Classics become contemporary as sales boom

Clive Wain, Head of Police Liaison for Tracker, said, “Vintage, classic and veteran cars bring a unique feeling of nostalgia that no modern car can match, so it’s not surprising they are always popular with both legitimate buyers and thieves alike.

“But you can’t rush a classic – first-time buyers must take the time to find the right vehicle for them.  It’s important to find one that has all the necessary paperwork, requires a manageable amount of restoration and will be a dream to drive once it is roadworthy. It is also important to investigate how easy it is to source replacement parts; no one wants to end up with a £10,000 shell of a car sitting in the garage forever more.”

Car thefts have increased a staggering 56% over four years and with fewer protections built-in to older cars, owners must take extra precautions including physical barriers to deter thieves. Many classic cars are purchased as long-term projects, restored gradually over many years. Even when roadworthy they may remain in storage for most of the year. Unfortunately, while this protects the vehicle from damage caused by the elements, it does not necessarily protect it from theft.

Tracker’s Classic Car Security Tips

• Park in busy or well-lit and attended car parks near CCTV cameras
• Never leave the keys in the car or garage
• Ensure the doors are locked, the sunroof and windows are closed
• Don’t leave valuables such as phones and bags in view, but if you have no choice, leave them out of sight in the locked boot
• If you have a garage use it, if not park a modern car in front of the classic car on the drive, as it is harder to steal
• Invest in an immobiliser and Tracker device for added protection and to reduce insurance premiums
• A car alarm is essential as classics are easier to break into
• At home, don’t keep keys in a place where they can be seen or accessed from outside

James Fairclough, CEO at AA Cars, said, “Used car sales dried up completely in April and May when dealerships were closed, and while these figures show a 48.9% decline, it is important to note that there has been some improvement since then.

“Sales started to rebound in June when dealerships re-opened, suggesting there was some pent-up demand during the lockdown.

“However, our research shows that three-quarters of drivers are unwilling to buy a car without seeing it in person, which may mean some people are putting off a purchase until they feel ready to visit a dealership.

“Where consumers are buying vehicles, one of the biggest growth areas on the AA Cars site has been in city cars, which might support the hypothesis that people have been swapping public transport for a car for their commute.

“Equally, the used market offers a great range of vehicles at different price points, making it more resilient in times when people are more worried about their finances.

“Booking a vehicle inspection and having an extensive mechanical check before money exchanges hands can provide peace of mind for people planning to buy a used car but worried about the cost of future repairs.

“Meanwhile the availability of high quality nearly new vehicles, which cost less than brand new cars but are still only a couple of years old, means the second hand market is attractive for buyers looking to save some money while still purchasing a recent model.

“Overall we have seen searches remain strong on the AA Cars platform, recording 114% more in July than during the first weeks of closure in March, which bodes well for the next quarter.”

Close Brothers Motor Finance found that 73% of car dealers expect used demand to overtake new in 2021, a significant increase from pre-pandemic.

Please see new stats on the used car market from Close Brothers Motor Finance below, as well as commentary from Seán Kemple, Managing Director at Close Brothers Motor Finance.

Research from Close Brothers Motor Finance on the expectations of car dealers for the used car market:

• Towards the end of lockdown, dealers identified demand for used cars to be the biggest opportunity to their business over the next 12 months[1]
• Nearly three-quarters (73%) of dealers now think consumers will buy used cars rather than new in 2021[1]
• The pandemic has hugely accelerated this trend. When asked in April, dealers were divided: 53% expected a resurgence in used cars, while 47% of dealers thought buyers would shift towards new cars – so attitudes have changed significantly since the start of the lockdown
• Pre-lockdown, half (48%) of would-be buyers had already set their sights on the used market, compared to 38% who picked new and consumers were already making the shift toward used