Loan to buy a classic car?

Wanno

Hey there.

I am shortly moving back to the country from London. I didn't have a car in London; there didn't seem any point with regular buses etc. but I'm out in the sticks now and particularly where I am moving you can't get around easily without a car. Although there are limited buses to the train station, I work long hours sometimes before the time the buses run in the morning and late evening.

I am a big fan of classic cars and would always buy a classic over a flash new car. Morris rather than Merc:D. I am aware that they often require more maintenance but I simply wouldn't choose a new car when I could have a classic car I loved. I deseperately want an Austin Frog eyed Sprite which is around the £8000-12 mark I'm in a secure very well paid job. I am a self employed contractor and also have two other little jobs too.

Anyway, I am scrimping and saving just to buy the house and so have little or no money left to buy a car for a while- yet it is going to be something that I need pretty soon after moving. I would be grateful if anyone could offer any advice on financing a classic car purchase, or any other suggestion that might help.

Many thanks

BigDave81

If you are scrimping and saving already just to sort out the house why on earth would you even be thinking of getting a loan of around £10k just for a car?!?!?

Seems like madness to me, I personally would get a cheap run around for a few hundred quid until I was more financially settled.

If you are dead set just look for a cheap loan, they are around 8% if you tick all the loan companies boxes but you will be looking at high monthly repayments regardless. Also don't forget the insurance would cost a lot more for a classic car then just a run of the mill car as well as repair bills when it keeps going wrong.

ILW

I have been through all the classic car thing, and unless you treat this purely as an expensive hobby you will be destined for disappointment. Unless you have a garage and only use the car as a weekend toy I would not bother.

Wanno

ILW wrote: »

I have been through all the classic car thing, and unless you treat this purely as an expensive hobby you will be destined for disappointment. Unless you have a garage and only use the car as a weekend toy I would not bother.

I disagree I'm afraid. Ive only ever had classic cars as main and only car. I don't drive a great deal so it wasn't as though they were put through their paces. None of the cars I have previously owned would be classed as expensive toy hobbies, but I see what you could be referring to for example with old bentley's etc.

I take your point regarding perhaps getting a cheap runaround until sorted. This does seem to be the more sensible idea. Im not sure how in theory it will work as all my money is going into renovating and getting the house liveable (I dont mean decorating- liveable). This might have to stay a dream car for a little bit longer until the funds are available!

Peelerfart

ILW wrote: »

I have been through all the classic car thing, and unless you treat this purely as an expensive hobby you will be destined for disappointment. Unless you have a garage and only use the car as a weekend toy I would not bother.

I have also been down this road (no pun intended) and have to agree with ILW. I had a classic which I used for sunny days and weekends and a "proper" car for day to day running. It was an expensive hobby and allthough the old car never let me down what I did miss was the creature comforts and the safety features that we now just take for granted.

I don't think running a classic every day is a practical solution. Some people do I know but I bet most of these people have access to another car or bike for when they absolutely have to be somewhere.

I miss my old car and miss the stares from youg children I used to get but looking down and seing the word airbag,makes a whole lotta sense.

PS

Frog eyed sprites - good choice, lovely car

rosa77

Hi, We've got a 'stable' of classic cars, 13 in total, which we've accumulated over the years. Regarding the insurance price, we have them on a block policy and they're costing about £400 a year to cover the lot. Top tip if you want a frogeye, join the members club (do a google search on sprite car club) then you can get their advice for purchase, upkeep, insurance etc. Also, buy the best possible car which has a good history - we bought a lovely Austin Metropolitan last year and its used as a daily car, purely because it was given a total overhaul before we bought it, it cost a bit more, but it was worth it due to the total lack of maintenance needed since then. Another benefit of buying a classic is that they don't tend to reduce in value like other cars. If your new house doesn't have a garage, you'd need to check in advance with some insurers, as most of them insist classics are garaged. I hope you find your loan, and enjoy your new classic!

lyndasharp

Hi, just to say that I have a classic as my everyday car (Morris Minor) and travel on business regularly using it. Probably do around 10,000 miles a year. Admittedly it's a bit more time and effort keeping the car in good running order, but the savings on tax and insurance more than makes up for it. If you're short of cash I'd look at one of the less valuable classics as a start rather than taking out a loan, Morris Minor saloons with a years MOT in reasonable condition go for around £1000, and some of the 'unfashionable' classics like the Marinas or 1300s even less.

ILW

lyndasharp wrote: »

Hi, just to say that I have a classic as my everyday car (Morris Minor) and travel on business regularly using it. Probably do around 10,000 miles a year. Admittedly it's a bit more time and effort keeping the car in good running order, but the savings on tax and insurance more than makes up for it. If you're short of cash I'd look at one of the less valuable classics as a start rather than taking out a loan, Morris Minor saloons with a years MOT in reasonable condition go for around £1000, and some of the 'unfashionable' classics like the Marinas or 1300s even less.

They are not classics,, just old.

Peelerfart

The OP Wants a sprite, not a moggie or (perish the thought) a Marina.

ILW

Peelerfart wrote: »

The OP Wants a sprite, not a moggie or (perish the thought) a Marina.

The Spite and the Moggie are classics, but the Marina is just a banger.
I do know one guy who swears his Allegro is a classic.:rolleyes:

Peelerfart

ILW wrote: »

The Spite and the Moggie are classics, but the Marina is just a banger.
I do know one guy who swears his Allegro is a classic.:rolleyes:

I had a Marina many years ago.I bought it straight after the test push .

Never reached the depths of the All agro though:rotfl: