Weak pound aids classic cars' value

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17 March 2010 at 13:09

Classic car enthusiasts looking to sell their left-hand drive models are benefiting from the fall in the value of sterling against foreign currency, Class's Guide has reported.

On top of the advantage gained in potential exchanges from a weak pound, UK classic car owners can expect a good return when selling to European markets, where collectors are known to pay extra for good quality left-hand drive classics.

"A car purchased in Europe three years ago for €22,000 (£14,800)*, and sold today at the same price it was bought for, would bring in £20,000 - a tidy profit for the vendor of £5,200 after three years," said John Glynn, Older Car Editor at Glass's.

"Cars that might benefit from such a scenario could include anything from a 1980 Ferrari 308 GTB to an early '90s BMW M3 Cabriolet [E30 model].

"With many classic car values having risen by around 6% year-on-year since 2007, profits might be even higher. The same €22,000 car could now be worth about €26,000 or £23,800, which would equate to a £9,000 return on investment."

* 2007 conversion rates

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