Classic car investment

I

Introuble83

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I have an interest in classic cars. I’m considering buying 2 or 3 mid 90’s cars with a view of storing them for a few years until they avail of classic tax . Has anyone any experience of doing this and any recommendations? Thanks
 
Do you have a secure indoor location where they can be properly stored? Some of the specialist sites will offer advice, but at a minimum you'd want to change oil in advance, fill the tanks and add fuel stabiliser and make sure it runs through, jack all tires off the ground, disconnect battery, cover to protect from dust & insects.
 
Do you intend to drive these cars on public roads and if so, have you checked out insurance and how much it costs?

Nowadays a “classic car” is 30 years old but IIRC it used to be 20 yo. Do you know if it will remain at 30 yo for the foreseeable future or is there a chance the goalposts will be moved?

My last car was from 1994. Once it turned 15 years old half of insurers refused to insure it. I proceeded to remain with my insurer until THEY realised they were insuring a car older than they permit.

As it happens I saw a 1989 Toyota Corolla yesterday. Pry it wasn’t pre-1987 and it would have had the old style plates.
 
Further my previous post, assuming you currently have just one motor insurance policy and hence just one no claims discount, if you start second and subsequent motor insurance policies you will have zero NCD for these.
 
On the subject of classic insurance, you can only avail of a classic policy if you have another policy on a "daily driver" i.e. a modern car.
 
Thank you for the above comments .
1. I plan to store it in a relatives garage
2 I won’t be insuring or using the car at all
3 this is for re-sale . I believe I can purchase a 94/95 Volvo or bmw for around 2k and sell for 5/6k in 5 years time .
4. It’s only an idea . If I had the storage , captal and knowledge I would probably purchase a few cars or more expensive cars with higher appreciation
 
It could be difficult to predict what people would consider classic in a few years time and what they'd be willing to pay.
 
I have had a few classic cars. As a rule unless they are high end or extremely rare they are rarely a good investment financially. Finances required for maintenance, repairs, rust prevention and cure, storage etc add up.

Cars under 40 years now also require an nct
Unless you really know what you are doing, have very specific cars in mind with a good knowledge of availability and a place to store them it may not reap the rewards you hope.

They tend to be money pits. Most owners will tell you that.
 
rustbucket said:
I have had a few classic cars. As a rule unless they are high end or extremely rare they are rarely a good investment financially. Finances required for maintenance, repairs, rust prevention and cure, storage etc add up.

Cars under 40 years now also require an nct
Unless you really know what you are doing, have very specific cars in mind with a good knowledge of availability and a place to store them it may not reap the rewards you hope.

They tend to be money pits. Most owners will tell you that.
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Many thanks for the data and advise your probably right
 
Introuble83 said:
3 this is for re-sale . I believe I can purchase a 94/95 Volvo or bmw for around 2k and sell for 5/6k in 5 years time .
Click to expand...

FWIW, my 1994 car was a Mercedes. I bought a new one in 2017, trading it in for a new Mercedes. Incredibly, I got €4,000 trade in for it. (That sealed the deal there and then, I took the hand off him!). When I got home I did a search on DoneDeal. There were no 1994s for sale but two 1996s, each for €800.
 
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