Co-ownership of Car advice

etxxz

etxxz

Driver
My best friend suggested this to me the other day and i was heavily thinking about it over school yesterday. I would basically like to see arguments on the "WHAT IFs" because stuff always happens and maybe ruin frienships.

Its a fairly cheap car, but a tad too expensive for me, hopefully cheap to maintain, our circumstances are not financially dificult and we both have reliable daily drivers already. The purpose of this car would be driving/autocross for him and drifting/driving/autox/robbin banks etc. My main concern is MONEY...right?

he's got 0 mechanical skills while i could zip-tie everything together (j/k i trust my mech skills will take me thru some hard stuff)

how would insurance work?? 'cause under my family's plan where i had the corolla it would be $52.60/mo (lol i know) but that would be for me, not for him...he said he would drive under his own insurance, but i'm feel he wont and just say its my car and show insurance for his car.

all in all, i'm not worried about him crashing 'cuase he drives like an old lady and the worst ive ever done is dammage to a pop-up headlight 'cause i spun out at over 55mph on a 2000lbs car...but what if? you see :D ~ splitting of costs advice

thoughts?
 
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Trouble in the making. Things to consider:\
-What is your drift event is the same day as his AutoX?
-What if the motor pops while you/him are driving? Who is responsible?
-What is friendship ends? Who keeps it?
-What is it is involved in a Hit n Run? He gives you the car like it is all good you get the blame.

I would never go 1/2 n 1/2 with anyone on a car. Arguments about who can drive when, seat time, when things break who fixes it? Damage?

It is not worth the hassle. IMO
 
see, none of those things would be a problem 'cause it'll be on paper...the only thing from your list that worries me is the motor popin...friendship is strong, but i can see your point

any info on how insurance would go?. Is there anyone here every done it or know anyone, post up what you've seen
 
i would say this is a very bad idea, the only way i could see it working is that if its a track only car, then maybe, but besides that, no way
 
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