Women behind boom in classic car sales

Women behind boom in classic car sales

If you sell classic cars, you should make sure your showroom and dealership are female-friendly, because women are behind a rise in sales.

Research by Footman James showed that the number of female classic car owners increased by 40 per cent in the last two years and they now make up 11 per cent of the market. The most popular classic brands owned by women are Morris, VW, MG and Mazda.

In addition to making sure you have a female-friendly business if you’re selling classic cars, it’s important to have the right level of insurance to cover the vehicles. As well as your motor trade insurance, you should consider traders combined insurance as part of your coverage.

In the last five years, the value of classic cars has increased by more than 160 per cent, and by a phenomenal 467 per cent in the last decade. The figures, from the Knight Frank Luxury Index, showed the cost of a classic rose by 17 per cent in 2015/16, beating many of the other items on the list including wine, watches, jewellery and diamonds.

Earlier this year, a 1957 Ferrari 335 S Scaglietti sold for a record £24.7 million in Paris.

However, report author Andrew Shirley told This Is Money that people should buy classics for love, not money.

He said: “I wouldn't rely on any increase in value to fund my pension.”

Classic models such as VW camper vans, MGB Roadsters and Mark 1 Golf GTis are considered among the ‘everyday’ classics that are likely to prove a good investment.

The report said that buyers should be aware of the higher maintenance costs of buying a vintage vehicle and take expert advice when they are looking to buy.