CLASSICS GIVE UK’S COFFERS £7.2bn BOOST
The full impact of our hobby revealed – we investigate why your vehicles are crucial to supporting thousands of jobs
Amajor new survey into our hobby has revealed that the amount of money that historic vehicles – including classic cars – generates for the economy has shot up by more than a billion pounds in just four years.
The Federation of British Historic Vehicle Clubs (FBHVC) commissioned the research as part of its National Historic Vehicle Survey, which quizzed more than 15,000 classic owners about their hobby and how they used their vehicles.
Research director, Paul Chasney, said: ‘There’s more than a billion pounds coming in from enthusiasts abroad and it demonstrates how valuable historic vehicles are to the UK.’
‘The £7.2bn figure is astonishing. It’s a huge amount going into the economy’
The amount Britain’s classic owners are contributing to the UK’s coffers has jumped by more than a billion pounds in just four years – and they’re supporting more than 34,000 jobs, a new national survey has revealed this week.
The Federation of British Historic Vehicle Clubs commissioned the research as part of its National Historic Vehicle Survey, which quizzed more than 15,000 owners of classic cars, bikes and commercial vehicles about their hobby and how they used their vehicles. The organisation now estimates that the nation’s historic vehicle movement is worth £7.2 billion to Britain’s economy – up from £5.5 billion just four years earlier.
FBHVC research director, Paul Chasney, said: ‘It covers all sorts of aspects, including paying your insurance and the fuel and oil you put in your vehicle, but it’s also interesting that there’s more than a billion pounds of foreign income coming in from enthusiasts abroad who are buying parts, buying cars and so on, and it does demonstrate how valuable historic vehicles are to this country.
The research – which covers classic use in 2019, due to this year’s activity being hit by the COVID-19 pandemic – also revealed that there are now
1.5 million historic vehicles registered in the UK, compared to one million in 2015, and that 4000 businesses catered for them, supporting 34,113 jobs. The research primarily looked at vehicles over 30 years old, but also quizzed owners of classics made between 1990 and 2000.
The Federation added that on average historic vehicles only cover 1200 miles a year, and that as a result they only contribute 0.2 per cent of the annual mileage covered by vehicles in Britain, thus only contributing a ‘tiny proportion’ of the vehicle pollution annually.
It also highlighted the importance of youngsters learning classic restoration skills, and said that 12 per cent of businesses supporting classic owners were training apprentices, and that 39 per cent said that they had plans to do so.
Wheeler Dealers star
Mike Brewer, who chaired a presentation on the figures during the Lancaster Insurance Classic Motor Show’s first ever virtual outing last weekend, said:
‘The £7.2 billion figure is astonishing – that’s a huge amount of money being put into the economy by the classic car community.
‘It looks as though the classic car world is on the ascent, and for those worried about what will happen with classic cars in the future, I think the power by numbers in this survey is certainly going to have the halls ringing down at Westminster, because this industry provides so much to the economy of this country.’
More details from the FBHVC’s research are due to be announced before Christmas. We’ll report on the findings when they arrive.