Is Now The Time to Buy a Classic Car?

Given the unpredictability of the general market (Brexit, Corona Virus) the classic car market is likely to see some fluctuations. Many industry experts are suggesting that prices have fallen to as low as they are going to and that now is a great time to buy a classic car!

The AXA Classic Car Market Review is full of useful information about the trends in classic cars, including which marque is the better for investment purposes.

Which Classic Cars Are Performing Well?

The AXA Classic Car Market Review states: “A study of the past ten years suggests something of a switch in interest from the traditional vintage models (such as Bugatti and Rolls Royce) towards racing cars, which may well indicate new buyers entering the market.”

Andy Wise, MD of Fast Car Finance says: “Enquiries are rising steadily – we have always financed a reasonable number of classic cars, but we are seeing that many buyers are sensing that now is a great time to buy a classic car, so they’re coming back to us to arrange their finance needs. As a result, we’ve financed a lot more cars in the first three months of 2020.”

In line with the trends in the AXA Classic Car Market Review, Andy is seeing enquiries rise for a different type of car: “We are arranging finance for a number of rally cars, for a growing number of customers who want the exhilaration of racing at an event such as the Goodwood Festival of Speed. Many of our customers see that these cars not only provide a brilliant driving experience, but they can see the historical value in the cars, which is compelling them to purchase a piece of history.  Recently, we arranged finance for a race car that won it’s class at Le Mans and the former race cars of some very famous racing car drivers!”

“Although we still finance a large number of modern classic cars (many are 25+ years old, which can be difficult to finance if you’re not using a specialist car finance broker like Fast Car Finance), we are seeing an increase in interest for people that want to race their cars on a specialist track. This is definitely a trend I’m expecting to see rise throughout 2020!”

Where Can I Find More Information About Buying a Classic Car?

If you are interested in finding out more about the classic car market, you might want to take a look at some of these tools to help you weigh up your options!

Ademy is a brilliant tool to help you understand the classic car market. Their web platform will help you to get detailed insights for specific makes and models. They also provide assessments of your current classic car.  For more information visit https://www.ademy.uk/

If you want to check out the valuation of a classic car, Hegarty Insurance also provides online valuation tools for classic cars. Passionate about classic cars, they want to provide you with the data and insight you need as a classic car enthusiast to make sure you get to drive your dream car.  Visit their website to look at the online tools available – they also have a newsletter with features, news and tips for classic car enthusiasts – https://www.hagertyinsurance.co.uk/classiccarvalue

However, if you want to talk to our team of equally passionate classic car enthusiasts, why not get in touch with the Fast Car Finance team on 01635 785 400 or info@fcfinance.co.uk and we can arrange a time to book in a call with you.