Why Buy A Classic Car?

As with many things that we purchase in life, people buy classic cars for a variety of reasons. Let’s have a look at a few of them.

Restoring a classic car is one of many reasons why someone would buy a classic motor.

A classic vehicle in need of restoration

You may decide to buy a classic car as an investment in the hope that it will appreciate in value over a number of years so that you can then sell the vehicle for a significant profit. Historically, over certain periods of time, a number of classic cars have gone up in value by more than many other forms of investment. Of course, in recent years, interest rates on savings accounts have been extremely low so many classic cars have appreciated in value by a much higher percentage thus providing a better return. Do bear in mind that there is no guarantee that the past performance of an investment such as classic cars will continue on an upward trend in the future.

Someone else may decide to buy a vintage car that he or she can take around to classic car shows where it can be put on display and admired by other classic car enthusiasts. Such a person is likely to feel a great sense of pride that their delightful vehicle attracts such attention. You may also just want to enjoy driving such a vehicle on the country roads on a Sunday during the warmer months of the year.

Many classic car enthusiasts purchase such a vehicle that is in need of restoration and he or she is to carry out the works themselves with a view to restoring the vehicle to as close as possible its original state both in terms of the bodywork, interior and the moving parts. It is quite likely that many hours will be devoted to such a task.

There are some people that buy a sporty classic car with a view to racing the vehicle at certain tracks where they can pit themselves against other drivers and classic cars and get a huge thrill out of doing so.

Of course, if you are considering buying a classic motor then you will no doubt wish to make sure that it is suitably insured so why not get in touch with us so that we can help arrange suitable competitively priced cover.

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Where Should You Buy Your Classic Car Insurance?

If you are looking to buy your first classic car or already own such a vehicle and your insurance cover is shortly due for renewal then you may wish to get a number of quotes. So, where do purchase such cover?

The Internet is one place that you can arrange vintage car insurance

You can buy class car insurance through the Internet

Well, it probably does not come as a surprise to read that there are a number of places to purchase classic car insurance. So, let’s have a look at some of them.

A lot of people probably use the Internet to source and arrange suitable cover of the type mentioned above. There are a variety of websites that such cover can be arranged through. For instance, there are websites that specialize in providing classic and vintage motor insurance whether you are looking to buy the likes of an elderly car, motorbike or lorry. There are also more well-known price comparison websites that not only arrange classic car insurance but can also help sort out various other types of insurance such as home, pet and travel insurance.

You could contact some insurance companies direct for a quote. You could also visit your high street insurance broker and ask if they can obtain a quotation for such cover for your consideration. Your bank, building society or the Post office may also be able to arrange classic car insurance quotes.

The more sources that you approach to obtain quotes from then the more likely you are to obtain a competitively priced policy. Of course, it is also important that the cover meets your requirements and when studying quotes you should make sure that you are comparing like for like as far as the features and benefits are concerned.

It may also be possible to obtain classic car insurance quotes through a classic car owner’s club. Sometimes insurance companies offer club members a discount off the premium.

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Historics At Brooklands Auction Of Classic Vehicles

The above auction took place on the 8th July 2017. Below we highlight some of the classic cars that were sold on the day. Full details can be found on the historicks.co.uk website.

A classic 1969 MG Midget Mark 111 in red came up for sale and achieved a price of £3,920. It had extremely low mileage with only 17,748 miles showing on the odometer. The owner at the time of the auction had to sell the classic little sports car due to ill health which is most unfortunate. The bodywork is in need of some attention as are some of the windows on the soft top. It has a 1,275cc engine. It also comes with a hardtop.

Some Ford cars have become sought after classic vehicles.

Ford built some wonderful cars that turned into classics

There is something rather special about a classic E-Type Jaguar. One was sold at the above auction for £75,040. It was built in 1966 and is a Series 1 Fixedhead Coupe. The 4.2 litre engine was capable of powering this vehicle to around 150 mph. Restoration work was undertaken between 2007 and 2011 and it is in great condition. It has 67,900 miles on the clock.

A 1958 Alfa Romeo Giulietta Spider 750D model that had in excess of £15,000 of restoration work carried out on it over the last year was sold for £55,000. It still had the original owners handbook. It certainly sounds like the new owner has acquired an extremely desirable classic car.

