Ferrari 250 GTO Bought For $70 Million

It probably does not come as a surprise to many owners of classic cars to hear that the world record has recently been broken by a considerable sum for a car following the private sale of a 1963 Ferrari 250 GTO to an American business man. The person involved is thought to have paid $70 million for this extremely rare vehicle. Converting that sum into pounds sterling means that in the region of £52 million has been spent.

Apparently, only 39 of these wonderful classic sports cars were built and this one has taken part in a number of races over a period of time.

The sale price achieved far exceeds the previous world record that was believed to be for around £40 million. One cannot help but wander how much the next Ferrari 250 GTO goes for when one eventually becomes available for sale. At what point are we going to see such a vehicle fetch $100 million?

It is no secret that the Ferrari 250 GTO is highly sought after and has been for many years. This make and model of car does not come on the market very often and when one does it no doubt attracts a great deal of attention and commands a premium price.

Ferrari has always been renowned for building fantastic sports and racing cars to this day and it will be interesting to see if one or two of the cars that are being built at the moment will eventually become desirable classic motor vehicles in 25 years time. It will not be a surprise if some particular Ferrari models are bought by collectors as investments. However, it should be borne in mind that just because classic Ferraris have proved to be a very good financial investment for some in the past does not mean to say that this will be the case in the future.

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Does Your Classic Car Need An MOT?

If you are the proud owner of a classic car then you are probably used to making sure it has its annual MOT check the cost of which, like most people, you could probably do without. Well, you may be interested and pleased to read that the regulations in this respect have recently been revised and it may mean that you no longer need to put your cherished vehicle through such a test.

If your classic or vintage car was built on or before the 31st December 2017 then you will not now be required to have an MOT carried out on it as long as there has been no “substantial changes” to the car during the last 30 years. Such changes would be when the engine, chassis, axles or body have been altered resulting in this affecting how the car works.

However you are still responsible for making sure that the car is roadworthy and if it is not then you could be faced with a fine of as much as £2,500 plus you could also receive 3 points on your driving license.

Presumably, one of the reasons why this decision has been made is that it is believed that the majority of classic car owners pride themselves in making sure that their vehicle is maintained to a very high standard. Therefore, it may be less likely to be involved in a road traffic accident due to some malfunction. Of course, it may be that a small number of classic car owners do not look after their vehicles but no doubt those people involved in making the decision about MOTs not being needed on most classic cars over 40 years of age have taken this into account as part of their decision making process. Do bear in mind that there have been no changes in respect of the need in the majority of cases to make sure that you have suitable classic car insurance in place.

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Stunning Classic Cars Due At The London Concours 2018 Event

If you are a classic car enthusiast then you may wish to get along to the London Concours event that is due to take place on the 7/8th June 2018 in the gardens of the Honourable Artillery Company. The show is putting on display in excess of 80 vehicles that are renowned for their speed. You are likely to see some delightful vehicles a number of them we list below but you can visit the londonconcours.co.uk website for details on many other vehicles.

When it comes to speed one of the manufacturers you tend to think of in this bracket are Ferraris. There are a number of classic Ferraris due to be on display including a Ferrari 250 GT SWB that is powered by a V12 engine ensuring rapid acceleration from 0 to 60mph. A Ferrari 365 GTB/4 Daytona looks the part and is capable of reaching a top speed of around 174 mph. How about a more recently built car – a Ferrari F50 powered by a 4.7 litre V12 engine capable of rocketing from 0 to 60 mph in under 4 seconds as it cruises to a top speed of 202 mph.

Going back in time you could cast your eyes over the “Beast of Turin” that is a Fiat S76 with a 28.5 litre engine producing 300 bhp that, in 1911, managed to get to a speed of 116 mph – an incredible achievement for a car built in the early 20th century.
This particular vehicle has spent 10 years being restored. You can also see the likes of a 1935 Lagonda M35R and a 1924 Bentley 4.5 litre.

If you have an interest in nippy classic cars or indeed some modern ones it sounds like it could be a very interesting show so why not think about getting along to it. You can find details of admission prices on the above website. Enjoy your visit to the above show.

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Lower Car Insurance Premiums For Some

Classic car enthusiasts may be interested to read that, according to the Confused.com Car Insurance Price Index, the average cost of fully comprehensive car insurance for covering a standard type of car has fallen in the first quarter of 2018 in comparison to the same quarter of 2017.

On average, such premiums dropped by 2% with this equating, in monetary terms to a reduction of £13 per annum when comparing the two quarters. The average cost of such cover was £768.

One would hope that such a reduction is not just for insuring normal cars but that the cost of some classic car insurance policies would also come down so that classic car owners benefit in a financial way. For a long time, car insurance premiums have been gradually moving upwards so it is pleasing to see a reverse in this trend. Let us all hope that this continues to happen over the next few months and beyond.

