If a handful of enthusiasts wanted to, could they pool funds and buy/share a single new car? Use it like a timeshare. Treat it like an LLC? How might that look and would it even work?
The current Ford GT is making me ask these questions.
If a handful of enthusiasts wanted to, could they pool funds and buy/share a single new car? Use it like a timeshare. Treat it like an LLC? How might that look and would it even work?
The current Ford GT is making me ask these questions.
Businesses small and large buy company cars (fleet vehicles) every day. Every dealership is used to those types of transactions. The Ford GT is a unicorn car though--Ford was super selective about which clients were allowed to order one. Second-hand dealers, not so much, so if you get the funds together it should be no problem at all to buy a used Ford GT. What happens next -- who gets to use it and when, why pays expenses, why pays repairs for any incidents in their care (etc) -- is totally up to you. Good luck with that!
Doesn't this already kind of exist as those "clubs" you buy into like a timeshare, and then you are able to use different exotics? The more you pay the more you can use. If you have the money it seems like a better way to go. A new Ford GT is like $500K. So if you got 50 people to each put in $10K you would each get to use it one week a year. Doesn't sound like a good investment to me.
In reply to D2W :
Used GTs are even more!
In PA, you are allowed two owners. That's it. Any more than that would have to be an LLC or recognized legal organization, which would technically be one owner.
Here in PA, anyway, the club would have to incorporate on some level to purchase a vehicle. The big downside there is that your insurance just multiplied by a factor of 5, and you are at the mercy of the driving record of everyone who would be authorized to drive it.
Worst. Idea. Ever.
Perhaps as an investment, where the vehicle is stored and maintained and never driven.
"Who is responsible for that scratch?" Or collision. Or shredded trans.
Streetwiseguy said:"Who is responsible for that scratch?" Or collision. Or shredded trans.
Or "Who gets to use it Friday night?"
I don't know how the business model works, but this sounds like the private membership boat clubs.
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