Research shows that classic vehicle owners continued to invest in their passion during the last 12 months.
According to a recent survey by specialist classic car and motorcycle insurance broker Footman James, classic vehicle owners spent £1931* on their pride and joy in the last 12 months. This compares to £1816 in 2010.
The survey also showed that the average annual mileage had also increased by over five per cent from 1962 miles in 2010 to 2072 miles, highlighting that classic enthusiasts are having more fun.
The survey, of over 3,500 classic vehicle owners, was conducted via a database web survey and also at the Footman James Classic Motor Show in November.
Andy Fairchild, Footman James’ managing director, said: “It is encouraging to see that, despite the difficult economic climate, the classic industry is able to gather some momentum again with owners able to find a little more disposable income to spend on their passion and enjoy it a little more.
“What is interesting about the survey results is that classic enthusiasts, while spending more, are clearly spending their money carefully, particularly on essential. Some 43 per cent of respondents state that cost is now the most important factor when choosing their insurance policy, compared to 39 per cent in 2010. This suggests that enthusiasts are looking to keep their essential purchases down, allowing them to increase their discretionary spend instead.”