Classic cars can be the gift that keeps on giving, buying a classic car is always exciting and whether it’s your first or your tenth, you get the enjoyment of driving it, the pleasure of maintaining it and finally, if you’ve done your research, you can get an excellent return on your investment.
Over the years, classic cars have built up a bit of a reputation for being bought by middle aged men but with one in six 26-34 year olds now owning a classic, their appeal stretches far beyond the stereotype and provide an accessible hobby and investment for a wide range of ages.
It’s not just limited to men either, the increasing popularity of motoring shows and car events has seen the number of younger and female buyers increase, showing that anyone can get involved in the world of classic cars.
So, if you’re looking to get informed and buy your first classic car then we’ve got some invaluable tips to get you started.
Set yourself a budget
It sounds obvious as this should be the first thing you consider when thinking about making any sort of investment but there are other costs that you need to consider when budgeting for a car such as;
How much will the insurance cost?
How much is the road tax? (if applicable)
If buying at auction, what are the auctioneers fees? and how will you get the car home?
Consider all of these costs when budgeting so that you don’t end up running over budget and getting stung by unexpected costs. Check the price guides in classic car magazines and online to see what you might realistically afford.
Think of what you’re planning to use the car for, if you want to get away at the weekends and set off on a long drives, don’t set your heart on something thats notoriously uncomfortable or unreliable.
How many seats do you realistically need? That family excursion might not be as successful in your sporty little two seater and as amazing as that convertible would be in the summer, how much will you use it during the typical Great British summer?
Do your research
There’s a wealth of information on the interest so use it to your advantage! Search extensively to see which car is going to be most suitable for you, look at the prices that they are selling for and look at owners forums to see what is being said within the community. Don’t be afraid to sign up and ask questions, most people will be passionate abut their cars and happily give you advice and encouragement.
Don’t dive in and buy the first car you see, basing your decision on some background research will help to ensure that you don’t get disappointed later on when you see the same car with a lower mileage or even a cheaper price tag!
Research is also important from a investment point of view, with interest rates at rock bottom and the stock markets increasing volatility, classic cars can provide a safer investment and with the market picking up if you invest in the right cars you can make yourself a tidy sum.
To give you an idea of the opportunities available in invest investing in classic cars, the Fiat Dino’s value has increased by 113% in the past twelve months, showing the potential returns of investing in classic sports cars.
If you’re looking for something closer to home, in regards to British cars, Aston Martin’s have provided the best increases in value with 80% across all models since 2012 and Jaguar’s not far behind with a 68% increase.
Where to look
You can pick up classic cars in a number of places, owners clubs and forums can be a good place to start but if you keep your ear to the ground and do your research, auctions can be a great place to pick up a great value for money classic. There are traditional auctions and also online auctions to consider, the latter relieving some of the pressure to buy you may experience in other settings.
Make sure you love it
Most importantly, If you don’t have the desire to drive it, then don’t buy it. Don’t always think from an investment and potential return point of view, make sure that you love the car and you aren’t just buying it because you think there might be money in it.
Keep an eye on William George’s auctions for some great classic and prestige cars, we have a very special auction coming up that ends on the 22nd of September including some fantastic classics ranging from MGs and Fiats to Porsches and Aston Martins.