Classic cars seen as investment

Increasing numbers of consumers are buying classic cars in an attempt to drive down the cost of the recession, it has been revealed.

Classic car and collectors' auctions have reported "robust trading" of late, according to insurance company Hagerty International.

The firm's managing director, Angus Forsyth, said: "A well-sourced, classic and collector car can accrue in value rather than depreciate, as is profoundly the case with new cars."

He said that buying a classic car wisely can represent a good investment in the current climate, adding: "As a consequence, we are seeing increasing interest in ownership amongst private motorists looking to join the 'hobbyist' movement, which currently constitutes some two million owners in the UK."

Mr Hagerty advised anyone interested in finding out more about classic car ownership: "There are both opportunities and heartaches, which is all the more reason to carefully research and verify the information on a car you have your eye on, and buy one that you love and would be happy to keep for a period of time."

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