Harry Metcalfe, founder of Evo magazine, laid out his predictions for 2010 in a recent article for The Times.
His forecast included higher fuel duty and petrol costs, an increase in new car prices and a significant boost in demand and value of classic and used cars. The prognosis? Choose wisely, and you could be in for a significant return on your classic car if you choose to sell in 2010.
Last November, Bonhams, the auction house in Harrogate, reported a 92% record in car auctions that have reached or exceeded their reserve price. Rather than investing in dispirited banks, people are choosing to finance something they find joy in. As well as classic cars, sales in antique guns and clocks have also been busy. Aside from the pleasure of putting your assets into classic items, there is a little-known tax benefit on items considered to have less than 50 years life left – they are completely free from capital gains tax when resold or inherited.
So what should you look for in an investment car? Here’s a few of our suggestions.
- Cars that hold their value, such as Fords, Lotus’, and Ferraris, are always a wise choice.
- Your car doesn’t have to be the most reliable vehicle in the world, but it does help.
- Failing reliability, be sure to find a good parts dealer before you buy.
If you’re going to invest in a classic, you should also make sure you insure it with someone who knows the true value of the vehicle. With Quotezone, you only have to fill in our online forms once and they hook into the quote systems of a number of leading uk insurers for you. Quotezone then returns their prices to you – in real time, on your screen. So, about two minutes after filling in the forms, you will have around 15 prices on your screen – ranked in price order.
On the Quotezone panel are Adrian Flux, Lancaster Insurance, and other classic car specialists.
When you find the price and product you like, you just click the “details” link beside the quote to apply online or to contact the insurer for more information.
Get a quote for your classic car insurance today, and see how much you could save.
Quotezones quote comparison system is pretty clever! We take the hassle out of filling in the same information time and again on numerous insurance websites then writing down the prices and comparing them hours later when you have visited all the sites you can find.
With quotezone, you only have to fill in our online forms once and we hook into the quote systems of a number of leading uk insurers for you. Quotezone then “talks” to these systems and returns their prices to you – in real time, on your screen. So, about two minutes after filling in the forms, you will have around 15 prices on your screen – ranked in price order.
When you find the price and product you like, you just click the “details” link beside the quote to apply online or to contact the insurer for more information.
