I’ve shared this before: classic cars are great investments. What makes them so great, anyway? Putting another perspective on this growing market from across the pond, Quentin Willson from the Mirror writes about the features that made the classic car market a booming one the world over.
If you’ve got some time today, drop into the Lancaster Insurance Classic Motor Show at the NEC in Birmingham. You will truly be amazed.
Packed with millions of pounds worth of beautiful antique motors, it’s a must-see event for anybody remotely interested in today’s exploding market for old cars.
This is an industry that’s worth over £5billion in the UK alone, with auction records being broken every single month.
This week a basket case Aston Martin DB6 that needed everything made £131,000 at auction, while last month a Ferrari 275 GTB/4 NART Spyder made £17million.
Classic cars have become a new asset class, with collectors all over the globe hoovering them up because they know some are increasing in value by 50 per cent a year.
In the UK this is being fuelled by the fact the profit from the sale of a classic car is tax-free.
You can make £50k on an old E-Type and not have to pay the Chancellor a single penny because HMRC classifies classics as “wasting assets”.
Then there are all the glittering events full of stylish people who have turned the old car hobby into a glam lifestyle.
And don’t forget all the little firms restoring and selling these cars provide thousands of jobs and billions of pounds to the UK economy.
Modern manufacturers such as Rolls-Royce, Bentley and Jaguar will also be there supporting their old products because they know this interest in classic motors is good for new models too.
The days of old blokes tinkering in lonely lock-ups are over.
The classic car hobby has become a chic global cult, with some cars assuming the status of fine art.
I’ll be there with a couple of cars on display – come and say hello.
Bill Lauder here, mechanic and restorer of gorgeous classic cars. Follow me on Twitter for more about what’s gleaming in a restoration garage.