Splitting the cost of a build

[jlog1506]

I want to get your take on splitting the cost and sharing the car. Me and a long time friend found a beautiful 99 white gsx roller for 1k and thought about building the car together, making it into a drag car for the local track. I was wondering what you guys think of this? Have an of you ever shared a car? We agreed the car will be under my name and everything is split 50/50.

 

[pauleyman]

No way. Easy way to lose a friend.

 

[bo0st]

If it's 50/50 the title should be in both name's.

 

[Killa_dsm]

I agree with Paul. I wouldn't do it.

 

[95mitsubGSX]

Wouldn't do it either quick way to some serious arguments over money and repairs.

 

[curt-s]

"Naw, man, you threw that rod"
"Dude, you were beatin on it last week, it's your fault"
"Naw, man, you threw that rod"
"Dude"
"Naw, Man, You.."
"Dude"
"Naw"

Paraphrasing, of course.

 

[Tiki2777]

"Naw, man, you threw that rod"
"Dude, you were beatin on it last week, it's your fault"
"Naw, man, you threw that rod"
"Dude"
"Naw, Man, You.."
"Dude"
"Naw"

Paraphrasing, of course.

Pretty close to that really haha!
More like
"You ran the car for 12 miles overheating!" -me
"You told me you 'didn't know' when you could easily see that all the coolant was gone and the pipe was off the water hose!" - twin brother
"I said park it and shut it off!" -me
"...... Something something thousands of dollars later I can't even remember and now we bought another GSX. Lol

 

[Tiki2777]

I want to get your take on splitting the cost and sharing the car. Me and a long time friend found a beautiful 99 white gsx roller for 1k and thought about building the car together, making it into a drag car for the local track. I was wondering what you guys think of this? Have an of you ever shared a car? We agreed the car will be under my name and everything is split 50/50.

I actually do have experience with that honestly, but it's also a little different. Both of my dsms my twin and I share. Has the money and work load ever been evenly distributed? Nay. But do I/we regret it...no. It's different among friends than with blood, and boy will you get into some heated shit over these things, but you just have to remember you did it for fun, and money isn't everything and that nothing is ever gonna be fair. It's up to you.

 

[bmxfelon420]

We have a similar situation in our club. We have a car that was destroyed in a fire that everyone has been slowly chipping in to put back together. We have agreed that the two club officers are basically in charge of the car. Since it is not street legal, it is only for race events basically. This makes it a bit easier to manage.

 

[jlog1506]

We have a similar situation in our club. We have a car that was destroyed in a fire that everyone has been slowly chipping in to put back together. We have agreed that the two club officers are basically in charge of the car. Since it is not street legal, it is only for race events basically. This makes it a bit easier to manage.

This person isn't someone who I would argue over money with, we throw money each others way all the time. We're young and don't want to spend the thousands on our own cars, especially for a drag car. I understand what you guys are saying about the arguments, definitely wouldn't want that to happen.

 

[jlog1506]

We both have decent dailies, he drives an Evo 10 and I have a 12' Ralliart, this car is for the strip to run down all the hondas in NY ,Like a shop car, without the shop. I don't want to lose a friend and am reconsidering after what you guys have said. If I do go through with it I hope all goes well.

 

[jlog1506]

If anyone else has experienced this please share your stories, Thank You

 

[91stocker]

Have you ever split an apartment with a friend or friends?

 

[jlog1506]

Have you ever split an apartment with a friend or friends?

I have not

 

[wolf alchemy]

Bro. Best advice in my opionion. Treat it like dnd. Get a 20 sided dice and have a special place for it in the car. When there's two decisions the car decides.

 

[91stocker]

Ah, well i think that would have given you a pretty good idea to why this is likely a bad idea.

Where would the car stay? How could you really split financial investment? Split the cost of every single part and repair? That sounds tedious. How will you split drive/track time, etc?

With the car being in your name at some point he will want some sort of compensation for his investment. Which is basically and legally an investment in"your" car. Whether it be more seat time or whatever, since hes taking on more of the risk.

Then theres labor. Which at some point will probably result in one or the other trading labor time for cash investment which will only create other problems later on.

Then with it not being a shop car, catastrophic failures will come out of pocket with lots of down time. I mean a legitimate project takes years. Thats a long time to keep a partner interested while keeping the peace.

Just throwing out possible outcomes and problems, but it really sounds like a massive headache. One that i personally would never want to deal with.

 

[jlog1506]

Ah, well i think that would have given you a pretty good idea to why this is likely a bad idea.

Where would the car stay? How could you really split financial investment? Split the cost of every single part and repair? That sounds tedious. How will you split drive/track time, etc?

With the car being in your name at some point he will want some sort of compensation for his investment. Which is basically and legally an investment in"your" car. Whether it be more seat time or whatever, since hes taking on more of the risk.

Then theres labor. Which at some point will probably result in one or the other trading labor time for cash investment which will only create other problems later on.

Then with it not being a shop car, catastrophic failures will come out of pocket with lots of down time. I mean a legitimate project takes years. Thats a long time to keep a partner interested while keeping the peace.

Just throwing out possible outcomes and problems, but it really sounds like a massive headache. One that i personally would never want to deal with.

