Ever fancied owning a classic car? Well, more people are taking the retro route and buying a classic.
The market is strong helped by people having some money to spare from not having a holiday or going out socialising and not seeing much benefit from having money in the bank.
And with Covid-19 putting a brake on many people travelling around the country, more people are seeing a classic car as a nostalgic way to explore their local region.
For some they will be reliving their youth or, with the children grown-up and no longer financially dependent, they want to buy the car their dad drove or they could not afford to buy, nor insure, when they were youngers.
And it doesn’t have to cost a fortune. But Credo is here to help put you on the right road in finding your ideal classic and sort out finance so you can get a classic set of wheels.
Business Development Manager Jack Cleaver has an interest in classic cars stemming from a grandfather in the motor trade with a body repair shop and, as a teenager, working at a pub which held an annual charity classic car rally.
“They are an investment but it is also about the joy you get out of owning one. Instead of getting from A to B, if you just want to leave A and go out for a drive why would you not want to be in something that feels special.”
“When the next phase of motoring history happens, and everyone is driving round in electric and renewable energy source vehicle, you are going to see even more classic cars. Today’s specialist cars will be the classics of the future.”
One of his customers is Appreciating Classics at Loddon, in Norfolk, which buys, sells and restore classic and modern classic cars, many of which are very affordable investment opportunities. They can even help with secure storage.
“You would not think some cars are a classic but they are already worth a lot of money because of what they are and not being made any more. In years to come they are going to be even more sought-after.
“Some people see owning a classic car as an investment but others just want to drive it around and enjoy it. That is their pleasure.”
Condition and mileage can have a big effect on pricing but some people only want to spend a few thousand pounds on a project car – a ‘doer upper’ – and the result can prove a sound investment as well as keeping a classic on the road.
At Credo, we can help you with finding a classic car through our contacts which include motor dealers, small sole traders and car enthusiasts.
“We have a growing network of classic car dealers and sellers who we have links to in the industry. So we can help and advise people about where to source a classic car.
“In terms of finance, we have a panel of more than 20 lenders and we can also do our own book finance with Credo Capital Finance.
“We can offer a flexible approach to borrowing money which not all mainstream lenders can do.”
It means we can create a package to suit the individual’s needs such as coming up with smaller, more affordable and manageable monthly payments with a final ‘balloon’ payment of what is still owing at the end of the term.
“Flexibility is a keyword for our lending. Providing a fully-rounded approach to finance is what Credo is all about and now we are bringing that ethos to the classic car market which is becoming more popular.
Mick Brooks, a Credo business development manager, has experience of the top-end classic car market going back to when he worked in banking.
We are talking about 1960s and 70s Ferraris, Aston Martins, Jaguars and other sporting exotica and models going right back to the early 1900s. Prices often start at £150,000.
“It feels to me as though that market is getting stronger.
“The market is buoyant because people see that the product goes up in value. Rarely do you get an expensive classic car that goes down in value.”
Some owners actually use the cars but others store then in special garages and just turn over the engines
“People want to put money into an investment that is going to grow. With a classic car, because of the nature of the beast, as time moves on and it becomes more scarce, the more the value goes up.
“A lot of people are into cars and love their cars but it is an investment as well.
“They love cars – it is an investment of the heart and the pound sign because they realise how quickly they can appreciate.
“It is a world were if someone is buying one they want to deal with someone who is discreet and fleet of foot which is important.”
You are often dealing with an expensive car and need to act quickly to check and secure the deal.
“The bigger the company the more difficult it is to get that speedy decision for the customer. We have a good relationship with lenders who can do that.”
So while Credo Eco Finance is helping to drive businesses and individuals green by switching to electric vehicles and renewable energy, Credo Asset Finance are doing their bit to help people enjoy owning a classic car and keep our motoring history on the road.
But whatever you plan to do with your classic car remember one thing – you may own it but you are the custodian of a piece of motoring history for the next generation.
If you would like to know more then contact our classic car finance specialists Jack or Mick today.