leonv Posted January 3, 2008 Share Posted January 3, 2008 A mate is aiming to buy a 355 Ferrari in a year or so, but does not want to wait that long. He is currently working on the idea to buy a car, register a Ltd Company, do a website and hire it out to help fund the car. Insurance seem to be the stumbling block with quotes for £5000 and loads of other conditions per year. Can anybody involved in hiring out executive cars, or that knows a friend etc, give me some advise please. Cheers:d:) Quote Link to comment Share on other sites More sharing options...
colsoop Posted January 3, 2008 Share Posted January 3, 2008 I can't offer advice on that front but he is a brave man to be hiring out one of those Quote Link to comment Share on other sites More sharing options...
leonv Posted January 3, 2008 Author Share Posted January 3, 2008 I can't offer advice on that front but he is a brave man to be hiring out one of those Tell me about it:d Quote Link to comment Share on other sites More sharing options...
hogmaw Posted January 3, 2008 Share Posted January 3, 2008 Tell him to go and hire a Ferrari for the day. When he signs the forms, all he has to do is read and copy the small print, which he can use as the basis for his own terms and conditions. It should also give him some info for the insurance issues too. When he is at the premises, he should ask a lot of questions about the business, and take note and get as much literature, leaflets and info as he can. In other words, find out about the competition, copy them - and make his company better. Quote Link to comment Share on other sites More sharing options...
AJI Posted January 3, 2008 Share Posted January 3, 2008 This country more or less makes insuring cars for that type of activity prohibitively expensive. All the stupid health and safety rules etc. mean that insurance companies have a huge list of things that they can add costs to. This is usually why hiring a Ferrari for a few hours costs hundreds of pounds. Good luck to him with it all. The 355 is a truely nice car to drive ! Quote Link to comment Share on other sites More sharing options...
Daston Posted January 3, 2008 Share Posted January 3, 2008 I looked into doing a simular thing when I was looking at Vipers but using it for weddings there seemed to be quite a demand and it worked out around £500 a day! Plus the insurance didnt change too much as your driving it. Quote Link to comment Share on other sites More sharing options...
Matt H Posted January 3, 2008 Share Posted January 3, 2008 I looked into doing a simular thing when I was looking at Vipers but using it for weddings there seemed to be quite a demand and it worked out around £500 a day! Plus the insurance didnt change too much as your driving it. Theres alot of demand?! wow, would have thought firstly hiring out a something like a viper for that much money and not being able to drive it would be shit enough, but for a wedding?! you and the missus sitting in the back of a car with no leg room, let alone actual seats would just be urm, mad Quote Link to comment Share on other sites More sharing options...
tbourner Posted January 3, 2008 Share Posted January 3, 2008 Generally with hiring cars like that they make you put a HUGE deposit on your credit card (like £5K), and if you prang it you don't get that back - pays the excess on the insurance. Quote Link to comment Share on other sites More sharing options...
TrickTT Posted January 3, 2008 Share Posted January 3, 2008 I seriously looked into this as a business some years ago and came to the conclusion its just not viable unless you've got at least 10 top end cars. Insurance is huge, servicing costs are the same and if your mate wants to drive it inbetween crash repairs he'll only see it on cold winter weekdays. He will lose loads on depreciation and by the time he's paid bank and credit card merchant fees, which he will need for insurance deposits, he'll struggle to afford to run a bus pass. Quote Link to comment Share on other sites More sharing options...
neil tt Posted January 3, 2008 Share Posted January 3, 2008 Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted January 3, 2008 Share Posted January 3, 2008 Tell him to buy a Ferrari when he can afford one. Dont forget the k's £s for his own insurance and servicing he'll have to pay for it. Quote Link to comment Share on other sites More sharing options...
Daston Posted January 3, 2008 Share Posted January 3, 2008 plus with the 355 I was told I would need an extra 17k in the bank as there is a common problem with some seal or something going and it costs 17k to fix! Quote Link to comment Share on other sites More sharing options...
saboteur Posted January 3, 2008 Share Posted January 3, 2008 It is a way of justifying the cost I guess. I like to think if I had a few million, I'd like to open a supercar club (even if it isn't profitable) just so I can justify owning all those beauties! Quote Link to comment Share on other sites More sharing options...
Bobbeh Posted January 3, 2008 Share Posted January 3, 2008 Rather than start one, join an existing one and try all sorts. I think there was one with a joining fee of £10k a year and you could pay more to hire more exclusive cars for days/weekends etc. Quote Link to comment Share on other sites More sharing options...
Dr_Doom Posted January 3, 2008 Share Posted January 3, 2008 Theres alot of demand?! wow, would have thought firstly hiring out a something like a viper for that much money and not being able to drive it would be shit enough, but for a wedding?! you and the missus sitting in the back of a car with no leg room, let alone actual seats would just be urm, mad If vipers only have 2 seats i don't see the point other than maybe driving the groom to the wedding in it??? Quote Link to comment Share on other sites More sharing options...
marbleapple Posted January 3, 2008 Share Posted January 3, 2008 Tell him to go and hire a Ferrari for the day. When he signs the forms, all he has to do is read and copy the small print, which he can use as the basis for his own terms and conditions. It should also give him some info for the insurance issues too. When he is at the premises, he should ask a lot of questions about the business, and take note and get as much literature, leaflets and info as he can. In other words, find out about the competition, copy them - and make his company better. Very clever... You may also save on solicitor's fees etc if you simply copy the document. Without sounding daft... isn't there any local companies that might say be willing to hire his car out to their clients (and pay the insurance), almost like he leases the car to the business and they take all the risk and do al the work? Quote Link to comment Share on other sites More sharing options...
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