The growth of classic car finance options
12 April, 2018
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.
Owning a classic in 2018
There has never been a better time to purchase a classic vehicle than now. Digital innovations make investing in shares of classic cars possible, while financing opportunities make the prospect of owning one all to yourself a very real possibility.
At Footman James, we continuously want to help forward the classic vehicle movement and think that every enthusiast should have the same opportunity to own a classic car as the other. For this reason, we have partnered up with the UK’s premier financier of historical car and race cars, Classic & Sports Finance, who offer finance for the real enthusiast.
With their panel of private banks and specialist lenders, Classic & Sports Finance has arranged over £100 million in finance for collectors and enthusiasts since their inception in 1999.
In addition to offering a variety of flexible funding options, Classic & Sports Finance can also be used for those of you interested in private sales, dealer purchases and auctions; answering the questions that are most important to you.