Escaping the Rat Race
Secondhand car prices have never been more buoyant than they are right now. The supply issues caused by a global semiconductor shortage mean that more and more people are forced to buy used cars as a stopgap once their financed cars are returned to the leasing companies. And this, combined with the squeeze placed upon consumers by the cost of living crisis, has seen interest in cars of around ten years old spike considerably.
The average used car today is worth a third more than it was a year ago, which makes the classic market look even more tempting when it comes to daily drivers. I bought a Triumph Stag in 2014 for £7500; and while that would definitely be a stretch today, it should be easy enough to find a modern classic daily driver with more appeal than the Ford Kuga that my brother-in-law has just purchased for that very sum. For around £7000 today, you could buy a nine-year-old MINI Countryman or a seven-year-old Nissan Note. And if you were desperate, a five-year-old Renault Captur might be within reach – but who wants ‘Nytol with number plates’ when they can get a dependable classic instead?
While modern car values are high, it’s a market that still suffers from depreciation – and as soon as shortages ease, their values will plummet like a lead balloon. Not something you should fear with a classic. Buy any of the cars on our list and, if you look after them, you might even make a little profit when you come to sell.
The key to this is to choose the right car. It’s possible to buy a Rolls-Royce Silver Spirit or a Bentley Eight for £7000, complete with MoT and change for a tank of petrol. But please don’t. Cars at this level will often have been run on a shoestring, painted in wedding Dulux and forced into the carriage
