Do you think me and my friends have a screw loose?

Myself, my brother and two mates have been discussing the possibility of the four of us buying a Ferrari!

We are looking at a Ferrari 348. We went to see one last weekend but wasn't suitable. We have around £24k between us. My friend has a tripple garage to keep it in all year round and we would each have it at set times during the summer. My other friends thing we're crazy, my workmates think we're crazy, may wife thinks IM crazy for considering this.

What do you think? Honestly! I know it's a childhood dream to have a Ferrari. This is the only affordable way!

We have worked out a financial plan for running costs etc....

The money will be in place this week..........what to do?

A Ferrari what ?

Good idea!A couple of years ago myself and 4 friends bought a holiday home by pooling our money together.We sold it 2 years later and made a handsome profit.Trust is the name of the game.

Sorry typing error, These guys have been my best friends for 25 years so thats no problem.

I wouldn't suggest spending any money on purchasing a ferrari - but take out personal loans

Make sure you get your mates to have life insurance so that in any eventuality their share is paid off

But be carefull how you get rid of them - it must look like an accident


Chris

ah ha, the 348, a much underrated Ferrari imo.

I think it's a great idea....go for it

lol There are no loans included. It's a cash thing. It just so happens me and my brother have came into a small ammount of cash! Not a lottery win, so no begging letters please. the other two have a few quid to be fair!

There are a few cars out there for that sort of money! Going to England to see one on Saturday!!

Great idea - but make sure that everything is fully written up as a contract.
Everyone thinks you don't need to do such things with good friends, but in a way it's even more important - it means everyone knows for sure where they stand, so it doesn't get in the way of the friendship.

Think about every eventuality.

Who pays for maintenance?
Who pays for repairs?
What if one of you prangs it?
What if one of you dies (who gets their share)?
Who fills it up and when?
Who washes it?

One of the car mags (Autocar/Auto Express/What Car) recently had an article about a similar group. Seem to remember they have more money and looked at Aston Vantage/Jag XKR/Porsche 911 but may make interesting reading.

Good shout! It, will be discussed tonight.

Great idea, I was hoping to buy a 348 in a couple of years...so would love to hear your experience with one!.

My only concern would be agreeing who repairs the car in extreme circumstances.

For example mate 2 goes out for a rag, comes back and the clutch has exploded. Mate 1/2/3/4 share the cost, or mate 2 pays the full cost?

Things like basic maintenance are much easier though

Also if you are all sharing the car, the car will probably put on many more miles than a single person who owns the car (as you will want to make the most of the time you have with the car), so take into account the additional depreciation.

I had thought about the miles that will be put on the car, and the major fixes was also one of my concerns. They say discussing is the name of the game so ill keep you posted!!

Who's name will be on the log book?

If one of you gets caught by a speed camera will you have a logbook of who's been driving and when?
What if one of you doesnt pay a parking fine?

etc

For 8k you'd get a nice track car or even race car. From racecarsdirect.com (Race Cars For Sale) But if your minds are all set on getting a Ferrari between ye all then go for it and lifes too short to be thinking about the particulars of owning it haha.

Originally Posted by chrisd_b

I wouldn't suggest spending any money on purchasing a ferrari - but take out personal loans

Make sure you get your mates to have life insurance so that in any eventuality their share is paid off

But be carefull how you get rid of them - it must look like an accident


Chris

Just what I would expect from you Chris

great idea i say mate, go for it!