A 1966 Ford Lotus Cortina Mk 1 with over 87,000 miles on the clock achieved a sale price of £44,240. This white car with green stripes has a 1,558cc engine and was fully restored back in the early 80’s. Further refurbishment work was carried out by the present owner who has had the vehicle for in the region of three years.

Let us hope that the above vehicles have suitable classic car insurance in place to provide protection in the event of say being involved in a road traffic accident or should the cars be stolen.

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The Goodwood Festival Of Speed Sale

A few days ago the Goodwood Festival Of Speed Sale took place at which there were a number of interesting classic cars that came up for auction with this being run by Bonhams. Below we list some of the vehicles that were sold although a full portfolio can be found on the auctioneer’s website.

There are many wonderful Rolls-Royce classic cars around

Rolls-Royce build exquisite cars

A 1973 Porsche 911 Carrera RS Lightweight classic sports car achieved a sale price of £830,300. Only 17 of these right hand drive vehicles were built for the UK market. Its bodywork was in Grand Prix white. This classic sports car featured in numerous races. This wonderful car has been restored to its original specification.

Those of you who are Aston Martin fans will be interested to read that a 1957 Aston Martin DB2/4 MK11 Coupe Design Project 193 (DBMK111 Prototype) was sold for £337,500. It has 108,500miles on the clock and had the same owner for 33 years. The classic car took part in the 1958 Monte Carlo Rally.

A 1914 Rolls-Royce 40/50HP Silver Ghost Open Tourer that used to be owned by a member of the Indian Royal family achieved a sale price of £550,300. The car was fully restored with over £100,000 being spent on the work. As can be seen from the photographs on Bonhams website, it really is a spectacular specimen of a classic vehicle.

For all you Mercedes-Benz classic sports car enthusiasts, you will be interested to read that a 1962 Mercedes-Benz 300 SL Roadster with 77,579 miles on the clock sold for £897,500 at the above auction. It has a 2,996 cc engine that produces 215bhp and was capable of getting from 0 to 60mph in a mere 7.4 seconds as it powered on its way to reach a top speed of 140mph.

The above is just a small selection of the classic cars that were available for sale at the Goodwood Festival Of Speed Sale. If you are looking to buy a classic vehicle then why not get in touch with us so that we can obtain a competitive quotation for classic car insurance.

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Classic Sports Cars For Sale

There are some interesting classic sports cars for sale in many countries around the world. For instance, if you take a look on the website of Albion Motor Cars that is based in Belgium you will find several such vehicles presently on the market.

Alfa Romeo has produced some wonderful looking sports cars that are now classics

Alfa Romeo has a reputation for producing stylish sports cars.

If you are a fan of Alfa Romeo’s styling then you may wish to take a look at the Alfa Romeo Giulia Spider 1600 that was built in 1964. This two-seater is in a lovely reddish colour with a five-speed gearbox and a 1600cc engine. It is for sale at 75,000 Euros.

For those of you who are Ferrari fans then there is a Ferrari Dino 246 GT dating back to 1971. A full restoration has taken place and it has 46,937 km on the clock. It is one of only 69 such cars that has a bodywork colour of Verde Germiglio that will certainly get you noticed. The price is on request.

There are a few classic Jaguars for sale including a wonderful looking Jaguar XK140 SE 0TS that was manufactured in 1955. It is in Lavender Grey and has a very low mileage of only 12,460 km. It has had a full restoration. It has a price tag of 145,000 Euros.

The Lamborghini brand is renowned throughout the world. The above business has for sale a Lamborghini 400 GT Interim constructed way back in 1967 with 59,295 miles on the clock. It has a 5 speed manual gearbox and a 4,000 cc engine. It has been beautifully restored and will no doubt catch the attention of many people as it passes by. You will need to ask how much the car is for sale at.

There are a number of Porsche cars for sale including a rare Porsche 356 Carrera GS/GT built in 1956. It has a 130 bhp engine and has featured in many motor racing events including Le Mans Classic in 2008 and 2010. The bodywork is in Erdbeerrot and the for sale price is upon request

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Barn Find Jaguar E-Type Sells At Auction

Classic car enthusiasts will no doubt know that the Jaguar E-Type is a sought after vehicle and it doesn’t really seem to matter what condition the car is in. That was certainly the case for a barn find that sold at auction on the 4th June 2017.

