The 24 Hours of Lemons Forums → Bench Racing → Has anyone ever split ownership of a race car with 2 or 3 people
^ I'm on this program too.,
Brand new team and team captain here. I just purchased a mostly done car that needs some repairs. We have 5 plus me that are racing. I'm the one driving this ill begotten voyage. I'm contemplating doing the single ownership with everyone paying for additional expenses for the car. Need some advice on if I should charge the rest of the team an "entrance fee" of say $650 which would include Lemons fee, misc car stuff, etc. Essentially I keep the car, do upgrades and repairs, and the people who want to race pay $650 per race with the expectation that they will put in wrench time and help at the track. The money wouldn't go towards food, camping or anything else personal they might want at the track.
Brand new team and team captain here. I just purchased a mostly done car that needs some repairs. We have 5 plus me that are racing. I'm the one driving this ill begotten voyage. I'm contemplating doing the single ownership with everyone paying for additional expenses for the car. Need some advice on if I should charge the rest of the team an "entrance fee" of say $650 which would include Lemons fee, misc car stuff, etc. Essentially I keep the car, do upgrades and repairs, and the people who want to race pay $650 per race with the expectation that they will put in wrench time and help at the track. The money wouldn't go towards food, camping or anything else personal they might want at the track.
That's pretty much how I do it. Used to do this with a much of engineers who figured everything to the last nickel including exact cost of beers and ice for the communal cooler, which was nice but a bit of a pain (try having a guy around who argues about bringing/paying for two kinds of mustard...) easier to let everyone figure out their own provisions rather than trying to divide that all up...
Now I just do a little figuring on a napkin, and issue an edict "hey, if you want to race at xxxx, get me $700 in the next 3 weeks" before the deadline to register, and no one seems to have had any issue with the arrangement...
That's pretty much the way I do it as well. You'll either want to look into either writing your own spreadsheet formulas or using one of the online shared expense apps to calculate everything. Inevitably every single person will have contributed to the expenses in differing amounts and figuring out who owes what gets complicated. You will also want to do it very soon after the race or you'll forget some stuff like I do and not get reimbursed for it.
We are halfway in between. I do have a spreadsheet that calculates consumables (fuel, tires, brake pads, wheel bearings) + entry fees + $25/person for food. I then divide it by "stints". Part of the reasons is we often have guys just wanting an hour on one car (from another team) or another one that will pay more for an extra hour of track time.
The spreadsheet is so easy at this point to update for each race it takes longer to figure out how many new tires that we need than to be ready.
I have build 2 cars and run them as the owner .I have rented seats to help with costs now I have a few good renter I will use to run the car.
I find it hard to work with some one as a partner on it, just me. The cost to run a nice A-B car is high A well built car will run $5000 plus no one here likes to but it down on paper because your wife can read this too!!
To enter the race with a
garage NH is $1730
fuel and oil $250 +
Test day $200
tires $700
total $2800
4 drivers each $700 as one of the drivers I still pay this plus ever thing else, if just three pay $993
That dos not cover the car wear and crash cost???
the cost to get the car there trailer/RV/ fuel????
The cost of some of the spare part to have on hand$$$
Food and a room $$
I have charge for a rental from $900 to $1400 test time/ 2 hr a day 2 days and some food and lots of fun.
But I have had some bad races and given a lot of money back over the years to renters.
This is still fun for us It helps that my wife likes to drive she looks the other way on the cost some times!!
So if you think you can work with 2 other people as owners you must write it out in black in white and the cost.
Will they work side by side on getting the car ready?? or will one do most of the work?
Just some thing to think about.
DRVOLKS
Thanks for all the replies! do you find that you are paying out more money than the rest of the team this way? I'm ok with paying out more than others, but not ok if it is something like me paying 2k and they are paying 700. I understand the upfront cost of the car is expensive, but I'm planning to race it more than once a year.
Guess I'm thinking it's easier to keep control and lose a little bit of money than have to deal with multiple cooks in the kitchen.
After the car is prepped (cage, safety, etc) how much do most of you think it costs to run a race? Entrance, fuel, brakes, tires, etc?
After the car is prepped (cage, safety, etc) how much do most of you think it costs to run a race? Entrance, fuel, brakes, tires, etc?
Very much depends on the car. Entrance fees are fairly fixed (although they've crept up in the few years I've been doing this).
Fuel depends almost entirely on the car. Figure gallons per hour. A V8/turbo go-fast machine in class A (or B or C) can reportedly burn upwards of 10gph. An econobox likely to be in class C can burn significantly less. Brakes and tires are dependent on the car/driver equation. Some drivers are easier on them than others, and some cars are easier on them than others. Also depends on team goals/expectations. I would guess between $2k at the absolute lowest end (car doesn't use anything up: Entry fees at ~$1400, 2gph at 14 hours and $3 per gal=$1500+stuff), to $5-6k for something that eats tires, brakes, and fuel like they are going out of style.
The 24 Hours of Lemons Forums → Bench Racing → Has anyone ever split ownership of a race car with 2 or 3 people