Owning and running a classic car is one of the most rewarding things an automotive enthusiast can do, mixing elegant aesthetics with the pleasure of driving a car from an era of analogue, fuss-free and altogether ‘simpler’ motoring. That’s not to say that classics are ‘easy’ to own, as there are many considerations to take into account, not least maintenance and running costs. However, as any classic car owner will tell you, the positives far outweigh the negatives, as classic car ownership brings you into the world of concours, rallies and tours, and opens up a vast network of enthusiasts who will share your passion for these cars.
An increasingly popular way to buy a classic car is through classic car financing – our guide below will explain how it all works and the options available to make your dream classic car a reality, whether it’s a classic Ferrari loan or finance for a historic Bentley.
WHAT IS CONSIDERED A CLASSIC CAR?
Definitions vary, however a car more than 20 years old is generally considered a classic car. That doesn’t mean any car over 20 years will increase in value in the same way many ‘classics’ have (so don’t expect to see 1999 Citroen Picassos or Skoda Fabias racing up in value, despite their age), so definitions of classic cars tend to take other factors into account, such as rarity, desirability and current trends. From the perspective of the HMRC, a car becomes ‘historic’ in its fortieth year, meaning it will then be exempt from road tax.