Bit Of Mirror Polishing PG39

Right then, i ain't really been on here in a while. Been busy with my new house and planning a wedding. The rivage has taken a back seat for nearly a year which made me slightly loose interest. Anyway the warm weather has got me wanting to get my baby back out.
last night i was made an offer i don't think I can refuse (still thinking about it) now i had contemplated selling the rivage, this is when i received an offer from a family member. They don't want to see the car go so they have offered me market value for it but i still remain the owner and keep the car. The person in question can then borrow the car to go for a Sunday drive when the weathers nice ect.

they will also fund a new engine for it.

only thing i got to think of is, am i happy for someone to stump at that sort of cash ��

That seems a strange deal Ceri, they will buy the car from u but u will still be the registered keeper ?

Yes mate. They don't want me to get rid of the car. They are seeing it as an investment. They will give me market value. I will still be the owner and car stays with me. We both will have access to the car to use when ever we want (dry use only) they will also fund a new engine or rebuild. So basically they buy it but both use it. The person in question is an older member of the family, that's why it will stay in my name incase the unthinkable happens to them. Oh its my future inheritance that will fund it.

What would you guys do?
they see the car as an investment for myself, so they pay me what its worth out of my future inheritance so i don't sell it.

then in years to come i got a car that will fetch good money.

so its money that will come to me anyway, just i get a bit of it sooner.

and what they get out of it is a car they can enjoy when ever they want.

i also get full time use of a garage.

only dilemma i got is, do i accept this money or not?

Keep an eye on the possible tax implications. It could be seen as a gift by the tax man or not? I'm not an expert but there are certain rules and regs regards gifts and a 7 year rule in the event of death etc.

Have a read here……..

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

You would also have to be on the same policy as you cannot have 2 policies on one car

Also what is the market value? How much is he offering?

Well the car stays in my name and we will be on one policy.

The money will be a bank tansfer.

I can have 6k and a new engine (he wants one so its all mint)

he doesnt want me to part with it because of the work done to it and it will pretty much hold value.

So basicly i get some inheritance money early and i get to keep the car.

The plus side for him is he gets to enjoy driving it.

It seems like a win win situation for you mate but my concern would be your relationship with this family member went sour for whatever reason and they wanted the car permanently.

If your name was on the log book it would still be your car and if he has handed cash over for it he would have to fight it through the courts. Worst case scenario I know but it might be worth considering.

Yeah thats a fair comment mate.

I just dont know if im comftable with taking the money and letting them pay for a new engine.

Hmmmm

Its a funny situation.

Its only a call that u can make, u know what your relationship is like with the other person, no one else.

The engine change is another strange one, if he wants the same engine but just rebuilt and painted etc then ok but does he want to do a complete engine transplant ?

Taking the money is fine as long as there is no sour grapes at any time in the future.

At the end of the day he is offering you the deal so he must be comfortable with it.

Well he said maybe getting a rebuilt engine is easier and less time consuming than getting the current one rebuilt.

He only wants it doing so its more reliable for when he uses it

Right, i had a local mechanic out earlier who is also a friend of the family to give the engine a going over.

He sees no need to replace it or rebuild it.

Hes going to give it a full service in the coming weeks.

Theres a small oil leak so i need to clean the underside so we can see where its coming from.

Going to book her in for mot in a week or 2.

Then ill be moving it from my drive to a large garage less than a mile away.

Cant wait to get it back on the road

That's good news, just tart it up like I did to mine, it makes it look ace IMO and still original :-)

Well the good thing is, its now going to be kept in a garage so i can do more to it than i could on my drive.

Good news mate. Good luck

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Lovely car mate. Looks gleaming in the sun. Bet you can't wait to get her out on the road again.    

Cheers mate.

Yeah cant wait to get it out again.

Need to spend a day or 2 getting my wheels back to normal.

Lovely looking rivage