Co-owning a Testarossa - Ferrari Life
 
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post #1 of 13 Old 05-19-2014, 02:13 AM Thread Starter
 
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Co-owning a Testarossa

Hello everyone, I live near Los Angeles and I've owned a Ferrari 1987 328 GTS for a couple years now and would love to own my dream car the great Testarossa. The competition out there is fierce, but, like other high end cars, private jets, etc. I was hoping to strike a deal that would benefit all sides. If there is another Ferrari enthusiast that would be willing to be a co-owner and go 50/50 on a Testarossa, maintenance and insurance perhaps together we could be able to offer the seller more money than any one individual. Please keep this in mind and hopefully working together we could all come out ahead. I would also be willing to trade if needed my precious 328 GTS if I had to. Please let me know if the opportunity arises or if you have any further questions. Blue Skies!!!
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post #2 of 13 Old 05-19-2014, 10:23 PM
 
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Things that you can share: Condo, garden cultivator, turkey fryer, firewood splitter, motorcycle trailer, hedge trimmer, ski rack, RV camper, pressure washer, golf cart, gas welder, canoe, airplane, prostitute, carpet cleaner, tiramisu, extension ladder, porno videos, burglary tools, GPS unit, camping cot.

Things that you can't share: Paint spray gun, toothbrush, Coleman lantern, motorcycle, dog, chain saw, girlfriend, TIG welder, outboard motor, paint brush, golf clubs, bubble gum, telephoto lens, jock strap, FERRARI.
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post #3 of 13 Old 05-20-2014, 06:36 AM
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This is a 50-60k car. maybe 15k more than your 328. if you can't afford to own that alone, i'm not sure you can afford it with someone else. Why would you need someone else to offer more money? Why would you want to offer more money than another individual for the same car? Why would someone want to go in with someone that wants to overpay? What happens when the other persons standards aren't up to yours? What happens if you need/want to sell and you can't agree on a price? I could go on and on but you get the point.



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post #4 of 13 Old 05-20-2014, 06:46 AM
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Quote:
Originally Posted by Mozella View Post
Things that you can share: Condo, garden cultivator, turkey fryer, firewood splitter, motorcycle trailer, hedge trimmer, ski rack, RV camper, pressure washer, golf cart, gas welder, canoe, airplane, prostitute, carpet cleaner, tiramisu, extension ladder, porno videos, burglary tools, GPS unit, camping cot.

Things that you can't share: Paint spray gun, toothbrush, Coleman lantern, motorcycle, dog, chain saw, girlfriend, TIG welder, outboard motor, paint brush, golf clubs, bubble gum, telephoto lens, jock strap, FERRARI.
Hahaha....not much can be added to this

Cheers
Michael

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Gone but not forgotten: 360 Spider, 575M, F430.
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post #5 of 13 Old 05-20-2014, 07:05 AM Thread Starter
 
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I was actually talking in the context of a car auction. Since you don't drive these cars to work everyday it makes sense to co-own sometimes at a cheaper price. A lot of corporate jets are co-owned or timeshares. Not everyone can spend or rent a Ferrari or Lamborghini for $1,200 for a few hours.
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post #6 of 13 Old 05-20-2014, 07:09 AM
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Dennis- Those jets come with pilots, too. You going to hire a driver for the TR?

Taz
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post #7 of 13 Old 05-20-2014, 07:28 AM
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Quote:
Originally Posted by Orbit View Post
I was actually talking in the context of a car auction. Since you don't drive these cars to work everyday it makes sense to co-own sometimes at a cheaper price. A lot of corporate jets are co-owned or timeshares. Not everyone can spend or rent a Ferrari or Lamborghini for $1,200 for a few hours.
For me Ferrari is like a wife ..... I not like to share ....
som e years ago one friend ask me exactly the same, him would buy Testarossa 50/50 with me ... nooooooooooooooo

Fabio

PRESENT: 575 F1 HGTC ROSSO CORSA 2004' - MB CLS 350 CGI 2007'
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post #8 of 13 Old 05-20-2014, 08:34 AM
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Quote:
Originally Posted by Mozella View Post
Things that you can share: Condo, garden cultivator, turkey fryer, firewood splitter, motorcycle trailer, hedge trimmer, ski rack, RV camper, pressure washer, golf cart, gas welder, canoe, airplane, prostitute, carpet cleaner, tiramisu, extension ladder, porno videos, burglary tools, GPS unit, camping cot.

Things that you can't share: Paint spray gun, toothbrush, Coleman lantern, motorcycle, dog, chain saw, girlfriend, TIG welder, outboard motor, paint brush, golf clubs, bubble gum, telephoto lens, jock strap, FERRARI.
Share my Tiramisu? Never!!

Best wishes, John
Ferrari: 550 Maranello S/N 110995, Dino 246 GT S/N 6934
Other: 1990 Bentley Turbo R, 1989 Porsche 911 C2, 2004 Mercedes 500CLK, 2011 Mercedes E350 CDI, 1972 VW T2 Camper, 2014 Fiat 500C, 1963 Jaguar E-type 3.8 FHC, 2015 Maserati Granturismo Sport
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post #9 of 13 Old 05-22-2014, 09:30 AM
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Quote:
Originally Posted by wetpet View Post
This is a 50-60k car. maybe 15k more than your 328. if you can't afford to own that alone, i'm not sure you can afford it with someone else. Why would you need someone else to offer more money? Why would you want to offer more money than another individual for the same car? Why would someone want to go in with someone that wants to overpay? What happens when the other persons standards aren't up to yours? What happens if you need/want to sell and you can't agree on a price? I could go on and on but you get the point.
Ed makes a good point on "what if". I think you can co own a F car but before you do sit down and put in writing all the what if's and the resolution and have it looked over by a lawyer and signed before you buy the car. Pretend you hate each other and figure out every rotten sequence of events that could occur and how the two of you would agree to resolve them. Then decide if you want to buy a car together.

What happens if one party wants out?
What happens if one party gets divorced/married?
Does anyone else get to drive the car? wife/girlfriends etc.
What happens if the car gets damaged while one party is driving it?
Where will it be stored?
How many miles can one party put on the car?

I was in a partnership on a racecar once and everyone warned us not to. We sat down and thought of every problem we could think of and took what we wrote to a lawyer. The racecar got sold years ago and we are still friends.

------------------------------

Life is Good!
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post #10 of 13 Old 05-22-2014, 10:28 AM
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I wouldn't do it based on experience with a boat.

I had a partner in a powerboat once who submitted to me a $750 bogus maintenance invoice after we had just had an engine rebuild in the previous three months. I called the mechanic and was told the invoice had been altered. I immediately put a stop payment on the check to my partner.

He had been a good friend and also was my financial advisor. Key word is WAS my financial advisor. I still suspect that when he sold our boat, I got shortchanged on the payout as well. At that point, I just wanted to be rid of him and the boat.

For every successful partnership, there are probably ten unethical partners.

Caveat Emptor.
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post #11 of 13 Old 05-22-2014, 05:41 PM
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hey al, what about your brother and his shared TR? you may be the only one on here that has first hand knowledge of this exact scenario. I can say i wouldn't want to be partners with one of the parties!



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post #12 of 13 Old 05-22-2014, 06:53 PM
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I think he finally bought him out of that car.... Though I'm not 100% sure. He used to keep it over in College Park. Now he keeps it in severna park

Current: 85' GTS QV
It's a simple process...... it's just complicated by human beings....
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post #13 of 13 Old 05-25-2014, 04:05 PM
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I'll ask Dave but I still think it's best to own your own toys
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