Classic car ownership has become more accessible than ever, with prices at their lowest levels in the past year.
We have gathered insights from the valuation experts at The Classic Valuer who reveal 88% of the 200 most popular classic car models have seen price declines over the past year, making classic cars a more viable option for a growing number of enthusiasts, including younger generations.
This reflects a broader economic shift, it’s not simply that cheaper cars are coming to market, but the value of vehicles on a model-by-model basis is down. The affordability of classic cars is leading to more interest in ownership, with searches for ‘affordable classic cars’ soaring by 51% over the past year. For many the entry costs and reduced ongoing expenses make classic cars an attractive alternative, offering both financial benefits and the opportunity to own a more unique vehicle.
The findings are part of The Heritage Classic Car Report 2025, an in-depth analysis of the classic car insurance market and ownership trends across the UK. The report draws on exclusive insights from 845 classic car owners and comprehensive internal data.
What’s driving classic car prices down?
According to Giles Gunning, CEO at The Classic Valuer, classic car values globally in 2024 were 10% lower than in 2023, a decline attributed to two key factors:
“First, a huge increase in the supply of new vehicles coming to market. The US saw 40% more new vehicles for sale in 2024 than 2023. Secondarily, political instability caused by elections throughout 2024 in the UK, US and Europe all damaged consumer confidence and given classics are a discretionary purchase, this impacted values. Falling values means there’s plenty of bargains to be had though.”
Looking ahead, The Classic Valuer expert suggests that the future of classic car prices in 2025 will continue to be influenced by supply.
“The big question that will decide whether prices rise, or fall is whether the supply of cars to the market will increase in 2025. If so, that’ll put downwards pressure on prices.”
Lower insurance costs contribute to classic cars being more accessible
Another key factor contributing to the accessibility of classic cars is how affordable this type of insurance is. Heritage’s internal data reveals that the average classic car insurance premium is just £123 annually, compared to £834* for a modern vehicle.
While actual costs will vary depending on the vehicle, insurance provider, and policyholder’s risk profile, this remains significantly lower than premiums for modern cars. As premiums fluctuate based on multiple factors, including the car’s value and mileage, this flexibility allows classic car owners to tailor their policies to suit their needs, making classic car insurance an attractive option for those looking to buy a classic vehicle.
Mark Wilkinson, Managing Director at Heritage Car Insurance, explains:
“Classic car insurance tends to be more affordable because these schemes are designed around lower risks. Classic cars are typically well cared for, with owners investing time and money into maintenance and secure storage, reducing the likelihood of claims. They’re also often driven less, with many policies capping mileage at around 5,000 miles per year.”
