The growth of classic car finance options

The classic car industry is robust and has plenty to offer. The lure of driving a beautiful specimen – not to mention the investment opportunity posed by owning a piece of automotive history – is propelling the growth of firms offering classic car finance.

The enormity of the investment opportunity offered by the classic car market is being realised by the financial sector.

Gone are the days when you would have to save until the winter of your life just to drive your dream car. Now there are a variety of flexible finance options that will help make your dream a reality.

Why classic cars are a great investment

According to a report by This is Money, the returns on classic cars have risen by 487% over the past decade. While not all cars are bankers, there is growing realisation that vintage vehicles offer a valuable investment opportunity.

For instance, in 2017, a 1956 Aston Martin DBR1, with the chassis number DBR1/1, sold for $22,550,000; the most expensive British car ever sold.

Meanwhile, a lucky buyer paid $17,990,000 for a 1959 Ferrari 250 GT LWB California Spider Competizione, and $15,620,000 was paid for a 1995 McLaren F1.

The enormity of the figures reflects the scale of potential returns, and is prompting buyers to look at ways to get in on the action.

Analysis by the Daily Telegraph, reveals that different segments of the market work in different ways. For instance, vehicles selling for less than £100,000 see the greatest quantities sold, while those selling for more than £1m are the better performers in respect of actual turnover.

Once you have your new classic car, why not consider Footman James for classic car insurance or sports car insurance?