Car Insurance – Advantages of Owning a Classic Car (part 1)

Posted on 18. Dec, 2009 by admin in Car

When considering the advantages of a classic car, first and foremost are the financial implications of owning and running such a car. Purchasing and using a classic car as your main method of transport can save a considerable amount in motoring bills when compared to a typical modern car.

One of the areas that differs considerably between modern and classic cars is deprecation. This is perhaps one of the most frustrating facts for those driving a modern car – the knowledge that all of the money they spend keeping their car roadworthy is having no impact on its overall value. In fact, nearly all modern cars will depreciate a considerable amount during their lifetime. For example, a brand new, entry model VW Polo, purchased for just under £8000 will be worth a tad over £3000 in four years time, that’s a deprecation of over £1000 a year!

A well looked after classic car thankfully, will not share this same painstaking truth, in fact in some cases, albeit rare cases, they even appreciate.

Secondly there’s the insurance, which can work out considerably less when compared to a policy for a typical modern-day car. In most cases you will have to be over 25 years old to insure a classic car however, when you do, expect to pay no more than a couple of hundred pounds. This can be slashed even further if you opt for a limited mileage policy, which is advised if you do not intend to use your classic as your main method of transport.

Road tax is another area those driving classic cars reap the benefits of; as if their vehicle was built before 1973 then they are not required to pay a penny. This can save roughly £160 a year alone! It’s worth noting that a tax disc still needs to be displayed, essentially just to prove that your vehicle had a valid MOT and insurance.

As you can see there is a great deal to be saved when investing in a classic car, with regards to insurance, MOT costs and overall car value. If you need classic car insurance, then the internet is an excellent place to source and compare quotes as well as finding out all you need to about classic car insurance.

Related Blogs

Related Blogs

Tags: , , , ,

Leave a reply