Is it a good time to invest in a classic car?

inishindie

Is now a good time to be investing in classic cars?

There seem to be quite a lot of cars on the market that are having the covers thrown off of them and put up for sale.

Some classics seem to be going for a cheap price too, does that mean that the market has fallen? I was just wondering if now would be the time to get a car to work on over the winter.

Cheers

Ian

unkel

inishindie wrote: »

Is now a good time to be investing in classic cars?

Yes and no.

No, because "investing" in classic cars is never a good idea. Do not expect to buy any classic, not drive and not care for the car, and then sell it on for more than you paid. It is unlikely to happen.

Yes, because classic cars have never been so cheap. It really is a buyers market and it amazes me every day what very great and interesting classic cars are for sale for very little money these days.

What car are you thinking of buying?

macplaxton

unkel wrote: »

No, because "investing" in classic cars is never a good idea.

+1 Not a good idea, because they are bottomless pits.

Investing is the wrong term. You might wish to take a punt and make a few quid, and good luck to you. If you want to invest in classic cars then you need to invest in something very exotic, very rare and very expensive.

inishindie

Hi
Thanks for the tips...I was looking at an old Morris Oxford....

http://addfinder.com/index.php?option=com_adsmanager&page=show_ad&adid=113&catid=1&Itemid=1

The bloke said that it was in good condition and didn't need any welding. He also said the interior was in good shape. I was thinking that at the right price I could do something with it. It's just that I don't know if there is a market for these cars. I know the 1000 Traveller is a popular car but these are not very common, which tells me that they are too specialist. Like you say though, by the time the money is spent doing them up the returns are not always there....

Cheers

kasper

people buy classic cars to drive not as an investment if you can maintain it yourself it would be an enjoyable car to drive cheap to tax and insure more a hobby than an investment ,tax and insurance on it would be less than 400 euro a year and if you dont let it detoriate it will be always worth a few quid

dillontobin

now would be a grate time as long as your not going to sell it soon or ever

inishindie

I'll have a think about my motives for getting a classic...I was sort of hoping that I could get one, do it up and sell it next summer to make a bit of money.

From what I have been hearing classic cars are more for fun, enjoyment and cheap motoring...

It's better than having the money sat doing nothing in a bank whatever the motives are for getting one.....

Cheers

bookerboy

Great time to buy.You will get a hugh discount on anything.
You will need a garage to put it in and should get plenty of fun out of it.
Buy the best condition you can,not one needing work.
You could even make a profit in the Summer if you buy well.

carchaeologist

bookerboy wrote: »

Great time to buy.You will get a hugh discount on anything.
Buy the best condition you can,not one needing work.

Yep,i did today..well,i reckoned i got a good deal anyway:)

quattro777

carchaeologist wrote: »

bookerboy wrote: »

Great time to buy.You will get a hugh discount on anything.
Buy the best condition you can,not one needing work.

Yep,i did today..well,i reckoned i got a good deal anyway:)

Tease

carchaeologist

quattro777 wrote: »

Tease

lol!Pics to follow in due course:D

1948Wolseley

inishindie wrote: »

I'll have a think about my motives for getting a classic...I was sort of hoping that I could get one, do it up and sell it next summer to make a bit of money.

From what I have been hearing classic cars are more for fun, enjoyment and cheap motoring...

It's better than having the money sat doing nothing in a bank whatever the motives are for getting one.....

Cheers

+1 for not buying the car as an investment.

Buy it, drive it, enjoy it, and if you happen to make money on it, all the better!

Dades

Wouldn't buy one to make a profit, certainly.

But it is nice to know that if you look after it - it won't depreciate like all your neighbours' cars!

--amadeus--

inishindie wrote: »

Hi
Thanks for the tips...I was looking at an old Morris Oxford....

http://addfinder.com/index.php?option=com_adsmanager&page=show_ad&adid=113&catid=1&Itemid=1

The bloke said that it was in good condition and didn't need any welding. He also said the interior was in good shape. I was thinking that at the right price I could do something with it. It's just that I don't know if there is a market for these cars. I know the 1000 Traveller is a popular car but these are not very common, which tells me that they are too specialist. Like you say though, by the time the money is spent doing them up the returns are not always there....

Cheers

Anytime a vendor says a car is in "good" condition it rings alarm bells in my head. Often a shorthand for "good for teh cars age" or "looks good in photographs", which aren't what a novice classic car buyer thinks of when seeing teh word Good

Classics aren't as depreciation proof as they were either - I'd say most people will have seen values fall over the last year.

Dades

--amadeus-- wrote: »

Classics aren't as depreciation proof as they were either - I'd say most people will have seen values fall over the last year.

Actually that's probably true. I like to think I sold my SL in Sept for €200 more than I paid for it 18 months previously - though in reality I spent €00's keeping her ship shape and sorting some issues.

That said, when you take tax and insurance into account you can still come out on top.

unkel

Dades wrote: »

That said, when you take tax and insurance into account you can still come out on top.

Especially tax

Wish my car was a bit older