Low sterling value could benefit classic owners looking to sell a car for cash

Classic owners who are interested in selling a car or two could benefit from the depressed value of sterling thanks to overseas car buyers, according to a report by EuroTax Glass.

The report says that the rising strength of the Euro against sterling means that the European market is offering a "good return" on classic cars bought before 2008. Thanks to the currency fluctuations seen over the last two years, good condition, left-hand-drive cars which were purchased in the old economy.

The Glass report says that this market is working out well for dealers as well as private owners, driving interest and offers for classic vehicles from cash-for-cars schemes. Whilst the UK market remains comparatively deflated, the European market is driving interest.

John Glynn, the Older Car Editor at Euro Tax Glass said: "Classic cars are a great investment tool...the exchange rate effect means the UK may lose some lovely machinery this year, which will sadden some enthusiasts but it cannot be avoided."

"A car purchased in Europe three years ago for 22,000 Euros and sold today at the same price it was bought for would bring in £20,000 - a tidy profit for the vendor of £5,200 after three years."

"Of course" added Glynn, "it also means there will be an appetite among successful sellers to acquire replacement models, which will stimulate the UK market once again."

 

Ian Williamson, Bristol, LEXUS LS 600H

Rupalee Ghia, Middlesex, Mini Cooper