Whats the 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

Sell it to him for the correct price and pay half of the insurance for as long as your still driving the car, like if you decide you don't want to drive it anymore and its all his he pays for all the insurance, its a pretty good deal and when ever you drive it throw in a full tank of gas when you bring it back every time as long as he doesnt leave it empty on purpose when he knows your coming back.

That way if something goes sour, all you do is not pay the insurance anymore, you didnt take any less for the vehicle.

Answer 2

i don't know, but whatever you do, put it in writing.  you don't want to end up on judge judy fighting over the car.

Answer 3

Either sell him the truck or do not. Joint ownership of a vehicle with someone is just asking for trouble, especially in the situation you outlined. Both of you will feel a sense of entitlement about the truck, you because its your dads and him because he gave you a lot of money for it. Think of it as a big expensive wedge, kind of like loaned money, that might one day come between the two of you and consider again if this is something that you want to try.

I would say that you should sell him the truck for the full price, put it in his name and be glad that it is still in the family. Let it go.

Answer 4

either sell it 100% to him or keep it 100%...or both of you will be 100% unhappy the first time something breaks..

Answer 5

Big family disputes happen when they do not draw up a contract and spell out every detail. It might seem unfamily like but I promise from my experience with clients you will avoid so much trouble.

They don't like it, then they can make a counter offer. But agree on all points at once.