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Classic car ownership now a "global cult", claims expert

Date: 22/11/2013 11:06:47
Category: Classic Cars
Author: Richard Towey

Far from just a hobby for people to enjoy in their lonely lock-ups, favourable tax rules and a change in fashion have transformed classic car ownership into a "chic global cult".

That's the view of motoring expert Quentin Willson, a contributor at mirror.co.uk, who claims that Britain's very own vintage vehicle industry is worth over £5 billion.

Auction records are being broken almost every single month by collectors who are prepared to raise the stakes higher and higher in order to get their hands on a rare Ferrari, Jaguar or Aston Martin.

Only this week an Aston Martin DB6 that was left to rust in a barn for 30 years was auctioned off for £131,000, reports express.co.uk. The car needed a full restoration and was listed as an asset that did not run, but this didn't stop its value rising sharply after an online buyer entered the frame.

Mr Willson believes these assets are in high demand due to the fact that any profit made from the sale of a classic vehicle is not eligible for tax. An unrestored car may be worth below £100,000 at the auction house, but it's value could increase significantly if it receives the necessary attention.

The expert pointed out that a collector could make £50,000 on a vintage Jaguar E-Type and receive this amount in full. This is because HMRC classifies classic cars as "wasting assets" which gradually become either valueless or worth only scrap value.  

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