An Expert's Advice on Buying a Classic Car | Car Finance UK
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How to buy a classic car – from a total expert!

We’re featuring a series of blog posts featuring one of our Fast Car Finance clients who has been collecting classic cars for over half a century! We are incredibly pleased to have the opportunity to share his wealth of knowledge and it has been an absolute pleasure to speak with somebody who is as passionate about cars as the team at Fast Car Finance are.

In his early years of classic car ownership, our client owned some stylish, American inspired cars, but had to sell a car to be able to buy the next one. For example, he bought a very rare, Aston Martin DB5 for just £5,000 back in the mid-sixties but had to sell it to fund the next car. That car is now worth around £2 million because it was a rare, limited edition with a production run of just 40.

We talk to our client about his experiences in classic car ownership – a brilliant read if you are starting out your journey in classic car ownership.

 

Is There a Rule You Always Stick By When It Comes To Classic Car Ownership?

“Absolutely. The most important thing is to look for good history and the vehicle’s provenance. I have been buying cars for many years now, so I have excellent relationships with classic car dealers and brokers who know exactly the type of car I’m likely to buy. I am also a member of a number of Owners Clubs, which are a valuable source of help.”

“The cars cost a lot of money, so it’s always worth getting an independent inspection and a number of marque specialists offer this type of service, including Porsche, Walkersport and Pistonheads. I have seen cars with a gap in their service history and I won’t buy them. If you’ve got a classic car, it’s really important that you keep the service history up to date or you will risk not being able to sell it, or selling it at a much lower price.”

 

How Regularly Do You Buy a Classic Car?

“I buy cars regularly – I have warehouses so if a good buy comes through from one of my classic car dealer or broker connections, I’m always in a position to get the finances in place and I’ve got somewhere to store it. When I started collecting classic cars in the 1960’s, I had to sell a car before I could buy the next one, but my collection now allows me to keep adding to it rather than selling anything. I haven’t sold a car for some time.”

“I haven’t bought a car during lockdown, but I have bought a lovely all electric Ducatti scooter which is normally used to drive around the pits during F1. I use it to ride on the roads on my estate  – it’s great fun and even has cruise control. However, I’m not sure of its collectability.”

 

Can You Recommend Any Highly Collectable Cars?

“It will really depend on your budget. If you’ve got £30,000 then the MGs are a good-looking car and they can be an everyday car.  I am a huge fan of British engineering, so I’d look at earlier British sports cars, so MGs, the TR 3 and 4. The Healy 3000s are good cars too.”

“But if you could get classic car finance with a £30,000 deposit? That opens up a whole new range of options.”

 

Do You Think That Any Modern Cars Will Become Classics One Day?

“Yes, but be aware that this is a longer-term game and you would need to keep a car for a very long time before it becomes a classic. Although I own some older Minis, I also love the older models of the new BMW version of the Minis, such as (Factory S, Supercharged). I simply love to drive my Mini which has a super-charger (not a turbo-charger). I have converted one with nitrous oxide to make it incredibly fast (0-60 in 3 seconds) and wiz past everyone. Wizards of Noz did the conversion for me and it now has an incredible growl to the engine. I think this car will be super-collectible in the next 5-10 years. They’re cheap to buy now but it is incredibly hard to find a low mileage model but I think they will go through the roof given time – S Factory works. Original Mark 1 Minis cost £450, but now a good one would be worth £30-£40K.”

 

How Can Classic Car Owners Make The Most of Market Conditions Right Now?

“The market is strange at the moment. It’s very unfortunate, but there will be lots of unemployment, so potentially some classic car owners will have no option but to sell some of their collection, so there could be a rush of cars onto the market and that will impact prices. When there are a large number of cars on the market, the prices will go down.  In my opinion, you’d be better to sell another asset if you really needed the cash due to a change in your circumstances.”

“If you want to make that first purchase, you’re likely to get some great bargains in 2021. My advice would be to get your finances in place. If you can sit on it, my advice would be to hang on to it and next year there will be some bargains to be had – sad for some collectors, good for others.”

 

How Can You Get Your Classic Car Finance in Place?

Fast Car Finance managing Director Andy Wise adds: “This works in a similar way to a mortgage; Fast Car Finance, as an independent classic car finance broker, can secure you a finance approval for a particular car or for a sum of money. The approval is then valid for 90 days, allowing you to make an offer knowing that you’ve got the funds available ready for when you want to make a bid on a particular classic car. The funds are then available for you “in principle.”

“Fast Car Finance provided car finance “in principle” for a cyber security director a few months ago. Purchasing his first classic car, he wasn’t sure exactly what to buy so researched and then test drove a range of modern classic Ferraris and Aston Martins. Knowing that classic car finance was agreed and in place, he was then able to make an offer on the car he was interested in, safe in the knowledge he could reply on the Fast Car Finance team to complete the purchase on his behalf.”

“Given the sums of money we are talking about here, due diligence is very important. In this example, our client changed his mind and having viewed one potential purchase, we advised him to walk away because the car’s service history clearly didn’t fit with the age of the car.”

Find out how we set up classic car finance “in principle” for this customer’s Ferrari California here.

These are brilliant tips from our client and it’s great to be able to share the benefit of our client’s extensive experience in classic car ownership with you all. If you’re interested in getting your finances in place so that you’re able to act quickly when your dream car comes onto the market.

To arrange classic car finance “in principle” contact our team on 01635 785 400 or Contact Us via our website.

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