Regardless of where you are in the world, there is one major downside to motoring that is irrevocably true – depreciation. You can buy a brand new car, and the moment you drive it out of the showroom, its value has already decreased. It’s a given, and we accept it. However, there comes a time in most cars lives, when the depreciation and loss of value stops, and it’s value actually starts to increase again.
This is usually at the point where you might refer to the car as a “classic car”. The age of a classic car varies considerably. The HMRC defines a classic car as being over 15 years old, and having a list price of at least £15,000, but to be tax exempt, the car must be at least 40 years old.
Like with any commodity, the value of classic cars can fluctuate, but the main thing is that these older cars will eventually start to hold their value, and with time, their value will increase, thanks to the passing of time and the car becoming more rare. Classic cars are popular all around the world, with collectors and enthusiasts coming from all walks of life, making the international trade of classic cars a huge business. As a result of that, investing in classic cars seems like an attractive proposition, but it does come with a duty of care too – as with any investment, it needs to be protected, and classic cars may require more care and protection than you realise.
Taking Care of A Classic Car
In an ideal world, if you’re collecting classic cars, you would have a climate-controlled environment, protecting your car from the harsh realities of mother nature. But, for most of us, this is out of the question. Unless you’re a car-collecting celebrity like David Beckham or Rowan Atkinson and have plenty of spare cash to pour into your hobby.
There are a number of items that you should always have on hand, you would be surprised how much work you can do on a classic car with surprisingly very little. Spare parts, fuses, wires, gaffer tape, and of course, a few cans of WD40! The number of times WD40 has helped save the day for classic car owners who are having problems with parts of their car seizing up is beyond belief. It’s cheap, and it’s certainly an essential item to keep in your garage alongside your classic car.
When your classic car is not in use, it needs to be stored properly to help protect it from the elements. At the bare minimum, you would want to protect it with a car cover, but ideally you would want a dry garage or other dedicated indoor facility. If you have the money and resources, then a dedicated indoor facility with climate control is the ideal solution.
With classic car sales, you will find people are willing travel around the world to buy their dream car or that special car they want as part of their collection. After-all, classic cars are rare, and the older they are, the rarer they are. Some classic cars have only a few left in existence, and if a buyer who doesn’t live in one of the few countries that have one of the cars, then they are going to have to travel to inspect it, purchase it, and then arrange for transportation back to their home country.
As with any investment, you want to make sure it is protected. It’s safe to say that no classic car dealer would suggest driving a classic car from one country to another. You would need to arrange suitable transportation. There are companies that specialise in the transportation of vehicles, so you need to do your research and find a company that has a proven track record and is going to take good care of your classic, and make sure it arrives at it’s final destination in the same condition it was received in. The worst thing you can do here is to opt for the cheaper option, it’s the experience and reputation which count here, and it is going to cost a little more, but you will have much less to worry about. It’s not like overnight delivery, there will be a considerable amount of time waiting for your vehicle to be transported, the last thing you want to do is go for the cheaper option and end up worrying for days on end that it’s not in safe hands, and regretting your decision before the car is even in your possession.
Considering Getting Into the Business?
If you’re interested in getting into the classic car business, then why not take a look through the Classic Cars & Campers Marketplace, we have a huge number of classic cars currently listed for sale, suitable for budgets as low as a few thousand pounds, up to budgets as high as a million pounds. We have perfect restorations, we have fixer-uppers, and non-runners. Whatever type of classic car you are looking for, you’ll find it in our marketplace.