Old cars are becoming increasingly popular among motorists wanting to make a statement and stand out from their peers. And not just as investments — but for fun.
It doesn’t cost a fortune to enter the classic car market.
Some supercars can fetch millions of pounds at auction. Others are more affordable, less so if they’re a restoration project. Many others are usable every day as daily runarounds.
The Triumph TR6, a British-built car that was built between 1969 and 1976 is considered old gold. There are three million historic cars on UK roads, worth over £12bn, with an estimated average value of £5,400
You might have the chance now to try it, at a time where new cars are scarce and secondhand prices are skyrocketing.
Raring to Go
Many new fans getting hooked on older cars are starting off with ‘modern classics’ — modest cars that are likely to become classics of the future.
BBC’s Top Gear picked up on the trend this week with a feature on how some modestly priced cars — such as an MGB, a later original Volkswagen Beetle, and even a Russian Lada Niva — could be an alternative for younger drivers, with the attraction of lower prices and insurance premiums.
A mid- or early-era Mazda MX-5 or Triumph TR7 or the legendary Morris Minor Moggie could also be a viable alternative to second-hand cars.
There is plenty of information. Around 500 classic car clubs are represented by the Federation of British Historic Vehicle Clubs.
Hagerty, an insurance company, published this week a list of ten classic’star’ cars that are affordable for ordinary families. It also believes they will increase in value as the years go by.
These include:
- Mini Cooper code-named R50 was the first Mini Cooper to be reborn under German automobile giant BMW (2001-2006).
- Renault Clio Williams hot-hatch Renault Clio Williams (1993-1995);
- Porsche Boxster, a performance-oriented Porsche Boxster (1996) – 2004
- Renault 4L (61-1994);
- The Triumph TR6 open-topped in Britain (1969-1976);
- The war-time MGTB (1939-1940);
- Volkswagen T3/T25 Camper (79-2002);
- Ferrari 458 Italia (2010)-2015
- Maserati 3200 (1998-2002);
- Also, the Rolls-Royce Camargue (77-1986).
This list will identify “automotive gems” for 2022, which provide a pleasant driving experience. It also predicts which models could gain in value.
Hagerty also celebrates the joy of owning and running modest classics with its annual ‘Festival of the Unexceptional’ — highlighting once-commonplace ‘ordinary’ cars of the late 1960s, 70s, 80s and 90s including ‘the best examples of some of the most mundane cars ever built’.
At this year’s festival, a humble but rare Malaysian runaround — the 1989 Proton 1.5 GL Black Knight — was crowned the ‘best in show’.
Watch six ‘classics modern’ in 2022
Mini Cooper (R50) (2001 – 2006): Britain’s sporty Mini reborn for the 21st century under BMW has proved a firm favourite. Current average value: £900 to £6,650
Triumph TR6 (1969 – 1976): A classic British two-seater sports car. Recent value of rust-free examples rose by 13%. Current average value: £6,200 to £31,000
Renault Clio Williams (1993 – 1995): Nicole and Papa will be pleased that this hatchback developed by Renault Sport is still popular. Current average value: £8,400 to £24,267
Renault 4L (1961 – 1994): As Renault prepares to launch a fully electric ‘4’, the original still draws admiring glances. Current average value: £2,800 to £8,400
Porsche Boxster (1996 – 2004): This sports car is proving a far better investment than money in the bank. Current average value: £4,875 to £12,650
Volkswagen T3/T25 Camper (1979 – 2002): Perfect for a staycation, this third generation van is well worth sleeping on — and in. Current average value: £5,600 to £23,750
Source: Hagerty
Well-rounded
You can also enjoy other benefits by buying a classic. The vehicle is exempt from the tax on historic vehicles once it turns 40. Car owners don’t have to pay taxes on their car or make an annual MoT.
They also are exempted automatically from the London Ultra Low-Emission Zone.
Two-generation BMW 3-series models, the Mercedes-Benz 190E and the MG Metro Turbo are potential classics that could qualify by 2022.
