Safe and steady are rarely the words we associate with the world of classic cars and performance vehicles. But as the last decade has made clear, they are words which apply to cars as an investment asset class. Of course, many buy vehicles simply for the love of it: a recent study from insurance giant Chubb showed 57% of HNWIs have an interest in classic cars and high-value supercars as a ‘passion collection’. But classic cars aren’t just an enjoyable hobby—they also have the scope to be a serious investment for those with a good knowledge of the market and the wherewithal to invest at the right time.
Of course, there are a great many associated costs with owning and maintaining a classic car. But whether you’re a passion collector or are simply hoping to diversify your investment portfolio, this asset class is certainly worth considering—and there are some excellent finance options available, too.
A specialist lender we work with, Cambridge & Counties Bank, has recently launched classic car finance, providing up to 90% loan to value (LTV) of the value of the car, with interest-only options available. Marrying a true passion for classic cars together with their heritage as a customer centric bank, Cambridge & Counties specialise in delivering bespoke funding packages that consider individual requirements. They understand that opportunities can require speed and are therefore set up to deliver as quickly as possible, offering a service that is straightforward, fast and flexible.
Tom Senior, Director of Classic Car Finance at Cambridge & Counties, says: “We are passionate about the car you buy. In other words, if we help you buy a classic car, it’s because we would have bought it too. The beauty of a classic car is that whilst it may appreciate and be seen as an investment, you also get to enjoy the ride. And enjoyment is what it’s all about, the thrill of turning the key in a special car that’s finally yours!”