With the government looking to ban the sale of petrol and diesel cars from 2040, it has been predicted that the cost of buying a classic car at an auction is set to plummet. Whilst this is not great news for those that have invested in classics, it is good news for those that dream of owning their own classic automobile.
Of course, with petrol and diesel cars looking to be phased out, it could mean that these cars will not be usable in the future, but many classic car fans will be content with purchasing a beautiful car and keeping it as a collector’s item and driving it in the short term. Additionally, they will be able to purchase an automobile that previously they could only ever dream of owning as the costs will fall drastically.
One of the often overlooked aspects of owning a classic car is getting the automobile insured. Unlike a regular automobile, a classic car is viewed as a passion and prized possession – it is for this reason that you may require a specialist policy to protect against damage and theft. Often, you will find that you can get reductions on your policy as the insurer understands that it is likely to be stored in a secure location, not driven often and that it will be well maintained.
Extended warranty is another important aspect to consider before investing in a classic car. As it is an older automobile, there is greater risk of mechanical or electrical failure than a newer vehicle and therefore extended warranties are vital. You will find that many warranty providers do not offer extended warranties to older automobiles as they view them as a liability. Therefore, it is important to use industry leaders like ALA to get covered. This ensures that you do not foot the bill for repairs (the warranty may pay for itself after just one repair). Additionally, many of the industry leaders will also cover the cost of a temporary replacement or travel costs whilst repairs are being made.
With the recent news that the sale of diesel and petrol cars will be banned by 2040, it means that the prices of classic cars are set to drop at auctions and online. Those with a passion for classic will be eager to snap up their dream classic for a fraction of the price, but it is important to remember that you will still need to obtain insurance and an extended warranty to protect your investment.