn't suggesting twelve weeks in a row for everyone, more like one week a month or if someone wants to save their time up they can do that. It's also not a matter of being able to afford it, just justifying it :)

Oh well, no takers it seems. Anyone interested in a HSV instead?