Classics owners tighten purse strings

Research shows that classic vehicle owners have tightened the purse strings on their hobby in the last 12 months.
 
According to a recent survey by specialist insurance broker Footman James, over 50 per cent of customers spent less than £1000 on their hobby in the last 12 months.  This compares to the 31 per cent of customers that spent between £1000 and £3000.
 
The survey also revealed that the average customer spend was 4 per cent less than in the previous 12 month period.
 
The survey, of nearly 5,500 classic vehicle owners, was conducted via a database web survey and also at the NEC’s Classic Motor Show.
 
Garry Carlin, Footman James’ sales director, said: “With the rising costs of living it is clear that classics owners are also feeling the financial pinch and having to reduce their spending on their hobby.
 
“By reviewing your motoring costs, including your insurance, it is possible to reduce your outgoings.  For example, you may wish to consider a limited mileage policy, a multi vehicle policy or joining a car club, all of which can potentially lead to savings on the cost of your insurance premium.”