The moment you drive your run-of-the-mill chunk of far Eastern plastic and metal off the forecourt you lose 30% of its value straight away in depreciation. You no longer own a new car – you own a second-hand one! But if you invested in a cracking little classic in good condition – and kept it smart – the chances are it should at least hold its value (and in some cases it might even increase in price).
2. Better insurance deals
The costs of insuring a classic MGB, if you opt for special features like limited mileage options, can be considerably less than cover for a new hot hatch. And we’re not just talking about saving 10 pounds or so – the difference can run to hundreds of pounds. Zero road tax. Yep, that’s right. Classic cars built before 1973 qualify for zero-rated road tax. You have to display a tax disk, but it doesn’t actually cost anything. So there’s £160 banked straight away.
3. Cheaper repair bills
Let’s say you’re in the middle of a country estate enjoying a picnic in your classic Morris Minor when you carelessly but gently bump into a great oak. You can find a new rear lamp for around 20 quid. However, do the same in your new Kia and the replacement rear light is likely to be at least two times that.
4. Environmentally friendlier
People think old cars use more petrol per mile than new ones – and in some cases they’re right. But it is a well-documented fact that around a third of the energy consumed by a car in its entire life is used to make it in the first place. So buying and using a classic car is recycling par-excellence. Spare parts for older cars are readily-accessible, so keeping your classic running is again very environmentally sound – while many components used in the build of new cars are sealed in and only fit for the bin once they’re no longer of use.
5. Social networking
Want to meet nice new friends in great surroundings? Then join a classic car club. For example, there are events for VW Beetle owners almost every weekend. Its fun – and it’s hard to imagine the same feeling from a field full of Daihatsu Sirion owners.
6. You look good
Swing down the street in a gleaming classic MGB and you’ll turn heads. And it feels great to drive around in something that is instantly-recognisable and draws knowing waves, nods and winks from other motorists. Of course, your Far Eastern tin machine might draw hand signals too – but a single finger doesn’t constitute a wave I’m afraid.
So there you go. Next time you’re looking to replace your old banger, look to buying yourself a classic car.
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