Reported in the Telegraph on 1st March 2009.
Consumers are attempting to drive down the recession by buying classic cars, it
has been revealed. Numbers of people interested in acquiring these old vehicles
are increasing, according to insurance company Hagerty International. It said
there has been "robust trading" at classic car and collectors' auctions of
late.
Hagerty'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. In the current climate, buying a classic car wisely can
represent a good investment. 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."
To those interested in exploring classic car ownership, Mr Hagerty said: "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."
