HCVA podcast review: classic car ownership - profit or pleasure?

The classic car sector is massive – probably worth about £18 billion a year and, as a UK industry, it’s larger than fishing.  

Whatever the numbers are on a larger scale, there is no arguing that there is money to be made for private investors and collectors in view of that fact that there’s an £18 billion pie ready to be sliced up. 

But is this all about the cash? Do you buy a car on the basis that it’s a ‘sound investment’ that’ll pay off in the end and should a car collection be about the accumulation of capital that will increase in value? 

During the latest episode of Fuel for Thought with Footman James recorded exclusively in front of an audience of Chrome Collective members, a panel tried to address the question of whether classic ownership was, ultimately, about making money. The panel made up of YouTuber and journalist, Harry Metcalfe; Associate Director of the (Historic and Classic Vehicle Alliance) HCVA Paddy Coppinger; and Giles Gunning, CEO and founder of valuation website, The Classic Valuer, discussed the issue of profit v pleasure during the podcast, which was held in front of a live audience. 

The three guests revealed how they got into their passion for cars. Paddy Coppinger described how, as early as the age of nine, his dad let him drive around in a field in a Morris 1100, complete with a cushion so he could see over the dashboard. Harry Metcalfe talked about his passion for cars and bikes at an early age, and how his career as a farmer took a turn when he co-founded EVO magazine. Giles Gunning described a scenario when he first attended a classic car auction nine years ago intent on buying a Jaguar until he noticed a 1972 Alfa 1600 GT that he successfully bid on, but without the knowledge of what the real value of it should be.  

 

“You have a car collection because you derive great pleasure from it,” explained Harry. “And it’s not only about the way it drives. I always worry in EVO magazine when they talk about steering feel and handling – but it’s the whole package. You have to look at why you like this car: do you enjoy the design, do you find the history of the car interesting? The whole journey of owning these daft cars is way more than say the 0-60mph figure. What I look for in a car is the whole package. Not just one thing.” 

Giles added: “It’s some sort of desire to be a bit different. A lot of it is down to the beauty of a car. Every single car I have an affinity with is primarily because of its lines, not necessarily about the mechanical elements. These things are art. Whether it’s an MGA Roadster or a pre-war Bentley, there is beauty in these cars.” 

Paddy explained: “We have a modest collection of eight cars and the oldest is a 1988 Range Rover and I have owned that longer than any other car. I have had it 13 years, it’s part of the family and we will keep that forever. We have toured the UK and a large part of Europe in it, but the most fun car I have had is a Jag XJ8 (308) that I bought specifically to use in a charity rally. I paid £700 for it about eight years ago. I was supposed to drive it to Marseille and throw it away: give it to the barman or to someone who you thought might like it, but I fell in love with it and I drove it back home.” 

Harry described how he paid £4,100 for a Rolls-Royce Silver Shadow on eBay and that it is a car he loves to drive and own. 

“There is huge pleasure in cheating the system when you buy something so cheaply,” he explained. “It’s not an investment in any way, but there is an inner motoring giggle inside knowing that you have bought this thing ridiculously cheap and it still works, and is good fun. 

“My Rolls might only be worth £7,000 now, but it is worth way more than £7,000 to me.  

“When I owned a Pagani Zonda I got offered half a million for it, which wasn’t bad because I paid around £200k for it. But, at the time I wasn’t enjoying it - I had done everything with it and, financially, I shouldn’t have got out at that time, but I couldn’t justify it to the family. If you can’t have curtains for the house and you have a half-a-million-pound Zonda outside, it’s hard to justify keeping it. I sold it and then I bought a Lamborghini Countach for £60k.” 

Harry went to say that Zondas are worth about £7 million now. 

So, the trio were pretty emphatic: yes, if you have used a car and enjoyed it but feel it’s time to move on and make a bit of cash, then so much the better, but buying a car as an investment is for… investors.  

Classic car ownership is ultimately a passion, not necessarily about the profit you can make. It’s about the pleasure you get from a classic, not the pounds.