Renting out a GT4 ??
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    Renting out a GT4 ??

    I am not driving my GT4 very much these days because of other life commitments. I have someone wanting to rent out my GT4 on a monthly basis but I have no idea what a fair monthly rental price might be. Any suggestions? I'm also concerned about the following:

    1) wear items like tires obviously if tires come back with little tread i would need to replace them.
    2) service items such as oil change etc that may come due during rental period.
    3) car registration and taxes are coming due
    4) obviously any damage is a concern but I'm assuming we could work that out between our insurance and the person borrowing the car paying the deductible.

    Are there other items I should be concerned about and what would you think is a fair price to loan out the car? Should there be some amount up front in addition to the monthly fee?
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    Re: Renting out a GT4 ??

    If I were you I would look at a similar priced car's lease amount. And then go from there. Like maybe a couple hundred bucks off. Are they going to be tracking it? Do they know how to drive a stick?

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    Quote Originally Posted by digitalrurouni View Post
    If I were you I would look at a similar priced car's lease amount. And then go from there. Like maybe a couple hundred bucks off. Are they going to be tracking it? Do they know how to drive a stick?
    Well I assume leasing involves some down payment up front, and then a monthly fee, anyone here leasing a GT4 or any other $100k car? I assume they may track it but if they do they will have to carry track insurance as well. Yes they can drive a stick. 🙂
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    Re: Renting out a GT4 ??

    https://monthlycarlease.com/100k-cars-leasing/

    Hopefully that link gets you going in the right direction! And yeah depends on the lease. I think my brother in law as a returning Lexus customer got away without a deposit the second time around. But I would charge an extra month's payment or so when it comes to that deposit. But then again I am a very reasonable guy lol.

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    Re: Renting out a GT4 ??

    Quote Originally Posted by digitalrurouni View Post
    https://monthlycarlease.com/100k-cars-leasing/

    Hopefully that link gets you going in the right direction! And yeah depends on the lease. I think my brother in law as a returning Lexus customer got away without a deposit the second time around. But I would charge an extra month's payment or so when it comes to that deposit. But then again I am a very reasonable guy lol.
    A GT4 is no Lexus or other "commodity" transportation. I'd want monthly "rental" of 2x what the lease payment would be (using Porsche money factor and residual percentages on another GT car such as the GT3). Monthly limit on miles, 50 cents a mile for overages. You pay scheduled services; he/she pays for consumables such as brakes/tires on a pro-rated basis (if tires now at say 60%, you pay for 40% of new tires...when he/she are done "renting" he/she pays only for percentage of new tires consumed; same with brakes). A penalty schedule for overrevs, with Stage 1 not charged, minor charge for Stage 2, big charges for 3 and 4...any stage 5 or 6 they buy the car at an agreed price. Must carry small-deductible insurance and any repairs done at Porsche Certified Collision Centre with diminished value charged (agreeing up front on a schedule might be tough). DEs ok, but no door-to-door racing.
    Last edited by gcurnew; 05-17-2018 at 07:45 AM.
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    Re: Renting out a GT4 ??

    Quote Originally Posted by gcurnew View Post
    A GT4 is no Lexus or other "commodity" transportation. I'd want monthly "rental" of 2x what the lease payment would be (using Porsche money factor and residual percentages on another GT car such as the GT3). Monthly limit on miles, 50 cents a mile for overages. You pay scheduled services; he/she pays for consumables such as brakes/tires on a pro-rated basis (if tires now at say 60%, you pay for 40% of new tires...when he/she are done "renting" he/she pays only for percentage of new tires consumed; same with brakes). A penalty schedule for overrevs, with Stage 1 not charged, minor charge for Stage 2, big charges for 3 and 4...any stage 5 or 6 they buy the car at an agreed price. Must carry small-deductible insurance and any repairs done at Porsche Certified Collision Centre with diminished value charged (agreeing up front on a schedule might be tough). DEs ok, but no door-to-door racing.
    No way would I ever do this with a car I owned, but IF I DID, this all seems fair to me!


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    Re: Renting out a GT4 ??

    Ken, have you considered renting out through Turo? Sort of like an Airbnb for high-end cars.

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    Re: Renting out a GT4 ??

    There's some interesting Turo YouTube videos from both sides of the transaction you should preview.

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    Re: Renting out a GT4 ??

    $1,000,000 per day.


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    Re: Renting out a GT4 ??

    I think gcurnew is about spot on with his post. I second that.

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    Re: Renting out a GT4 ??

