Classic car restoration could become thing of the past as values plummet 0

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The number of classic cars on our roads could be about to drop significantly. A recent report reveals that values have plummeted for the first time in ten years.

In September, Coutts reported a 10.4% fall in the cost of vintage cars over the last 12 months.

Figures show that since 2005 – when compared to the many other high value collector’s items – vintage cars have tended to keep their value better than either coins or other antiques. In coming years however, a lack of specialist mechanics could see this statistic decrease.  

Models such as Ferrari, Aston Martin, Jaguar and Porsche, that had previously seen their values skyrocket over the past ten years (by a whopping 322%) dropped significantly in value.

Experts believe this is due to the “old-school” art of restoring a car simply by its handbook plus an intricate operating knowledge dying out to be replaced by a new breed of mechanics who service cars via diagnostics.

Philip Warner, co-founder of the Car and Classic website, told the Mail Online: “Prices have tumbled and that is in part due to the dire shortage of skilled mechanics.

“That makes their future very uncertain. Today’s generation expect to fix everything with their iPhone.

“They are schooled to depend on computer diagnostics without opening the bonnet. Sadly, the old grease-monkey is a dying breed of mechanic.

“My generation was able to use a manual to strip down a car and put back together again.

“I seriously doubt the future of classic cars as we know them – at best we might see a more reliable modern engine powering a classic chassis.”

Other possible reasons for the decline are the current fast-paced garage world encourages mechanics to work as fast as possible, rather than the detailed and fastidious approach required for vintage cars.

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