Classic cars like the Jaguar E-Type Series 1 4.2 Coupe are highly souhght after classic cars

The Jaguar E-Type Series 1 4.2 Coupe is a popular classic car

The Bonhams Greenwich Concours D’Elegance Auction had on sale a 1965 Jaguar E-Type Series 1 4.2 Coupe. It has a 4 speed manual gearbox and a 4,235cc engine that has 265bhp. It is almost in complete condition although it is in need of much restoration. It is left hand drive and was the 291st one built. It was discovered in a barn having spent many, many years in it.

The bodywork that is in need of attention is in a dark blue colour and the interior is red. It is not roadworthy in its present condition requiring both mechanical and bodywork improvements.

The Jaguar E-Type Series 1 4.2 Coupe is certainly a car that attracts the eyes of many a driver and numerous pedestrians. This particular classic sports car has ended up being sold for £37,488 at the above auction. It certainly sounds like it will be an interesting project to hopefully have it restored to its original splendour.

At the same auction another barn find was a 1960 Triumph TR3A. This has a 1,991cc engine producing 100bhp and comes with a 4 speed manual gearbox. It is in need of restoration and will hopefully be restored to an excellent condition. This delightful sports car sold for £7,668.

Let us hope that the new owners make sure that they have in place classic car insurance of a satisfactory level. We will gladly help arrange for suitable competitive quotations for such cover for your consideration without any obligation on your part to proceed. We will continue to keep our readers informed periodically about other interesting classic cars that come up for auction.

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Sotheby’s Auction Features Some Interesting Classic Cars

RM Sotheby’s is to hold the Villa Erba auction on the 27th May in Italy at which there are a number of classic cars for sale. So, if you have an interest in such vehicles and would like to combine that with a few days in a lovely part of that country why not get along to the event that takes place every couple of years.

Sotheby's have for sale a number of delightful classic cars at some of their auctions

RM Sotheby’s hold a number of classic car auctions

You can see a full list of the classic cars on RM Sotheby’s website but we thought that we would mention some of them. For instance, there is an Alfa Romeo 1900C Coupe by Carrozzeria Touring dating back to 1952. It is right hand drive and spent much of its early life in England before finding its way to Italy in 1984. This dark green vehicle was restored some 10 years ago and has an estimated price of between 275,000 to 325,000 euros.

There is an Aston Martin V8 Vantage Zagato that was built back in 1987 with only 15 of these left hand drive models being constructed. It has an extremely powerful 432 bhp engine and has done slightly more than 4,000 kilometres which is extremely low mileage. It has an estimated sale price of between 400,000 to 500,000 euros.

How about owning one of only 252 BMW 507 Roadster Series 1 cars that was constructed in 1957. It has around 73,000 kilometres on the clock and is in excellent condition. It has its original interior and has an estimated sale price of between 1,700,000 to 2,000,000 euros.

There are a number of classic Ferraris being offered for sale with one being a 1965 Ferrari 275 GTS by Pininfarina. It was in fact only the 10th Ferrari 275 GTS built. It only has about 54,000 kilometers on the clock. Owners have resided in Italy, England and lastly in France. It has an estimated sale price of between 1,600,000 to 1,800,000 euros.

Presumably, any new owners of these vehicles will make sure that they have adequate classic car insurance in place.

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First Quarter 2017 Sees Car Insurance Premiums Rise

Car insurance premiums continued to increase in the first quarter of 2017 according to the AA British Insurance Premium. It is quite possible that the cost of insuring a classic car has also gone up in the same period.

In the first quarter of 2017, classic motor insurance premiums may have risen

Classic car insurance premiums may have gone up in Q1 of 2017.

In the first quarter of this year, fully comprehensive car insurance premiums for modern cars rose by an average of 0.7% per annum. That would appear to be a moderate increase although in the 12 months to the end of the first quarter of 2017 such cover rose by 12.9% – a significant increase that motorists could have done without.