    I wouldn't lease/rent out my car with insurance in my name with an agreement that the other party pays the deductible. Able to get the car fix is minor issue compared to the liablity which may cost you everything you own. For leasing that person should cary the insurance for the car in their name with you as payable to party.

    If you have an umbrella policy take a look at it and in there it lists all your properties, all the drivers, and all the cars. Use it as a guide, the other person should have insurance listing this car as their liablity instead of you.
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    Re: Renting out a GT4 ??

    Worst idea I've ever heard! lol

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    Re: Renting out a GT4 ??

    Setting aside your judgement issues and obviously misplaced faith in human nature, I'd talk to a lawyer and possibly your insurance company. Title would remain in your name, but you need to have a contractual agreement which, among other things, clearly lays out the renter's liability and insurance requirements. The agreement likewise needs to have a "save and hold harmless" clause for you. As the previous driver, you want to be sure you cannot be held liable for any event for which the renter would claim was caused by a maintenance failure on your part. I do not see that you need to allow the car to be tracked - in fact, I would disallow it noting that any evidence that the car has been tracked would result in the immediate termination of the agreement and full payment of any remaining terms or six months rental, whichever is greater. I would require that the renter carry, along with the requisite collision, fire, theft and civil liability insurance for which you are named as co-insured, wheel and tire insurance and full replacement cost in the event the car is totalled. It's not like you can run out and get another one easily. I would specify that the car may not be taken out of the contiguous United States. Obviously, all required maintenance by an authorized Porsche dealer ONLY, would be required with proof available upon request and on termination/end of the term. A mileage limit would also be specified with a punitive per mile charge should the limit be exceeded - a pro-rata calculation would be made in the event of early termination of the agreement for cause (see tracking the car, or taking it outside the U.S.). If these conditions seem harsh that is because I believe an agreement needs at first draft to favour the issuing party....it is up to the counterparty to push back - any concession on conditions is paid for in price.

    These are just a few thoughts....I'm not a lawyer by any measure but I have spent many, many years around them, immersed in contracts....you are very much going to need a lawyer, if not to draft the agreement, at least to review it....unless of course you are a lawyer...in which case I feel silly for stating the obvious.
    Last edited by Singletrack; 05-18-2018 at 02:17 PM.
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    Re: Renting out a GT4 ??

    I don't understand why anyone would put their Porsche on Turo. Well, maybe a Macan/Cayenne/Panamera, but not a Boxster/Cayman/911, and certainly not one with a manual gearbox.
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    Re: Renting out a GT4 ??

    if you're not the best option but if you really not driving it for extended periods that rental seems to be an option, perhaps to sell it and get another one later?

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    Renting out a GT4 ??

    As to the videos, there should be a law against selling a Porsche to anybody that stupid in the first place.


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    Last edited by cobby; 05-22-2018 at 04:30 PM.

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    Re: Renting out a GT4 ??

    I think as a prerequisite the renter should be proficient in a 901 gearbox, notwithstanding a 915.

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    Re: Renting out a GT4 ??

    If you can afford a Gt4, then you probably want to find other ways to pickup side income.
    How much compensation per over-rev? How much compensation for diminshed value if there is an accident? Or even getting keyed and needing respray?
    I am very careful about where I drive my car, where I park it, etc. The renter will not care as much as you.
    How much compensation for taking the car to HPDE days? If there is a track accident, good luck getting renter to pay damages.
    If there is an accident and liability claim against the driver and car, you may have some liability. The victim does not care about some agreement you and the renter signed, they will go after all parties in an effort to get compensation.
    How do you get compensation if the renter fails to get timely oil changes? or fails to get a strange noise checked out?
    I think the list of concerns could be quite long.

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    Renting out a GT4 ??

    Quote Originally Posted by Whiteball View Post
    If you can afford a Gt4, then you probably want to find other ways to pickup side income.
    How much compensation per over-rev? How much compensation for diminshed value if there is an accident? Or even getting keyed and needing respray?
    I am very careful about where I drive my car, where I park it, etc. The renter will not care as much as you.
    How much compensation for taking the car to HPDE days? If there is a track accident, good luck getting renter to pay damages.
    If there is an accident and liability claim against the driver and car, you may have some liability. The victim does not care about some agreement you and the renter signed, they will go after all parties in an effort to get compensation.
    How do you get compensation if the renter fails to get timely oil changes? or fails to get a strange noise checked out?
    I think the list of concerns could be quite long.
    Well said. I do not think I did justice in a previous post to how incontrovertibly stupid such a notion is.


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    Re: Renting out a GT4 ??

    sell it before the new GT4 comes out - renting it out will kill it and its not high-end like a fezza or macca.

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