The average running costs of owning a classic car have been updated and revealed

Roughly how much does it cost on average to own a classic car? Running a classic car can be expensive thanks to costly specialist repairs and maintenance as well as other things, but just how much should you expect your classic car to set you back each year?

Reduce your costs by getting quality classic car insurance you can rely on, with Peter Best Insurance Services.

The Federation of British Historic Vehicle Clubs has carried out a survey to find out not only the average cost of owning a classic car, but also the attitudes towards them. The results for the 2019 National Cost of Ownership Survey were first revealed at a press conference within the Houses of Parliament this month.

The Federation has carried out major research every 5 years, with their last project being the 2016 National Historic Vehicle Survey which revealed the historic vehicle industry employed roughly 35,000 people in the UK and generated £5.5 billion towards the UK economy.

This year’s survey is the first-ever mid-term research project executed by the federation and gives the public and UK government a fresh insight into today’s attitudes of classic vehicles.

It is estimated that the average cost of classic car ownership is £1,489 per year

According to The Federation of British Historic Vehicle Clubs, the average cost of owning a classic car is just shy of £1,500 each year with the average yearly mileage being 2,214. This figure is broad and won’t be accurate for all classic cars, of course, but is a good figure for getting a rough idea of how much it could cost to own a antique beauty such as the 1961 Ford Zephyr Mk II below.

In 2016, research showed that classic car owners were driving just 1,124 miles per year on average. This year, that figure has almost doubled, possibly suggesting that classic cars are now being driven more often and/or further than before. Perhaps last year’s record-breaking summer had something to do with it…

It was found that roughly 3 million people attend classic car events each year, such as the Braxted breakfast meet our friends over at Peter Best Insurance Services hosted in April. With such great enthusiasm, passion and sense of community, it’s no wonder why people are driving their classic vehicles now more than ever.

Although the average cost of ownership was found to be £1,489 per year, you shouldn’t think of this as a bad thing. This may not be due to expensive repairs, breakdowns and fuel, but rather it could be a sign of people taking great care of their historic cars, bikes and vans. Paint restoration, detailing, services and club memberships all cost money and all are a good sign that someone adores there antique motor!

21m people see historic vehicles as an important element of the UK’s heritage

Passion and enthusiasm isn’t limited just to owners of classic vehicles, but also extends to the rest of the general public.

Not only do almost a third of the UK see them as an important element of the UK’s heritage, but 9.1 million people said that they had a specific interest in them and 5.1 million people are interested in owning a historic vehicle.

1.2 million historic vehicles are registered on the DVLA database

The survey shows that the number of classic vehicles on the DVLA database has increased by 201,913 since 2016, now totalling 1,241,863. Classic cars are far from a dying breed and it’s always good to see that not all old cars are left forgotten about and unloved, with many classics from yesteryear still being driven today.

David Whale, Chairman of the Federation of British Historic Vehicle Clubs  said,

“Whilst I can confirm that public enthusiasm for and interest in, the historic vehicle sector continues to be very strong, there are changes that will affect all historic vehicle enthusiasts. This mid-term research is incredibly useful to monitor progress at such a time of rapid change. The Federation celebrated its 30th anniversary in 2018 and it is clear that if we are to celebrate a further 30 years, as enthusiasts with a common interest, we must all focus on communicating and engaging with younger people to ensure they develop an interest in historic vehicles.”

If you love classic vehicles, be sure to check out PBIS on Facebook, Instagram and Twitter for daily pictures and great insurance offerings!

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