Running a classic: How much do you spend?

As part of the Footman James Indicator report, we asked classic vehicle owners about their attitudes to maintenance.  

We know that owning and running a classic vehicle is largely a labour of love, a passion that many are committed to regardless of cost. Indeed, when asked to quantify their spending, the Indicator survey attracted plenty of comments along the lines of “too much,” “scared to add it up,” and “whatever it takes.” 

But what was surprising was that 60% of enthusiasts who responded to the Indicator survey said they can run their vehicle for £1,000 or less a year. In fact, as many as 40% reckoned they can keep their wheels turning for less than £750 a year. 

Of course, there are those at the other end of the scale with bigger budgets to spend, with roughly 4% of those questioned saying their annual running costs were more than £5,000 a year per vehicle. 

That tallies with the findings of The Federation of British Historic Vehicle Clubs (FBHVC), whose 2020/21 National Historic Vehicle Survey revealed that historic owners spend an average of £4,223 a year on their vehicles – around £351 a month. 

When asked how they maintained their vehicles, respondents to the FJ Indicator survey seemed to back the view that owners getting their hands dirty was a big part of the overall picture of classic vehicle ownership, with 34% saying they were willing to tackle their pride and joy’s maintenance themselves. A further 26% stated they would attempt some tasks but leave the more complicated jobs to a specialist workshop. 

Those with no intention of picking up the spanners were a relatively small contingent, with 13% deferring all work to specialist workshops and 5% to non-specialist garages. 

Naturally, classics can be unpredictable and there will always be unexpected costs, but as the FJ Indicator report highlights, running a classic vehicle need not cost the earth. 

The Indicator report is highlighted in its importance in line with a recent economical study commissioned and published by HERO-ERA (Historic Endurance Rally Organisation – Endurance Rally Association). The findings of this year-long study have found that with an annual turnover of £18.3bn, and an annual Gross Value Add contribution to the UK economy of £9bn, the classic car industry as a whole is worth the same as the entire UK Arts and Creative sectors, or all UK Ports. More than just a hobby, classic cars have proven to be big business for the UK*.