Classic cars are a relatively specialist market, but one that is constantly growing. In the UK alone it is estimated that nearly 5% of cars on the road were first registered prior to 1996, making many of them ‘classics’.
Interestingly, the definition of a classic car actually changes depending on the brand. Any car built before 1973 automatically qualifies as a ‘historic vehicle’, but there are lots of other, newer models that qualify as well. HMRC (UK revenue and customs) defines it as ‘over 15 years old and worth more than £15,000′, but there are yet more, even newer models that qualify as well.
For instance, a Jaguar only has to be 5 years old or more to qualify, and there are other models that benefit from the same kind of treatment. If you’re finding times tough in the current financial climate, why not look at a ‘modern classic’, avoid the tax and save a bit of money? Well, many people have had the same thought, but further statistics uncovered recently show that a huge amount of people are using standard insurers for their classic cars. This effectively negates the saving you will have made, and in times of rising costs all round, you should really look at all avenues available to save money. Specialist classic car insurers and comparison sites like Emerald Protection enable people to shop around between the right parties and find the best deal for you and your vintage motor.