Maximise Your Classic Car Investment | Classic Car Financing
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Top tips to maximise your classic car investment

This is the penultimate blog post in our series from our classic car collector and motoring enthusiast. We’ve enjoyed hearing his stories about his classic car ownership which started during the 1960’s, his tales of having bought cars from Ringo Star (including a death-defying stunt…if you missed it, you NEED to read this incredible story, plus reasons why we should consider American classics as part of a classic car investment strategy.

Here’s a few quick top tips from our client to round off this series:

 

Buy a Classic Car at the End of the Production Run

“The last sixty cars at the end of the production run are typically the best examples to buy. They have ironed out all the problems and they tend to do special editions nearer the end as they know they are going to change the model. If you can own a limited-edition vehicle, it will be much more collectible and will yield a higher price when you come to sell it.”

“One car in particular that was very collectible, was the Aston Martin DB5 that I purchased around 1965 for £5,000. That car is now worth over £2million because it was at the end of the production run and a limited edition. Although I regret selling it now, I had to sell a car before I could buy another one back then in order to have the funds ready for the new car.” Find out more about that car in this blog post.

 

Motorbikes Are Collectible Too

“It’s worth remembering that motorbikes are also collectible. I own a Ducatti 998R – this bike was one of 200 built right at the end of the run. To me, this is the prettiest motorbike in the world!”

Do Your Due Diligence!

“This is hugely important and no matter how much experience you have of purchasing classic cars, you will always need to look the car’s service history and the provenance. If there are any gaps in service history, you will need to think very carefully before you buy it.”

“I once purchased a Ferrari Testerossa and I didn’t buy very well. I sold it within two weeks because I knew it was going to cause me a lot of problems. I was very lucky to move it on quickly, but you can lose a lot of money if you don’t look into the car’s history properly.”

Andy Wise, managing director of Fast Car Finance adds:

“On a number of occasions, we have inspected a car and not been satisfied with the history. Sometimes, the service history doesn’t match up with the age or history file of the car, so we would always advise a client to walk away and look at a different vehicle. It’s a recipe for disaster and given the large sums of money we’re talking about for these cars, it’s going to be VERY costly if you don’t get it right. This happened recently with a client looking to purchase a Ferrari. We advised him against buying a particular Ferrari 328 and he’s now the proud owner of a Ferrari California instead.

Consider Paying For an Independent Inspection

As we have mentioned, it’s worth paying for an independent inspection on more expensive cars. We also suggest that clients pay for an independent inspection on classic, expensive and performance cars. Many marque specialists offer this service and whilst it isn’t cheap, it is quite possible it will save you thousands in the long run.

Join a Members’ Club

“Members clubs have been a valuable source of information for me over the years so I would highly recommend joining one if you’re interested in serious classic car ownership. Over the years, I have been a member of Aston Martin, Ferrari, Jaguar and Porsche owners clubs and they have been a great place to network with like-minded car lovers. The membership cost isn’t particularly high but the level of insight they can give you is incredible, including insurance savings, servicing partners.”

“I’ve also connected with many motoring fanatics and over the years, they have got to know the type of cars I like to buy, so I often get approached to buy a car by friends of mine –  I generally can’t resist as they all know me so well!”

 

If you would like to have a conversation about how you can begin your journey in to classic car ownership, please contact me directly on awise@fcfinance.co.uk or on 01635 785 400. I post regularly about the amazing cars we have helped our clients to buy on LinkedIn, so feel free to connect with me on there if you want to start a conversation about classic car ownership.

 

 

 

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