Britain’s world-leading classic car industry already supports around 113,000 jobs that depend on the £18 billion a year automotive heritage sector, according to the Historic and Classic Vehicles Alliance, which was set up earlier this year as a campaign group and trade association.
There are three million historic cars on UK roads, worth over £12 billion, with an estimated average value of £5,400.
Garry Wilson is the Alliance’s chief Executive Officer. Wilson stated that the Alliance aims to “bust the myths, popular misconceptions” surrounding classic cars. Wilson pointed out how well-maintained cars are greener and more durable because they preserve great craftsmanship rather than succumbing to obsolescence.
Wilson stated that, while his daily driver is a BMW 5-series coupe, his pride and joy is a 1969 Rover P5B coupe.
He also fondly recalls a BMW Z3 2.8 from 20 years ago, a Land Rover Defender 25 year old Land Rover Defender, and the thrill of rallying in a 1980s MG Metro 6R4.
The Alliance is also supported by legendary Formula 1 supercar designer and electric car engineer Professor Gordon Murray, who stated: “As we progress towards electrifications and more strict regulations, it will be even more important for us to support and preserve our classic automobile heritage.”
Modern classic: The Maserati 3200 is expected to rise in value over the course of 2022
Boom & bust
However, the classics boom is also attracting thieves, with reports of original Land Rover Defenders — whose prices have gone through the roof since production ended — ‘stolen to order’.
Clive Wain of Tracker stolen vehicle recovery specialists said that the vintage car industry is booming since 2020’s pandemic.
He added: ‘Demand for older models and parts has soared, and experts predict that classics that cost less than £10,000 today are projected to rise in value faster than the average savings account.
“Unfortunately this makes them even more attractive targets for thieves.”
Because they lack advanced security and ID markings, it is easy to break into them, hotwire or tow them away. They are also hard to trace.
Wain suggests that you attach a tracker device to your vehicles. It is much harder to steal a classic car if you don’t have one.
Even if you don’t want to purchase a car outright you still have the option of driving one. Many companies offer test drives and days for drivers. You could also visit a motor museum or event.
Bicester Heritage was established in Oxfordshire as a former RAF station. More than 40 car specialists and historical firms now call it home. They also hold regular open days and scrambles for family and enthusiast.
The new Great British Car Journey museum (greatbritishcarjourney.com) opened at Ambergate in Derbyshire in May, showcasing up to 100 nostalgic cars.
In celebrating classics, it joins other museums like Brooklands in Surrey or the British Motor Museum Gaydon in Warwickshire.
Toyota is continuing to expand its electric power empire
Although he may not have made it to the electric car party, the Toyota boss has already revealed 16 more battery-powered vehicles that will be available within the next decade.
The Japanese car maker’s president Akio Toyoda said it will now be offering a total of 30 fully electric models by 2030 – selling 3.5 million a year globally.
That’s up from earlier plans to sell 2 million zero emission hydrogen and battery electric vehicles per year by then. It sells approximately 10,000,000 vehicles worldwide.
Full charge: Toyota President AkioToyoda (pictured) stated that by 2030 the firm would offer 30 fully electric vehicles – thereby achieving 3.5M annual sales globally.
Toyota was focusing its efforts on the promotion of petrol-electric hybrid technology (as pioneered by the Prius) and hydrogen fuel cell technology (as used in its Mirai).
Anglophile Mr Toyoda, grandson of the company’s founder, acknowledged he had not been that interested in electric vehicles in the past, but said he is now excited about the new vehicles Toyota is developing.
Mr Toyoda promised a full line-up of electric models called the ‘bz series’, short for ‘beyond zero’, including sports cars, sport-utility vehicles of varying sizes, saloons and crossovers, pick-up trucks and some quirky city cars and vans.
The company’s upmarket Lexus luxury brand will become fully electric by 2035.
- The Government has recently slashed the plug-in car grant from £2,500 to £1,500 while reducing the eligibility cap from £35,000 to £32,000.
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