Classic cars

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Mon 19 Sep 2011 17:45
Classic cars - Bobbin Threadbare

www.bbc.co.uk/news/business-14956377

BBC report on the rise of classic car prices.

I am not sure I would take money out of an ISA and buy a classic car with it though, as is suggested in the article! I'd want to drive it, not bung it in a shed and wax it once in a blue moon. Maybe Avant's accountancy genius can shed some light upon this?

(Also, as an aside - where is unthrottled?)

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Mon 19 Sep 2011 22:18
Classic cars - Avant

In that news piece the expert says 'you won't lose money'. Quite right - but he wasn't claiming that you'd make any either. To do that you'd have to buy an unrestored classic and do it up.

As I often say, finance isn't the only consideration when you buy a car: you buy a classic car to enjoy the nostalgia of driving it and to enjoy tinkering with it and showing yourself how good you are as a mechanic, panel-beater etc.

When I could afford a fun car three years ago, I did think of a Triumph Vitesse 2-litre convertible: but I'm no mechanic and realised that a seven-year-old Z3 would make more sense and in most ways be more fun. It's lost a bit of value in three years, but if I look after it, at 10 years old now it shouldn't lose too much more.

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Mon 19 Sep 2011 22:25
Classic cars - mss1tw

Every cherished classic was a 10 year old averagemobile once upon a time

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Tue 20 Sep 2011 11:11
Classic cars - madf

I owned a classic car once - 1967 Lotus Elan.

Sold it at breakeven after two years' fun.

You need to figure in gargaing, repairs, paint (always a problem on a car used for show).. and market sentiment .

In the late 1980s old car prices surged when inflation was 25%plus. As an example E Types fetched £50k + and MGAs fetched £25k +. Today not much different..

And if you want to sell in a hurry, sorry mate lose 25%...

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Tue 20 Sep 2011 11:57
Classic cars - Sofa Spud

I thought classic cars had tumbled in value over the last few years. A fair few of them met their end as a result of the scrappage scheme. Unless you're looking for a Bugatti or Duesenberg or something, it's not likely to go up in value in the current economic climate.

If you want a car that will appreciate in value, something like an early Metro (if there are any left!) will probably appreciate because there are so few left because of their 'revolutionary' new rustprrofing process that meant they rusted much quicker.

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Tue 20 Sep 2011 12:47
Classic cars - TeeCee

Some years ago, while I was driving an MGB roadster, my brother aquired a very tidy Vitesse 2-litre convertible.

It takes a lot to make an MGB feel civilised by comparison. I drove the Triumph and my lasting impression was that it felt like a selection of disparate car parts all travelling in the same direction by mutual agreement. It also gave the rather worrying feeling that said agreement could be subject to sudden and unilateral cancellation by any of the parties involved.

The words "shake, rattle and roll" describe the experience well, although to be strictly accurate "vague" ought to be in there too. It also managed to make the old 'B look reliable, no mean feat in itself.

I reckon you made the right call there and dodged a bullet.

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Tue 20 Sep 2011 15:06
Classic cars - SlidingPillar

It's all about picking the right car. If you get one that is going up great, but a lot of perceived value is how others veiw the car.

I bought my Morgan Super Sports Aero (insurers didn't dictate car names in the 30s!) for £15000 in 1997. This year, I've upped the agreed value insurance to £34000, and a concours example may be worth nearer £40000.

Fly in the ointment is I've spent a huge amount of time and getting on for £6000 taking it to bits and putting the bodges of two previous 'restorations' to rights.

Had you bought a mint car in 1997 you'd have spent £19000 I guess, but there is just one problem. The model is a rarety, and mine is only one of two advertised in that time - a few more have changed hands, but unless you were in the right place, you'd never know.

Rather more Morgan Super Sports (without the Aero bit) have been traded, values are perhaps a little higher as they have three gears and a reverse so are a bit easier in traffic.

I bought it to drive - not as an 'investment'.

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Tue 20 Sep 2011 16:30
Classic cars - jamie745

It annoys me when people buy a car, any sort of car just to sit in the garage and bring it out for shows. Drive it! Dont look at it. I know someone who drives a 1975 Cortina, every day. He spent alot of money on getting it up to scratch so he's going to drive it, i can get behind thinking like that.