The motorist needs some good news especially as fuel costs do not appear to be coming down. There is such a huge fluctuation in prices at the petrol pumps.

If you are the owner of a classic or vintage car then why not get in touch and let us help you arrange to receive one or more competitive quotes for classic car insurance from one or more insurers from an extensive panel of insurers. The classic car insurance market is so competitive that it may pay you to shop around by using the likes of a price comparison website.

When obtaining a quote it is important that you obtain the most suitable cover to meet your needs whether that is full classic car insurance or laid up cover. So, if you are intending to renovate your classic car in your garage and not take it out on the public road system, laid up cover may meet your requirements.

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Interesting Classic Car Sale

The H and H Pavilion Gardens Motor Car Auction took place on the 25th April 2018 at which there were some interesting sales. A number of the classic vehicles sold for reasonable prices.

For instance, a 1937 Austin 10/4 Cabriolet that had an estimated price of £3,000 to £4,000 was actually sold for much less than this achieving a sale price of £1,125. The car had done 86,486 miles. It had been owned by the same family since way back in 1970. Recommissioning work was required on the vehicle.

The Fiat 500 is certainly a popular vehicle these days. A 1969 Fiat 500 F that had an estimated price of £5,000 to £7,000 was sold for £6,975. It is in egg shell blue and has a red interior. It had done around 31,500 miles.

A 1965 Wolseley Hornet MK11 that had an estimated sale price of £3,000 to £4,000 was actually sold for £3,150. It had 24,635 miles on the clock and was owned by the same person from 1976 to 2015.

A 1979 Bedford HA 110 van that had an estimated price of £6,000 to £8,000 was actually sold for more than that – it achieved a sale price of £9,506. It is believed to have travelled a mere 4,800 miles since first taking to the roads. It has been subject to a significant restoration.

A Land Rover Series 11a dating back to 1962 had a n estimated sale price of £7,000 to £9,000 but was actually sold for £7,875.

What about a 1975 MG Midget 1275 that had an estimated sale price of £10,000 to £12,000. This delightful looking vehicle actually achieved a sale price of £10,406. It has been extensively restored and looks wonderful.

Details of other classic cars at the above auction can be found on the website of H and H. There are no doubt going to be a number of interesting auctions involving classic cars at some point in the remainder of 2018. If you are purchasing a vehicle then do make sure that the classic vehicle is suitably insured.

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Affordable Classic Car Auction Proves A Success

There are no doubt a lot of people who think that you need to be very wealthy to own a classic car but this is not the case. This is apparent following the recent auction of some classic cars here in the UK.

Brightwells Affordable Classics Car Auction took place on the 21st March 2018 and there were a number of classic vehicles that were sold for prices that many people could potentially afford without having to consider selling the family home to raise the cash.

Obviously, you get what you pay for so one would not expect to go along to such an auction and expect to pick up an immaculate 1960s Ferrari 250 GTO for a five figure sum.

You can see a full list of the classic cars sold at the above auction on the brighwells.com website but below we highlight just a few of the vehicles that were sold.

For instance, a 1952 Austin A40 Sports was sold for £14,000. It has a 1,200cc engine and its bodywork is in a blue-grey colour with a grey leather interior with red piping. It has been subject to restoration work in the past and has a number of receipts as well as a handbook and log book.

A 1961 Morris Minor Million achieved a sale price of £7,200. It is in need of being fully renovated but will no doubt present a wonderful project for someone who loves this make and model of classic car. Its bodywork was painted in lilac and it has white leather seats. Only 350 of these vehicles were built.

How about a 1972 Fiat 500L with white bodywork and a 499cc air-cooled engine that was sold for £5,200. This classic car is in need of a little restoration work and even comes with its original invoice. According to the mileometer, it has travelled a mere 21,257 miles over the years.

There were many other interesting classic cars sold at the auction so why not take a look on their website for more information.

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Car Once Owned By One Of The Beatles Fails To Sell At Auction

The Bonhams Goodwood Members Meeting auction took place on the 18th March 2018. At the auction there were many classic cars for sale with a number finding new homes.

However, perhaps rather unexpectedly, a classic vehicle that was originally owned by no less than Sir Paul McCartney who many of you will remember was a member of the Beatles pop group who had several number one hits failed to be sold at this very well known auction. The car in question was no less than a 1967 Lamborghini 400GT 2+2 Coupe.

This beautiful looking classic sports car had an estimated price of between £400,000 to £500,000. Presumably, this classic car attracted a premium because of the fact that Sir Paul McCartney had been the proud owner of the vehicle.

Apparently, only 247 of these delightful sports cars were built and a mere 4 of them were exported to the UK. Having had the vehicles brought to the UK they were then converted from left hand drive to right hand drive cars. The car was powered by a V12 engine and was no doubt a nippy vehicle. Its bodywork is painted in wine red and it has beige pigskin upholstery.

