Interesting proposition to split for GT-R...what would you do?
10-23-11, 06:30 PM
#1
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Interesting proposition to split for GT-R...what would you do?
A good friend asked me if was interested in co-signing with him and go in 50/50 on buying a Nissan GT-R. It would be both our names on the title and loan.
Like most normal people, at first I immediately said, "No way." But the more I thought about it, the more I was willing to hear him out. We are both pharmacists and I have known him for about 14 years, since high school. He knows I will be in the market for an exotic car next year. Here was my thread on CL about that:
https://www.clublexus.com/forums/car...vs-c6-z06.html
I wouldn't mind owning a GT-R instead of an NSX / C6 Z06, and he argued that if we split, we could get a supercar now and not have to significantly alter our current budgets (he just finished paying off a car and so did I). We would have to finance about $40K, but when split in two, financing $20k per person is just like buying a Camry. He argued that it would be like financing a Camry for a GT-R
I added my terms to the deal and he agreed: that I only pay 1/3 of the insurance and 1/3 of the maintenance costs because I would only be driving the car 1-2x a week (if that) because I have several other cars. He said that was fine with him. To even it out, I said that he could keep the GT-R at his house (20 minutes away) since I don't have garage space anyway.
My other option is save for about 8 months and start looking for an NSX / C6 Z06 that I alone would own. At that point I would be putting down $16k then still have to take on a $30k loan.
So, in short:
50/50 on a GT-R w/friend = ~$10k + $350 x72 mo + 1/3 maintenance and 1/3 insurance cost.
or
NSX / C6 Z06 by myself = ~$16k + $475 x72 mo + all maintenance and insurance costs.......
What would you do?
Like most normal people, at first I immediately said, "No way." But the more I thought about it, the more I was willing to hear him out. We are both pharmacists and I have known him for about 14 years, since high school. He knows I will be in the market for an exotic car next year. Here was my thread on CL about that:
https://www.clublexus.com/forums/car...vs-c6-z06.html
I wouldn't mind owning a GT-R instead of an NSX / C6 Z06, and he argued that if we split, we could get a supercar now and not have to significantly alter our current budgets (he just finished paying off a car and so did I). We would have to finance about $40K, but when split in two, financing $20k per person is just like buying a Camry. He argued that it would be like financing a Camry for a GT-R
I added my terms to the deal and he agreed: that I only pay 1/3 of the insurance and 1/3 of the maintenance costs because I would only be driving the car 1-2x a week (if that) because I have several other cars. He said that was fine with him. To even it out, I said that he could keep the GT-R at his house (20 minutes away) since I don't have garage space anyway.
My other option is save for about 8 months and start looking for an NSX / C6 Z06 that I alone would own. At that point I would be putting down $16k then still have to take on a $30k loan.
So, in short:
50/50 on a GT-R w/friend = ~$10k + $350 x72 mo + 1/3 maintenance and 1/3 insurance cost.
or
NSX / C6 Z06 by myself = ~$16k + $475 x72 mo + all maintenance and insurance costs.......
What would you do?
Last edited by GQD_GS4; 10-23-11 at 06:43 PM.
10-23-11, 06:50 PM
#2
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Try to avoid getting into any business deals with family or friends; they usually wind up going wrong somewhere.
Drive a car, but don't let it drive you.
Just save up to get what you can comfortably afford.
Drive a car, but don't let it drive you.
Just save up to get what you can comfortably afford.
Last edited by Getrag; 10-23-11 at 06:59 PM.
10-23-11, 06:52 PM
#3
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10-23-11, 07:50 PM
#8
Lexus Test Driver
Would you want to be on the hook for the loan still if he gets into an accident and totals it, even if you were not involved in the accident in any way? Didn't think so.
10-23-11, 10:19 PM
#9
Can't say better, being an insurance agent, I see so many of this, or co-signning for friends happened, most ended up pretty ugly.
Buy your own car, even if you have to pay more, getting a lesser car, or have to save up longer. This would save you tons of trouble.
Buy your own car, even if you have to pay more, getting a lesser car, or have to save up longer. This would save you tons of trouble.
10-23-11, 11:41 PM
#11
Lexus Champion
Not a good idea. Like everyone said, it can and maybe most likely end your friendship. I'd rather own a used c6 z06 than half a GTR. Heck, I'd rather own any car rather than half a GTR.
10-24-11, 01:21 AM
#13
Not a good idea. If the car has a major breakdown like a transmission or engine failure while the other party was driving it, will both of you be willing to pay for the repairs equally? What about an accident? Sharing the car when its all running perfect is easy. Sharing a car and its expenses when things need fixing is not so easy. Especially if one party feels he hardly drove the car and has to pay for expensive repairs.
