Wouldn’t it be great to have a crystal ball and be able to look into the future? Apart from predicting next week’s Lottery numbers, you could use your powers to buy things in 2020 which you know will be worth a lot more in 20 or 30 years.
If it was really that easy, we’d all be doing it. But in the car world there are traders doing just that – buying cars now with the intention of driving them, maintaining them properly and looking after them in the hope that rather than depreciating in value, they’ll eventually make a profit. The trick is knowing what car to look out for.
Know the Market
Most of the cars which are currently selling well in the vintage or classic market are the sporty little runarounds launched in the 70s or 80s. Teenagers who couldn’t afford the cars at the time now can, and wish to recapture their youth.
So look around to see what cars are currently on the market and are seen as desirable among people, in their late teens and early 20s. A good bet is to look for sportier models from the mainstream manufacturers such as Ford, Renault or Volkswagen, rather than the premium brands which are out of the pocket of many.
A car only becomes a classic if it is well looked-after, properly serviced, loved and cherished. It’s a good idea to have the car serviced at either a main dealer, or an independent specialist in that make or model of cars. Always get your service book stamped, and book the MOT test in plenty of time.
Try to build up a relationship with your mechanic, and take their advice on problems with your car which if left, might get more expensive over time. If you’re not driving your car every day, protect it from the worst of the British weather by storing it inside where possible. Look out for rust spots, and other similar issues. Remember that it can take several decades for a car to become a classic.
Insurance and Mileage
People who are in the market for an older vehicle expect to be looking at cars with a higher mileage. You can’t expect a 40 year old car to have the same mileage as a much newer one. They will also be able to track the mileage over the past few years by checking the MOT online, as the inspector will record the mileage on an annual basis.
Mileage isn’t as big a consideration with classic cars as it is perhaps with more modern vehicles. Insurance for classic or older cars can be tricky, especially when they’re in that grey area between being modern and classic. A specialist broker is often the way to go, as they will be able to access policies designed for specific brands or styles of car. When your car hits its 40th birthday the good news is that you won’t have to tax it any more, or get a MOT test. You’ll still have to insure it though.