Interestingly, one of the subsequent owners who bought the classic sports car in 1979 sold it 10 years later in 1989 but ended up buying it back again in 1996. We wonder how often that has happened – probably not too many times.

It will be interesting if the classic car is going to be offered for sale at a future car auction. Will it have a similar estimated sale price or will the current owner decide to offer it for sale at a lower estimated price? Would it have sold at the above auction had Sir Paul McCartney still been the owner? We will endeavor to keep you updated about this car should it be offered for public sale again.

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“Garage Find” Classic Jaguar E-Type For Sale

There are not many occasions when a “garage find” classic car becomes available so, when one does, there is likely to be a significant amount of interest from potential buyers. Because of where and how they have been discovered it may even lead to the sale price being achieved at auction exceeding what the vehicle would normally be expected to be sold for.

Well, if you are a classic car enthusiast with a particular interest in the Jaguar E-Type, you may wish to get along to the H and H Classics supported Duxford Motor Car Auction that takes place at the Imperial War Museum on the 21st March 2018. This is because, amongst the many classic cars that are available to bid for, there is a 1965 Jaguar E-Type 4.2 Coupe available. It has an estimated sale price of between £50,000 to £60,000.

This particular classic sports car was the 19th of its type built. It is the Series1 E-Type Coupe. As you will see should you attend the auction it is in need of quite a bit of renovation work so may appeal to those classic car enthusiasts who enjoy a project and “getting their hands dirty”.

This classic vehicle has 60,410 miles on the clock and has green paintwork. In its heyday, it was a nippy car getting from 0 to 60mph in just over 7 seconds as it sped on its way to around 150mph.

So, if you like a challenge, why not get along to the auction where there are also a number of other Jaguar classic cars being offered for sale.

If you are in need of quality classic car insurance then why not get in touch with us and we will help arrange for you to receive a competitive quote for your impending purchase to provide you with complete peace of mind.

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Publication Reveals Classic Cars Have Been A Good Investment

People buy classic cars for a variety of reasons. One person may love restoring a classic car and buy one that is in need of a great deal of tender loving care and attention. Having done that he or she may decide to sell the vehicle in the hope of making a profit or retain the vehicle to enjoy taking it out for a drive in the countryside on a lovely summer’s day. Another person may buy a classic car purely to show it off to friends and family retaining it in a museum environment.

However, there are many classic car enthusiasts who buy such vehicles purely as an alternative form of investment. They may have a portfolio of investments such as in cash, equities and property thus spreading their risk.

The Credit Suisse Global Investment Returns Yearbook 2018 makes for interesting reading and provides some data about the investment performance of classic cars. For instance, from 1980 to 2017, classic cars have outperformed other collectables such as wine, stamps, violins, art, books and jewellery. In fact, the price of classic cars has risen significantly higher than any of the previously mentioned collectible assets.

However, just because classic cars have performed very well in investment returns in the past does not mean to say that this will continue in the coming years. These sorts of investment can be quite volatile and this is perhaps why many people do not have “all their eggs in one basket”.

If you are considering investing in a classic car and have little knowledge about them then you may wish to get some professional advice from someone that does as, we are sure you will agree, it would not be very good if you were to loose money on your investment. There are no doubt certain classic cars that have the reputation for increasing in value over a period of time and presumably there are classic vehicles that do not do so.

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Car Insurance Premiums Rise In 2017

If you are the owner of a classic car then it is quite likely that you have seen your insurance premium for your cherished vehicle go up at some point in 2017. Whilst we do not have any specific figures relating to the possible rise in the cost of classic car insurance there is data available for ordinary motor insurance showing that average premiums have risen last year and there is nothing to suggest that there has not been a similar rise for classic vehicle cover.

In fact, the Confused.com car insurance price index reveals that car insurance premiums for fully comprehensive cover rose by an average of £60 per annum with this equating to an increase of 8% per annum to £827 a year when comparing the end of 2017 with the end of 2016. We are sure you will agree that is an increase that motorists could well have done without having to find especially as many have been faced with an increase in their mortgage repayments.

The above index revealed that car insurance premiums for those living in the Borders of Scotland had gone up by more than anywhere else in the UK. There had been a rise of 17% with this equating to an increase of an average of £92 per annum.

Unfortunately, not all motorists shop around to see if they can get cheaper insurance for their classic car from another provider. Too many people merely file their renewal notice that they receive once a year and just accept that their premium has gone up. Rather than do that he or she may have been better to do some research and see if they can obtain the cover that they require but for a lower premium than their existing insurer is quoting. There are a number of ways that quotes can be obtained with one of the quickest being to use the services of a price comparison website.

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