Classic Cars

Though definitions vary, a classic car is typically a car older than 20 years, with enough historical interest to be considered collectible and worth preserving or restoring rather than scrapping. Classic cars have a global following and differ from everyday, ordinary cars; generally having definitive features. According to HMRC, a classic car is defined as a car that is over 15 years old with a value over £15,000.

Classic cars can be a sound investment for the right buyer, having the potential of providing better long-term returns than art or property. Currently, the price of classic cars is up, so if the costs of buying, restoring, and maintaining such a vehicle doesn’t put you off, then investing in a classic car might not be the worst idea in the world. The most expensive classic car ever to sell was a Ferrari 250 GTO, topping an incredible £52 million.

Classic car insurance can often be cheaper than standard policies, mainly because classic cars are traditionally at lower risk of being involved in a claim. When calculating classic car insurance premiums, insurers often require owners to agree to a limited mileage and generally take into account the car you're driving, how often you're on the road, your age and claims history. Get an insurance quote from Compare the Market.

A barn find is classic car (or other classic vehicle) that has fallen off the radar and has been rediscovered after being stored for many years, often in derelict condition, in places such as barns, sheds and other outbuildings – which is where the term comes from.

You’ve probably seen shows or films where classic Ferraris or Porsches have been recovered from old garages, covered in sheets. These can be a great way of saving a lot of money when buying a car from an owner who has forgotten all about it, although some barn finds can be too deteriorated and therefore are only suitable for spare parts.

As of 2018, classic cars don’t need an MOT if the vehicle was built more than 40 years ago and no 'substantial changes' (as set out by the UK Government) have been made to the vehicle in the last 30 years. These changes could include replacing the chassis, body, axles or engine to change the way the vehicle works. You’ll also need to register the car as a Vehicle of Historical Interest (VHI) before it can be exempt.

Classic cars manufactured over 40 years ago are exempt from road tax, although you must register for tax even if you don’t need to pay. You’ll also need to apply for vehicle tax exemption. If your classic car is under 40 years old, you may still be liable for road tax.

Classic cars are not currently exempt from congestion charges.

ULEZ is the Ultra Low Emission Zone of inner London, which has tighter emissions control regulations to help keep the air clean. Classic cars that were manufactured over 40 years ago and have a historic vehicle tax class are currently exempt from ULEZ.