The rise can be partly attributable to the change in the Ogden Discount Rate upon which compensation payouts are based. Increases in the Insurance Premium Tax (IPT) will also have had an impact on the cost of covering your classic car and there is nothing that can be done to avoid paying such a tax.

So, if you are either looking for a great deal on classic car insurance for a new vintage car or your existing cover is shortly due for renewal, why not obtain a competitive quotation with the assistance of ourselves. Over the years, we have been able to help a significant number of clients with their vintage car insurance so, hopefully, we can do likewise for you.

There are many providers of classic car insurance that means it is an extremely competitive industry. Therefore, it would be sensible to use the likes of us to help obtain suitable cover for your cherished vehicle.

Classic motor insurance is a specialist form of cover and, as such, the customer must feel confident that they have the most appropriate level and type of cover but for a competitive premium. For our part, we will do all that we can to assist you in obtaining suitable, competitive cover. We look forward to hearing from you.

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Interesting Classic Cars Being Auctioned

If you are considering buying a classic car then you may be interested in attending The May Sale of Silverstone Auctions that takes place on the 13th May 2017 at Silverstone Circuit. At this auction there are expected to be some interesting classic cars for sale.

The 1985 Ford Capri 2.0 Laser is a classic car

A 1985 Ford Capri 2.0 Laser

The sale takes place in the Wing Building at the Silverstone Circuit in Northamptonshire NN12 8TN with auction times being 11.00am for automobilia and 2pm for motor cars. Viewing is on 12th May between 3pm and 5pm as well as on the morning of 13th May.

Some of the classic cars available include a 1989 Ferrari 328 GTS with only 5,600 miles on the clock. It has an estimated price of £100,000 to £120,000.

There is a 1961 Porsche 356B T5 Cabriolet. The bodywork is in light ivory and has a red leather interior. It has been in the same family for 52 years. It has an estimated sale price of £100,000 to £120,000.

How about a 1965 Jaguar E-Type Series 1 Roadster in Jaguar Indigo Blue with a 4.2cc 6 cylinder engine that has had 5 owners with the present owner having had the vehicle for 26 years. It is believed to have been well maintained. It has an estimated sale price of £85,000 to £100,000.

Those of you who are lovers of the Ford Capri may be interested in the 1985 Ford Capri 2.0 Laser. This delightful vehicle has a mere 4,500 miles on the clock and has an estimated sale price of £15,000 to £18,000.

There is a 1971 Aston Martin DB6 MK11 Vantage with a 4,000 cc 6-cylinder engine available with an estimated sale price of £325,000 to £375,000. The bodywork is in Dubonnet Rosso and it has a tan interior. It has had a number of owners but still only has 36,924 miles showing on the clock.

There are many other classic cars for sale at the above auction details of which can be found on the website of Silverstone Auctions.

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Premiums May Rise Due To Change In Ogden Discount Rate

As if motorists haven’t suffered enough with the increase in fuel costs and rise in the amount that they pay to insure their vehicles, classic car owners may be interested to note that they may have to pay even more for their classic motor insurance due to a change in what is called the Ogden Discount Rate.

As a result of the change in the Ogden Discount Rate classic car insurance premiums may rise

It may cost you more to insure your classic vehicle following a change in the Ogden Discount Rate.

Apparently, when someone is badly injured in a car crash such as being permanently disabled and perhaps never able to work again, the insurer may end up having to pay out a significant sum of money with the capital being used to generate an income for the claimant. Until the 19th March 2017, the amount car insurance companies had to pay out was based on an Ogden Discount Rate of 2.5%. However, following a legal ruling, this rate was changed on the 20th March 2017 to -0.75%. As a result, insurance companies have to set more capital aside to generate the level of income the claimant is awarded.

Unfortunately for the policyholder, it is possible that insurers will increase the premium that they charge motorists. So, if you are the owner of a classic car and have classic car insurance then you may see your premium increase in the not too distant future.

Because of the above, it may encourage more people to shop around for their classic car insurance and obtain a number of quotations from a variety of providers. There are a lot of companies that provide such specialist cover meaning that it is a competitive marketplace that is good from the consumer’s point of view.

So, if you are in the process of buying your first classic car or you already own one and your classic car insurance is shortly coming up for renewal why not spend a short period of time in obtaining some quotes from a number of insurers.

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