Overhaulin'

Classic car ownership in the UK; apparantly there's an advantage over other cars such as cheaper insurance or

tax, or MOT, but I can't remember what...anyone know?

Public Comments

1. My classic policy premium was cheaper, but remember that you don't accrue no claims bonus on the policy if you plan to use it for a 'non classic' later.
2. Cheaper road tax.
3. Pre 1972 comes under Tax exempt. (TAX FREE) That means you can insure your vehicle under the Classic banner, where you will be limited by mileage,, average i think is 15000.. dont quote me.. the best bit is it is less than insurance on a new/modern vehicle. There are some stunning classic cars out there.. so it worth investing in a classic car, just for the free tax and cheap insurance.
4. classic cars before 1972 are free on tax. Not for nuch longer should the government get their way! Classic cars can also get insured on a classic car policy. they usually reduce the price if you have a second car supposed to be your main car. They don't really make it cheaper as maintainance is usually higher a can cost more.
5. Yes, however the tax only applies to car built before 1972, because Robber Brown stopped the rolling date that was set at 25 years, insurance is cheaper because most owners take more care when driving the car as in some cases it is irreplaceable. However you have to know how to maintain one as very few of our garages can handle them as there is no plug in point for the laptop.
6. OK, yes you'll get free tax for a pre-1973 car, but the real advantage in running a classic is no depreciation. Buy a new car and it loses value like a ice sculpture in the Sahara! A £10,000 car becomes £7000 next year, £5000 the year after etc... whereas a well maintained classic will hold its value, maybe even increase in value. Look how the few saddos who kept old MK3 Cortinas are cashing in with Life on Mars on TV. They're going for £2-3000!! The other major advantage is you can easily maintain them yourself with a few spanners, rather than taking them to a garage at £40/ hour!
7. With regards to insurance: If the vehicle is used as a genuine classic car i.e. a second car for low mileage for mature drivers then the premiums are much lower than you would expect for normal vehicles. You would also get an agreed value for your vehicle, not market value in many cases. Older cars used normally do gain some discounts but these are not as great and the cover can be worse.