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Renting out a GT4 ??

9K views 27 replies 17 participants last post by  Seinsmeld13 
#1 ·
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?
 
#3 ·
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. ?
 
#5 · (Edited)
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.
 
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#11 ·
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.
 
#13 · (Edited)
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.
 
#14 ·
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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#18 ·
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.
 
#22 ·
The new GT4 will have a powerkit engine - so probably 420 to 430HP and at 1340kg = 320hp/tonne, the third gear problem will be fixed, the strut tower problem will be fixed and Porsche being porsche there will be subtle improvements all round.

If he rents his car out it will be abused and probably out of warranty. :) Anyhow, its too late to sell it - theres plenty on the market :)
 
#23 ·
I have heard of guys getting a rental car and taking it to an HPDE event, regardless of what exclusions may or may not exist in small print. I have rented Mustang GT's and other cars that would be fun to thrash around at the track, and the clerk did not advise me against any type of driving. I would not do it because I respect cars, I don't beat on other people's property, and I don't want to get a judgement against me. But how many guys don't care and don't have much to lose. There are many things I do and don't do to protect my car. I do drive it like it was intended, but I slow down for speed bumps, gutters, driveways. I pay attention and try to avoid pot-holes, rocks, etc. I don't eat or smoke in the car, and I am careful with fluids. I am careful where I park, who I let drive it, etc. I garage the car, I remove bird droppings and wash it when needed, etc. If you rent your car, expect some to treat it like it you would, and some will not. I would not want to find out how much damage (visible and not visible) that a hooligan can cause, and how time consuming and difficult it would be to get any compensation.
 
#25 ·
I would never rent my GT4. I would like to take mine west through Ontario, Manitoba, Saskatchewan the further west to Banff Alberta. My wife would go however she wants to take a plane back. I said I will drive back myself. Round trip is 7,200 km. I previously drove from the province of P.E.I. to my home province of Ontario near Niagara Falls in 18 hours. My trip to Banff would take me a little less than a week as I would mack a few stops along the way. I would rent your car for the trip if you lived closer to me. I would pay $3,000 to $4,000 for the rental and agree to pay your deductible in the event I needed to use your insurance coverage.
 
#26 ·
If you lived closer to me I would rent your car as I would like to drive from Niagara Falls, Ontario to Banff, Alberta. That would be 2,250 miles each way. I would need a car for 2-3 weeks. I'd pay $2-3,000. To answer your questions it depends on the length of the rental. I personally wouldn't rent my GT4. Your insurance would cover use by another driver however there probably would be an exclusion preventing you from renting your car. If your insurer would cover the other driver I would charge $2-3,00 per month plus the cost of insurance and any maintenance. I am a retired insurance accident investigator. Here in my province you wouldn't be allowed to rent out your car. I did some checking yesterday. Rental of a Nissan GTR would be $5,600CDN, $1,386CDN insurance and $3,476CDN mileage for a total of $10,500CDN. That was for 2 weeks. Based on that price I won't be renting an exotic car. Good luck if you do rent your car.
 
#27 ·
As a follow up the long term loan (don't call it a rental) of my GT4 to a local Porsche buddy went fine. Any damage to the car (front lip was scraped up so he bought me a new one) was replaced or minimal. Yes it has more miles, but now has a new set of tires and car was detailed and again ceramic coated so there was not any issue with loaning him the car for a few months. I don't know that I would do it again, but given my time commitments and inability to drive the car much myself it worked out OK in the end for everyone I think. My GT4 and my P3D+ finished 1-2 at the LGGPR autocross late last year so there was that bit of fun too! If anyone decides to do this I do have a fairly comprehensive loaner agreement that I drew up and we both signed that I could send you for your own use.
 
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