Best way to sell a car to a family member?

Question

This situation is a bit unique.

My dad passed away in 2005, and I have possession of his 1951 Chevy truck. Great condition when he died (member of a truck club) , but it has been idle since then.

My cousin wants to buy the truck from me, but I also want the truck for myself. At the time, I'm in college and I have no place to store the car aside from my cousin's house. Because of that, I agreed to sell him the car (the classic car recycler has the same truck listed a few times ranging from 10k-15k in according to condition).

One of the stipulations included is that I have access to drive the truck when I want to. I won't be driving it often because I'm not in the area often, only about 1 weekend a month. Legally, we want 50/50 ownership, but realistically, he'll be the primary driver.

Should I sell him the truck half price according to our 50/50 ownership, or base the price according to his position as a primary user and possessor (meaning sell it to him for more)?

Answer 1

you're asking for trouble.  either find a way to store or sell.  maybe one of the club members would like it and let you drive ever so often?

Answer 2

There is no good way.  Don't do it.  If anything goes wrong, you will hear about it.  If you sell it to a stranger once your transaction is finished, you're done.  Not true with family or friends.

Answer 3

You will be setting your self up for trouble if you do anything other than sell it to him/her out right. I see nothing but trouble ahead if you don't. Find some where else to store it and keep it if it has sentimental value to you. What happens if they are driving and become involved in an accident? Truck is totaled?