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Classic economics

Discussion in 'United Kingdom' started by Modificata, Nov 19, 2003.

  1. Modificata

    Modificata F1 Rookie
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    Andy Rasool
    #1 Modificata, Nov 19, 2003
    On 5th gear the other night they mentioned something about cars that are over 15 years old are exept from the usual co car taxes. I missed the first half of the programme so im not entirely sure what was status with taxes was.

    Did anyone wee the programme? Can you clarify?
     
  2. Dale

    Dale F1 Veteran

    Oct 7, 2003
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    #2 Dale, Nov 19, 2003
    Have it on video but havent had chance to watch it yet.
     
  3. tonyh

    tonyh F1 World Champ
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    #3 tonyh, Nov 19, 2003
    Pretty sure any car over 15 yrs old qualifies for free road tax and minimal comp.car tax.... i'm not an acct. however, i just pay them a fortune to tell me stuff i already know!
    Tony
     
  4. 365boy

    365boy Formula Junior

    Nov 5, 2003
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    #4 365boy, Nov 19, 2003
    Just been trying to find this out in relation to my '72 Daytona....

    According to a helpful chap at Classic Cars Magazine, if your car was BUILT (rather than registered) before 1 December 1972 then it is exempt from road tax.

    You still have to get it MOT'd in the usual way, of course...

    John
     
  5. Modificata

    Modificata F1 Rookie
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    #5 Modificata, Nov 19, 2003
    John

    Not sure about road tax, but in the programme they were talking about company car tax. From what i gathered something on the lines of your company could get you a car which is more than 15 years old and you are not liable for tax.

    If thats true thats great! Apparently on a new Merc C class you have to pay over 3 grand in tax. Makes more sense to buy a nice classic and put what you would have spent on tax into the running of it.

    Dale- Appreciate an update when you get to watch it. Thanks.
     
  6. Dale

    Dale F1 Veteran

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    #6 Dale, Nov 21, 2003
    Hi Adnaan,watched 5th gear after work yesterday,
    Ok a good money saving idea-use a classic,but classics need more TLC than new cars,so it would be a good idea to use some of the money saved driving a classic for work purposes on keeping the car a nice classic car,we have a customer who brought a masarati from E-H in birmingham and he has a very nice austin healy 3000 which he's always driving now we know why,he's put nearly £30.000 into this car for a ground up rebuild and converted it to a bmw gearbox to give it a better feel,if you go down this route take a good technician with you to check the car out there are a lot of dogs out there and ive seen plenty,
    cheers
    Dale.
     
  7. Modificata

    Modificata F1 Rookie
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    #7 Modificata, Nov 21, 2003
    Cheers Dale. I agree with your points on finding the right car. Do bear in mind that unlike most cars, a classic car will suffer little if no dpreciation. So where as with a normal car you will pay tax and suffer greatly from depreciation, in a classic you just have to worry about maintenance.

    I used to drive past a guy on the way to work every day, driving a mondial. Now I understand how he could afford it!

    Also:
    Am I correct in thinking the car needs to be over 15 years old?

    And that no company car tax would be changed?

    Thanks.
     
  8. Dale

    Dale F1 Veteran

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    #8 Dale, Nov 21, 2003
    Yes Adnaan the car has to be over 15 years old,
    and if its under £15.000 price range you only pay company car tax
    on the original purchase price,
    pre-1972 free road tax as 365 boy said and normal mot,
    cheers
    Dale.
     

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