The perception amongst the general public about the financial strength of classic car owners is that they must be extremely well off to be able to own a vintage car but is that really the case? This view is probably fuelled by programs like Downton Abbey that shows the aristocracy being driven around in what are now classic motor vehicles.
Those people that are not owners of classic cars presume that you must need a bottomless pit of cash to be able to keep your pride and joy on the road and that classic car insurance must cost a great deal more than car insurance for a normal, modern car. Perhaps, this is not helped by the publicity surrounding certain cars selling at auction for many millions but that is no different to Gareth Bale moving to Real Madrid for £78 million – if that had been a price tag of only £5 million it wouldn’t have produced any interest.
Therefore, it is interesting to read that, according to the Federation of British Historic Vehicle Clubs back in 2011, the average total household income of 31% of people that own historic vehicles is less than £25,000. Furthermore, a staggering 68% of classic cars are valued at below £10,000. These figures show that the public’s view on the financial strength of classic car owners is perhaps not as accurate as they might have been thinking.
Having said all this – does it really matter? After all, whether someone owns a Ferrari valued at over £20 million or a Morris Minor worth less than £10,000, does either owner really care whether the other lives in a house where the average income is below £25,000? We think not.
We have had our say but we would very much welcome the thoughts of our readers so please feel free to leave your comments.