Car stays in a garage, both have keys, Spilt everything in half. If one of us mis shifts, crashes, runs car when not supposed to and it breaks its their fault and pays for repairs respectively. At the end of the cars career we part out and split cash. We both want the same exact car for the same reasons, to race competitively, but none of us want to spend the money for a 9-10 second build because of so many other things going on in our lives, labor is not a problem, I know more about the car than he does and would do most of the work because I love doing it, never would trade cash for labor. As far as driving the car and splitting track time, we would try to do this as fairly as possible, I don't see this as being a problem. If at any point he doesn't want to continue id buy his share of the car and keep it myself, vice versa.

 

[jlog1506]

Heres the car, isn't she beautiful

 

[2GJD]

It all depends on the relationship. I personally couldn't bring myself to "share" a car/build unless it's to promote something being done business wise. Shop car, car club, etc…

 

[curt-s]

Car stays in a garage, both have keys, Spilt everything in half. If one of us mis shifts, crashes, runs car when not supposed to and it breaks its their fault and pays for repairs respectively. At the end of the cars career we part out and split cash. We both want the same exact car for the same reasons, to race competitively, but none of us want to spend the money for a 9-10 second build because of so many other things going on in our lives, labor is not a problem, I know more about the car than he does and would do most of the work because I love doing it, never would trade cash for labor. As far as driving the car and splitting track time, we would try to do this as fairly as possible, I don't see this as being a problem. If at any point he doesn't want to continue id buy his share of the car and keep it myself, vice versa.

Not every broken part happens as a result of a mistake right away.
You want to be covered? Enter into a legal, notorized contract that spells out all terms of the partnership.
Of course, that right there will put the friendship in a strain.

At the very least, spell it out simply:

Any parts or labour costs, regardless of being a result of wear and tear or breakage by reason of dumbassery, is to be split 50/50% amongst both undersigned parties with absolutely no exceptions permitted. Furthermore, such payments in adherance to the preceding clause will be rendered within N days(weeks) of initial replacement diagnosis. Failure to surrender payment in full by prescribed due date will result in forfeiture of party's left testicle.

Both parties sign, and see what happens.

 

[95GSTowner]

Heres my experience. In 1997 my best friend got a beautiful 90 GST for his 16th birthday. This was the first DSM I ever drove and I fell in love with it instantly. A few years later the timing belt broke and bent valves. Car sat for about 6 months and his parents made him call the local junk yard which offered him $150 for the car. He was going to do it and I stepped in and said I'd pay him the $150 and pay to have it towed to my parents house. Now here is where I messed up. Because he's my best friend, I didn't get the title or a hand written bill of sale from him right then. I just figured I would get it later. Well after the car sat at my parents for about a year, I had finally saved up some $ and was ready to get the car fixed. I then tried to get the title from him and thats when his wife jumped into the mix. She wanted him to get the car back and fix it up for her. So we fought back and forth about this for about a year and I finally decided it wasn't worth losing my life-long best friend so I made a deal. He paid me the $150 back plus the $40 tow bill and I made him promise that he would fix the car. It took several years but he did get it running again and drove it daily. Unfortunately he recently had to sell the car due to being in severe debt and ironically I helped him sell it with no strings attached. My story is a lot different than what you are seeking to do but I totally agree with what these guys are saying. If you go through with this then make sure you have a legal contract.

Building a race car is gonna take a long time and during this process, one of you might start a family. Typically once this happens, you no longer have the financial freedom to throw lots of $ into cars. So you also have to take the future into consideration. And yes, I'm married and have 3 children so I speak from experience.

 

[jlog1506]

Heres my experience. In 1997 my best friend got a beautiful 90 GST for his 16th birthday. This was the first DSM I ever drove and I fell in love with it instantly. A few years later the timing belt broke and bent valves. Car sat for about 6 months and his parents made him call the local junk yard which offered him $150 for the car. He was going to do it and I stepped in and said I'd pay him the $150 and pay to have it towed to my parents house. Now here is where I messed up. Because he's my best friend, I didn't get the title or a hand written bill of sale from him right then. I just figured I would get it later. Well after the car sat at my parents for about a year, I had finally saved up some $ and was ready to get the car fixed. I then tried to get the title from him and thats when his wife jumped into the mix. She wanted him to get the car back and fix it up for her. So we fought back and forth about this for about a year and I finally decided it wasn't worth losing my life-long best friend so I made a deal. He paid me the $150 back plus the $40 tow bill and I made him promise that he would fix the car. It took several years but he did get it running again and drove it daily. Unfortunately he recently had to sell the car due to being in severe debt and ironically I helped him sell it with no strings attached. My story is a lot different than what you are seeking to do but I totally agree with what these guys are saying. If you go through with this then make sure you have a legal contract.

Building a race car is gonna take a long time and during this process, one of you might start a family. Typically once this happens, you no longer have the financial freedom to throw lots of $ into cars. So you also have to take the future into consideration. And yes, I'm married and have 3 children so I speak from experience.

After reading these posts we decided to do two separate cars. I'm only 20 and will be racing for a long time before I have little Justins running around.

 

[95GSTowner]

After reading these posts we decided to do two separate cars. I'm only 20 and will be racing for a long time before I have little Justins running around.

Excellent choice and yeah take your time