Collecting classic and vintage cars has become more popular than ever. The classic car restoration industry is larger now than it has ever been, in this blog I explore this latest trend and talk to some of the people behind it, I hope you enjoy following along with my journey.
Restoring Classic Cars with Aston Martin Finance
Classic car restoration, In particular Aston Martin restoration can be pricey. You would think that buying old part of cars would be straightforward and cheap, this couldn’t be further from the truth though. What tends to happen is that cars go out of production and the parts needed to repair them become more and more scarce. When this happens specialist dealers spring up to offer these parts and often charge a princely sum for them too. Because of this, classic car enthusiasts have to look to finance their latest project, recently there have been a string of companies that have began offering things like Aston Martin finance that will allow people to restore these classic cars using borrowed money.
So what can classic car finance be used for? The truth is there are not many restrictions on how you can use your financing, as long as you have proven that it is intended purely for the restoration of a car, you pretty much have freedom with how you spend and allocate your financing. As an example, if you choose to restore something like an old Aston Martin, as I once did, it wouldn’t matter whether you are fitting a new bumber of redoing the car’s interior, your Aston Martin finance can be used for it.
Using Aston Martin Finance effectively
Over the years have spoken to a number of professional car restorers, they are usually very happy to offer their advice on how amateurs can get into the business. The truth is, in this industry many people are in it for the love of cars themselves, very few people actually get in it to make a profit. Very often it is hobbyists who dedicated time to restoring these classic vehicles, restoring vintage cars see it as more a labor of love.
If you’re looking to get into the car restoration business, or are considering getting something like Aston Martin finance in order to fund a restoration, I would advise talking to specialist first to get a few tips on how best to approach it.
My experience with the Rolls-Royce restorer who chose to use Rolls Royce Finance package
Almost a month ago now, I spoke to Phil Harvey, a professional Rolls Royce restorer and someone who takes immense pride in his work. For his latest project Phil had taken out Rolls Royce Finance and took it upon himself to restore a true classic, the Phantom 3. anyone who knows the cars will know that the Aston Martin Phantom 3 is an iconic legend of a car, the dark black paint job and the chrome exterior set it apart from any of its contemporaries. Even in it’s time it was an incredible achievement in the car market, and was the placing of only the very rich, this has remained largely true today.
Phil’s approach to restoring his dream car with Rolls Royce Finance
Phil told me that he had been in love with this car since a young boy, in order to achieve his goal of restoring the vehicle to its former glory, he had to use Rolls-Royce Finance. The financing that he received allowed him to make the necessary pictures of parts, he was a little apprehensive about how to make the financial payments back with a carefully structured deal he was able to get something that was affordable and would allow him to work with this incredible piece of kit.
The reason that people typically buy old cars that are perhaps less than perfect, is twofold. The primary reason is that people want to see it restored to their former glory. The second reason if people buy these vintage cars is because they are very often cheaper, when restored they can then be sold for profit, however the really collectible cars are uncommon to see sold except perhaps at auction from a dealership or someone who is cash-strapped. When people tend to restore cars like Rolls Royce, they tend to hold onto them for years and even keep them in the family.
So how much does a vintage Rolls Royce actually cost? Well this is a tricky question to answer because as you would imagine prices vary widely, and some of the models that are perceived to be classic can end up costing anywhere upwards of half of £1 million, however you can pick up some of the less desirable models that are equally is brilliant for around £20,000 these days however car parts may be hard to come by.