A new report says that more and more women are buying classic cars, both as an investment, and as fun and sexy drive. So, is it a good idea for women to buy classic cars? Generally speaking no, or maybe yes.
Classic cars are a much, much, more satisfying buy than any ‘ordinary’ used car, and a financially much better buy than all but a miniscule proportion of new cars. Buy a new car, and as soon as you’ve driven it off the lot you’ve lost a huge proportion of its value, (the exact loss depending on how well you’ve chosen in the first place). In contrast, most classics will at least hold their value in real terms, and may well appreciate in real value over the years, (again depending upon how well you’ve chosen).
There are a couple of problems owning a classic car, and especially for women owning a classic car;
- As an investment a classic car really only offers capital appreciation. It’s not impossible, just very, very difficult to generate an ongoing income from your classic car. However, in most tax regimes there is no tax liability on the gain in capital value of your classic.
- Classic cars are difficult beasts to drive on an everyday basis. A classic car will need regular specialised maintenance, and a more sympathetic driving style than your regular automobile. In my experience, most women are not good at either of those. Some will not even be able to start a classic car.
For example; your classic will likely burn oil, have suspension and drive-train joints that need greasing, carburettors that need tuning and balancing, and an electrical system designed by Heath Robinson on a bad day. It will most likely have manual gearbox, (stick-shift), use more petrol, (gasoline), than a more modern car, it won’t stop as well, and it will most likely leak when it rains.
On the upside; it will be better looking than a ‘modern’ box, have loads more character, be much sexier, (any attractive woman looks even better getting out of a classic car), it will be cheaper to insure, and if it does go wrong a good mechanic will be able to repair anything and everything on it. For example, take the little Austin-Healey Sprite. I can, (and have), rebuilt one of these things from the ground upwards. They’re cute, fun, nice looking, great when the sun is shining, and when properly looked after will keep up with modern traffic and run forever.
At the other end of the scale is the utterly beautiful Jaguar XJ saloon. This gorgeous car re-defined luxury transcontinental motoring. Lovely to look at, comfortable, blisteringly fast, and as reliable as the sunrise if properly looked after. But the XJ is complicated ~ take one of these beasts into your usual garage and they probably wouldn’t have a clue, (if it’s a V12 they definitely won’t have a clue).
Or for something completely different, the ‘proper’ Land Rover is now achieving status as a classic car. If you live out in the country, or need to tow anything, or you live in an area where it snows a lot, or you just want to intimidate other car drivers, then a ‘proper’ Land Rover may be the classic car for you. Once again, these things are very strong and very reliable, if they are properly maintained.
In some ways a classic car is a very good investment, it’s almost certainly a much better home for your savings than any savings account / product offered by any bank. You benefit in other ways too, a classic is a great car to drive every day. But, no real classic car is a plain vanilla, drive it and forget it, eco-box. Classic cars need tender loving care to survive and thrive. This is where a smart woman will find a can-do guy.
Any interesting car can become an appreciating classic, especially if it’s a sports car. My tips for upcoming classics; Land-Rover Defender, Early Mazda MX-5, Toyota MR2, Jaguar XJS and XK8, just about any Saab, And the first generation Ford Ka.
If you’re thinking of buying a classic car then, read the magazines and look at the prices, go to car shows, think about who you are going to get to look after the thing, (because it will need on-going care and maintenance at least every weekend). When you think you’ve made your choice of car, then join the appropriate owners’ club, take specialist advice, and never, ever, wear rose-tinted spectacles. (The Triumph GT6 pictured is a really cute and practical car for any woman to own and drive on a daily basis.)
Personally, I think I’d really like an MGB GT V8, with full length Webasto sunroof. Or any MGB GT really.