The cost of buying a classic car is falling for the first time in more than a decade.
Since 2005 classic cars have offered a better return on your money than rare coins and other blue chip investments but Coutts, the Queen’s bank, has reported a fall in price of 10.4 per cent in the past 12 months.
Philip Warner, co-founder of the Car and Classic website, said: “Prices have tumbled and that is in part due to the dire shortage of skilled mechanics.
“That makes their future very uncertain. Today’s generation expect to fix everything with their iPhone.”
“They are schooled to depend on computer diagnostics without opening the bonnet.”
The classic car grease monkey is a dying breed
“Sadly [for the owner or investor] the old grease-monkey is a dying breed of mechanic.
“My generation was able to use a manual to strip down a car and put it back together again.
“I seriously doubt the future of the classic car as we know it.
“At best we might see a more reliable modern engine powering a classic chassis.”
- Despite the fall in the cost of buying a classic car business is brisk at Anglia Car Auctions.
A classic car deserves a special kind of insurance
Clearly you can now spend less on buying that much dreamed about classic, but you will still want to get the best value for money when it comes to choosing your classic car insurance.
Classic cars deserve a special kind of insurance policy. That’s where Adrian Flux can help you find the best deal.
With a panel of 30 insurance providers to choose from and more than 40 years experience n arranging insurance for every car imaginable – and some you probably couldn’t imagine – Adrian Flux can tailor a classic car policy as unique as your vehicle.