They may not be as economical as the latest models, but classic cars can be cheaper to maintain and insure than their modern equivalents – depending on their value, of course.
Whether you’re looking to relive your youth or you simply have an appreciation for how they made cars in the 1960s and ‘70s, there are plenty of reasons why buying a classic idea is a good idea. Here are just a few of them.
It’s an investment
While you won’t have to worry about services or MOTs for a while when buying a new car, there is one immediate downside.
The moment you drive it off the dealership’s forecourt, the car’s value will decrease. In fact, the value of the vehicle will on average depreciate by 15-35% within your first year of ownership.
With a classic, though, it’s likely the value will only rise with every year that passes. However, it’s worth bearing in mind that you probably won’t be able to use it as regularly as a brand-new car without encountering some mechanical issues.
Not only could your classic car actually go up in value, if it was built before 1 January 1980 it could actually save you money.
Vehicles that are over 40 years of age and have not been modified are exempt from road tax and MOTs. They also tend to be far easier for amateur mechanics to work.
People that have a petrol or diesel car that was registered on or after 1 April 2017, meanwhile, will pay their first year’s road tax based on the vehicle’s emissions. From then on, they must pay an annual flat rate of £155. There are additional charges if the list price of the vehicle is over £40,000 too.
Looks that can’t be beaten
New cars might come with all the latest tech, but it is rare you will see anything come on the market with the same style and character as a classic.
The 20th century was full of iconic vehicles, none more so that the Jaguar E-Type. Its smooth, sweeping lines and simple design resulted in motoring icon Enzo Ferrari branding it “the most beautiful car ever made”. Jaguar even created six matched pairs of restored E-Types this year to celebrate the car’s 60th anniversary.
There are plenty of other classics that have been reimagined for modern consumers, like the Volkswagen Beetle and the Mini.
You’ll be part of a community
When you purchase a classic car you’ll find it easy to meet like-minded enthusiasts at regular events and shows that are arranged all over the country.
Not only that, but when you’re out on the road you are almost guaranteed to get a wave if you happen to pass another classic car driver heading the other way!