This happens all the time with race horses, but they dont ride the thing themselves and are really only interested in winnings. If you are taking a "stake" in the car then its a stake you will never get back - it is still going to depreciate like all cars.
Saying its like owning a race car on a budget is mileading - things WILL go wrong, they always do with cars such as these, and then someone will have to chase 9 people for the funds to get it put right - thats 10 chances of someone not being able to afford it. What then, the other 9 stump up and the tenth will owe them? Or will they lose their stake? Or will the car just sit somewhere broken?
If it cost £1000 to buy and £500 a year to run plus any unforseen expenses its worth wondering will you really get your money's worth when you have to share with 9 others.
The idea is not totally without merit, but not with ten people, its just too many to have to deal with on the organisational front. Maybe 2 or 3 of the more well-heeled members could buy it and that would cut down on all the beaurocracy and potential money raising problems.
But it would be nice if this car stayed in Kent.
So just buy it outright, Hugh!