Buying a Classic Car is a Great Investment

Buying a Classic Car is a Great Investment

There is nothing better than driving an open top sports car on a warm summers day. Not only can owning a classic car give the owner pleasure, but it's now also considered a good investment too. Most people who have previously owned a classic car during their lives ask themselves "I wonder how much that car would be worth now if I had kept it".

Classic Cars Are a Sound Investment If They Are Looked After

Some of you may remember the Ford Sierra RS Cosworth and the Ford Escort RS Turbo, these are now classed as classic cars! It doesn't seem long since they were popular vehicles on our roads and a frequent day to day sight. Now however, these cars are seen as classic cars and are collectors items. In fact, as we write this article there is a black Ford Sierra 2.8 XR 4x4 5dr 4WD in Bridgnorth for sale which is being advertised for £10,000. If you owned a Sierra 20 years or so ago are you now thinking to yourself "I wish I had kept that old car now?" Or are you thinking of logging onto Autotrader to find the nearest Sierra or Escort to restore?

There Are Classic Car Bargains To Be Had

At Longmynd Service Station, we undertake many restoration projects and have recently carried out work on a Ford Escort RS2000 MK II. Referring back to Autotrader, as I write this, there is a lovely example of a Ford Escort 1.6 RS 3 door. for sale for £31,995. We would estimate the value of the vehicle we recently restored to be pretty close to the one listed on Autotrader.

Older Ford Sierras and Escorts are affordable to most people who are looking to invest in classic cars. To purchase cars such as a Ferrari or Porsche you would need an extremely healthy budget. Buying a Ferrari F40 would have set you back approximately £195,000 back in 1988 and with their highest re-sale valuation as much as £1m, but the valuations have recently dropped close to £800k.

Advertised on Autotrader (as I write this) is a lovely K Reg Ford Escort RS 2000 which is priced at £2,895. This classic car would make a great investment for someone and is more affordable than buying an Porsche, Ferrari or any other super-car.

Of course, when buying an older car for a restoration project you will need to be aware of the costs. If you are taking on a car which requires engine refurbishment, rebuild, body work repairs, re-spray and other mechanical upgrades this can cost a considerable amount of money. A full restoration project can run up to tens of thousands so please keep this in mind when you start looking for classic cars to buy. Many simply forget this and go ahead and purchase a car without any investigation or inspection. Call us now for further advice.