If you are the proud owner of a classic car then there will no doubt be one or more reasons why you purchased it. For instance, you may have bought it when it was a bit of a wreck with the intention of restoring it to its former glory. Alternatively you could have purchased it as an investment with a view to selling it at some point in the future. Most classic car owners will probably hope that the value of their cherished vehicle increases during the time that it is in their possession.

Whilst what happens to the prices used cars are selling for here in the UK does not necessarily have a bearing on what is happening to the value of classic cars you may be interested to hear that the average price of used cars has been on the increase for 23 consecutive months.

The Auto Trader Retail Price Index covering the 12 months to February 2022 reveals that the average price of a second hand car in the UK rose by 31.9%. We are sure that you will agree that is a very large increase. Of course, that does not mean to say that the average value of a classic car has risen by a similar figure.

It is most unusual to find that used car prices go up as one would normally expect the value of such vehicles to progressively fall. One of the reasons why second hand cars are increasing in price at the moment is because there is a delay in new cars being built meaning that people are having to wait longer for a new car and some people are not prepared to wait so are perhaps buying a car that is a few months old. Presumably, when the new car market improves we may see the average price of a used car in the UK start to come down rather than go up.