Owning classic car could be cheaper than buying new as historic cars 'go up' in value

Experts at classic car specialists, the Heritage Parts Center has said using “financial logic” drivers would be able to purchase a 20mpg car instead of a 50mpg model. The specialists have also suggested classic cars “need not cost a fortune” and said some classics would be available for “a few thousand pounds”.

Speaking to Express.co.uk, Andy Gregory, spokesperson for the Heritage Parts Centre said owning a classic would also lead to a more “enjoyable experience” when on the road.

He said: “With a quick bit of ‘financial logic’ applied, a petrol vehicle that does 20mpg and is used only two days a week, will cost the same in fuel as a petrol vehicle that does 50mpg which is used five days a week.

“Yes, you are getting less for your money in terms of miles per gallon.

“But for the same money you could be driving a classic car for two days a week, with a big smile on your face, arriving at work having had an enjoyable experience every morning.

READ MORE: Classic cars are in ‘serious jeopardy’ and ‘may not survive’

Experts at Heritage Parts Center have also suggested owning and running a classic model could also be financially beneficial over the long run.

They warn new cars would likely depreciate by up to 50 percent while classic models would increase in value as they became more rare.

Mr Gregory added: “Let’s look at vehicle finances for a second. If you were to buy a new car it could depreciate up to 35 percent in the first year, and up to 50 percent or more over three years.

“Even if you buy a car that is three years old, for 50 percent of its original showroom price, it’ll still lose you on average another 15-20 percent over the next three years, or best case five percent a year.

“On a £10,000 car that’s £500 down the drain every year, just over £40 a month lost pretty much forever!”

He added: “In theory, if you bought the right classic vehicle, you wouldn’t have to worry about depreciation.

“Let us imagine we took our fictitious £10,000 and spent it on something a little less functional and more in keeping with our dream.

“And don’t forget a ‘classic’ vehicle does not have to be an older vehicle, this principle would work with more modern VW Campervans, such as the T4 and T5 and newer Porsches too.

“We should be able to pick from a huge harvest of cool vehicles, that are unlikely to go down in value, but might actually go up!

“There’s more, If you live in the UK and find a vehicle that’s over 40 years old, you won’t have to pay road tax.

“If you are jumping out of the cleanest of the clean super mini that might save you nothing, but for the average motorist that’s a saving of £175 a year.”

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