As most people are aware, we recently endured the worst recession in living memory, however throughout those difficult times, what's been certain and constant is classic cars just don't lose money, and can actually be seen as an investment; they can be a safer (and more lucrative) bet than placing your savings in a bank these days. Buying a new or nearly new, run of the mill car has never made any sense to me. Today's cars are becoming more and more like faceless appliances with a finite life, similar to the likes of objects such as Washing Machine, a Microwave Oven or a Fridge, and which lose value from the very first day you take ownership. They have been designed to do a job, and once they’ve done that job, you simply throw them away and get another. Sadly with this disposability comes lack of character, soul and spirit. Conversely many cars from the 60’s, 70’s, 80’s and early 90’s, had a certain “something” that today’s cars just don’t process anymore.
New cars are also becoming increasingly complicated and becoming increasingly difficult to repair when they do go wrong. It's coming to such a point now where only main dealers with highly specialist tools can repair them. The net result of this is extortionate repair bills, and brutal depreciation. Conversely a classics, are just good old fashioned bomb proof engineering, and are hence very easy to work on. Buying a good classic car is not only a rewarding experience, but also makes sound economic sense too. It also shows you have more refined taste too!
All things considered, life's too short to worry about what might happen tomorrow, and with the way things are, it's probably better to have your hard earned cash invested in an appreciating classic car, rather than at the mercy of incompetent financiers. At least with this car, you get to actually enjoy your investment!
So in summary, here’s five very good reasons to buy a modern classic:
· Zero Depreciation, and in many cases steady appreciation
· Cheap Classic Car Insurance
· Easy to repair
· Says so much more about you, than driving a run of the mill (boring) car
· You get to own a car you thought you’d never get the opportunity to drive
Don’t just take my word for it, recent figures also confirm my sentiments. During the recession, new car sales fell like a stone, as did sales of run of the mill second hand cars, but to a lesser extent. Conversely, sales of classic cars enjoyed a growth of around 20%, which is amazing considering it was the worst recession in living memory, during which values of established classics became ever stronger. Now, even in these post recession times, with new cars sales having risen again, sales and values of classic cars remain stoically strong, with many buyers seeing them as an investment, which further proves that classic cars are truly recession and future proof.