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The typical definition is that a car becomes a ‘classic car’ when it is over 30 years old. However, there are several different definitions and interpretations of how a car can get that ‘classic status.’
According to the HM Revenue and Customs, all classic cars are exempt from paying road tax if they were built before January 1, 1973. So this implies that classic vehicles must be at least 40 years old.
If your car was built later than 1973 and you believe that it should be considered a classic, you can have the vehicle verified by the British Motor Heritage Foundation.
For company car taxation purposes, the HM Revenue and Customs say that the vehicle must be over 15 years old and have a value of £15,000. So this is the criteria if you want a tax break for having an older vehicle that you use for work purposes.
A truly classic car will appreciate in value the older it gets. With certain classic models becoming popular or fashionable, they will likely maintain their value or be worth more over time. This is different to a modern vehicle which is likely to depreciate in value over the next few years.
A car can be a classic due to its limited supply and huge demand. Particularly in the case of classic Ferraris where only a few hundred or thousand have been produced, they command a classic car status.
For a car to be considered a classic model, there needs to be an aesthetic appeal to it. Particularly, the car needs to be associated with style, rarity and desirability. Classic Ferraris and Jaguars are a good example of a desired classic vehicle, rather than a 40-year-old VW that may not have the same demand.
Leading classic car magazines such as Practical Classics and Classic Car Weekly have a big influence in what defines a classic car. Based on leading industry experts and current trends, the magazines are the voice of what is deemed to be classic and proves the subjectivity of defining a classic car.
There are several variations of a classic car due to their date of manufacture e.g.
Modern Classic – This generally refers to vehicles that are aged 15 to 25 years old and therefore they are considered ‘modern’ because they do not pass the 30 or 40 age barrier that would make them exempt from road tax.
How the vehicle is used may also define whether it is a modern classic. For some 15-year-old vehicles that are used in a classic car capacity, such as driven only on weekends or for show purposes, they might be considered modern classics.
There also might be modern classics because they were particularly popular when they came out and have been given a special status due to their appearance in popular culture or films such as Porsche 911 or Aston Martin DB7.
Vintage Classic – Cars that are classified as ‘vintage’ were made between 1919 and 1930. At this time, cars were still considered a luxury and they maintain their value because there were few produced, such as The Bentley Speed Six Tourer.
When purchasing cover for your classic car, there are number of factors that allow you to get good premiums.
For instance, insurers realize that classic car owners will look after their vehicles and be more careful on the road with them. This means that classic car drivers are less likely to be involved in an accident and therefore they will cost less to insure.
In addition, if you belong to a classic car club, you may receive a discount of 15% to 25% off your car insurance from several insurance providers.
At Call Wiser, we work with over 30 classic car insurance specialists so that we can get the most competitive rates for our customers. Whether you have a classic Bentley, Jaguar or Mercedes, we appreciate that your classic car is your pride and joy and we want to find the best price for you.
We believe its better to talk. By speaking to one of our advisors on the phone, we can find out more about your classic motor and find the best policy to suit your needs. Call us today on 0333 003 3270.