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Tue 20 Sep 2011 16:41
Classic cars - TeeCee

Dad still regales me with stories of how, back in the '70s, you could walk into any scrapyard in the land, drive out in a Daimler Dart and only be a few quid lighter in the wallet department.

Those command a tidy sum these days. I guess that's 'cos so many were scrapped as nobody wanted the things. That's what happens to a thirsty V8 engined car that's already got desirability issues, due to being old and also looking like a mutant monkfish, when a fuel crisis hits.

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Wed 21 Sep 2011 10:27
Classic cars - madf

Dad still regales me with stories of how, back in the '70s, you could walk into any scrapyard in the land, drive out in a Daimler Dart and only be a few quid lighter in the wallet department.

Those command a tidy sum these days. I guess that's 'cos so many were scrapped as nobody wanted the things. That's what happens to a thirsty V8 engined car that's already got desirability issues, due to being old and also looking like a mutant monkfish, when a fuel crisis hits.

Hmm. Funnily enough I don't recall ever seeing any in scrap yards.. and if they were, they would be undriveable.

The engines had a nasty habit of corroding waterways without enough antifreeze . Overheating and bang...

They were in practise horrible cars to drive: nasty cornering habits . And very little actual go... (A Sunbeam Tiger with a Ford V8 was faster, cheaper and more preactical)

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Wed 21 Sep 2011 12:12
Classic cars - mike hannon
When the 'investment experts' start homing in on 'classic cars' you know the end is nigh. It happened in the early '90s and it's set to happen again shortly.
For a long time there's been a huge gap between the values of what you might call 'everyday' classics and the fashionable stuff that's bought with m**************s' bonuses.
Bring on the collapse in prices I say, then average enthusiasts like me might pay realistic prices for parts and servicing again.
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Wed 21 Sep 2011 12:16
Classic cars - mike hannon
Haha! You can't use the perfectly accurate description of a person involved in the financial sector any more!
Oh and by the way, anyone who takes £5,000 out of an ISA and buys an old car had better remember that their 'investment' needs care and servicing - and that old cars can break down even when they are standing still...
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Wed 21 Sep 2011 14:19
Classic cars - Roly93

Dad still regales me with stories of how, back in the '70s, you could walk into any scrapyard in the land, drive out in a Daimler Dart and only be a few quid lighter in the wallet department.

Dad had one of these circa 1973 and sold it during the fuel crisis at a big loss. I couldn't see why people weren't more interested in these as they were after all V8 engined.

I cany comment on what it was like to live with as I hadn't started driving in those days, but I do remember it was a devil for rusting, but so too were Mk2 Jags..

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Wed 21 Sep 2011 14:23
Classic cars - Roly93

I am not sure I would take money out of an ISA and buy a classic car with it though, as is suggested in the article! I'd want to drive it, not bung it in a shed and wax it once in a blue moon. Maybe Avant's accountancy genius can shed some light upon this?

Defo agree with you there. The tone of the article also leans towars the £100K+ classic car market which (no offence) probably isnt what most of the posters on this forum would br thinking about anyway.

The way the economy is going I think people are going to be a lot more cautious than trying to make money on classic cars !

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Wed 21 Sep 2011 15:58
Classic cars - Bobbin Threadbare

Yeah, I was thinking in terms of MGB territory; the mega bucks ones don't even get driven in case the factory original paint gets dinged!

I can see the point of view of these top end cars as an investment, but they're for driving!!!!

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Sat 24 Sep 2011 20:24
Classic cars - Trilogy

Rather than an MGB, I'd suggest going for a car on the cusp of classic status. So go for one, which those in the know realise is a classic, but alot of the general public don't know is a sought after car. Shame I can't PM you. I paid 'x' for my Merc, spent '2 times x' on it and have had a couple specialists reckon it's worth four times 'x'.

Unless you can buy something like an Aston Martin etc, IMO I think you're unlikely to make any significant money. In 1986 my Frogeye Sprite was worth about £2,000. When you take into account running costs over 25 years, it would really need to be worth a minimum of £15,000 now to have covered basic outgoings of servicing, repairs, MOT and insurance costs. Still, it would have been fun!

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