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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?
     

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  2. Dale

    Dale F1 Veteran

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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

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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.
     

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  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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