Car pension fund ?

  1. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    I am looking into saving for a pension away from the GUV one i have and a private pension. I want a private pot going, not cash saving in the bank or under the mattress but an investment one.

    So as i love proper cars as in classics, Capri, BMW 2002, My fav and life long want would be a C3 Corvette which i am serious on getting if i can sort the funds in a few years for a project, I can get a UK or imported C3 for £6k now and restored now to a good standard around £20k+.

    And yes they will be project cars so i can tinker along the way owning them in the 15 years ahead.

    Is that idea a no goer or a goer as i see it in the future they will have more and more of these electric cars. So a real classic could be come even more value maybe ??

    So in all cash in hand pension when time comes and the joy of owning it until then.


    Your thoughts please :)
     
  2. weldingnovice Member

    Messages:
    27
    Location:
    Northeast
    If anyone asks it's got to be for pleasure only or capital gains is due when sold.
     
    W.olly likes this.
  3. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    i get your point, but i only deal in cash ;)
     
  4. I guy I knew ran a crane hire business, every cash job he did he bought a British bike and paid to have it restored to mint, it was what he called his fun pension pot. He had a collection of about 30 bikes and 4 classic cars, all in tip top condition.
    Sods law says he got throat cancer in his early sixties and his estate got hammered by capital gains and inheritance tax after he died.
     
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  5. CompoSimmonite Member

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    3,769
    Location:
    Werrington, Stoke-on-Trent
    Buy the car because you want it and not as an investment - and certainly not as an alternative to a pension.
     
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  6. CornishPete Member

    Messages:
    344
    Location:
    Huddersfield
    Only trouble I can see with your plan is that it only bears fruit when you sell it!
    Imagine after you spent 15 years restoring it, you won't have been driving it, then when it's drivable and beautiful, and you've got lots of time to enjoy it, will you be able to sell it? I know I wouldn't. I'd rather sell the house and live in a caravan than sell my toys!
     
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  7. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    That would be my luck but hey ho, be fun getting there.


    Reason i want a C3 Vette, it would be aswell as a pension not the alternative.

    Why a bad idea ?
     
  8. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    Well i would plan to have it done in reality a good many years before i sell it so time to enjoy it for a while then.

    I get the point there aswel, having a nice car you spent time on and having to sell it. Been there a few times already infact.
     
  9. weldingnovice Member

    Messages:
    27
    Location:
    Northeast
    Since the crash in 2008 one of the best performing investments. Not sure about the corvette but pretty much any top spec model of car is likely to only go up in value.

    A car dealer that I know and did a lot of work for laughed at me when I kept telling him to buy up any and all RS model Fords, it was say 20 ish years ago. He doesn't laugh now when I mention it and he sees my car.

    Can't edit pics on my computer or would stick up a pic of my mk2 RS2000 custom I bought in 88. Not putting reg on display here paid £2800 then, it's worth a bit more now YB motor, T5 box etc. etc.
     
    W.olly likes this.
  10. keithski122 Member

    Messages:
    727
    uk
    Not sure about a pension fund value but buy the best condition available as restoring a car would probably cost more than its restored value.
     
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  11. 8ob

    8ob Member

    Messages:
    2,423
    Location:
    moscow on thames
    Cars are more of a punt than a pension, not saying you wont see a return but classic car prices do yoyo. As a "punt" I would be looking at some of the big hp two door coupes like the v12 BMW`s or Jags.

    Bob
     
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  12. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    What got me thinking abut this again was an old mate collects sovereigns and buys one every month or so depending on cost. He knows his stuff though and whats is an investment. H has hundreds now in a few show cases and some hidden away.
     
  13. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    very true that. My brother bought/imported and still has his Mitsi GTO TT near 10 years ago for 6.5k and the prices have been up and down like mad, but it just coming back up to the purchase now.

    C3 have near doubled in value in the last 15 years or so though. still a car can max out in value i guess.
     
  14. Stueeee

    Stueeee Old git

    Messages:
    249
    Location:
    N W Kent
    I'd only buy a car for the fun of driving and the joy of owning, then any increase in value would be a bonus. It's difficult not to see what's happening with some classic car values now as a bubble caused by people pouring investment money into them. Look at the crazy prices old Jags were fetching in the 80's before they crashed to earth - I wouldn't want that to happen to my pension.
     
    W.olly likes this.
  15. Gritineye Member

    Messages:
    771
    Sussex UK
    A big problem with your plan is that your pension may get involved in a crash, catch fire, or get stolen.
     
    james butler likes this.
  16. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    Insurance, and isnt that what can happen to some banks and pensions providers lol. dont trust many folk me, rather stick in under the bed and loose the interest than the lot.
     
  17. roofman

    roofman "Hey!! calm down calm down"

    Messages:
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    Location:
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    And the tree hugging anti fossil fuel brigade will only let you drive it on a pancake tues once a year and only then if everyone is behind the barrier and the marshals are wearing high viz jackets:( trust me its coming to a country near you:whistle:
     
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  18. colnerov

    colnerov Member

    Messages:
    2,748
    Location:
    Nr Gatwick UK
    Hi, Cars need maintaining to stay in good condition and hopefully hold their value, the problem is cars go in and out of fashion and that affects their perceived value.

    Colin
     
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  19. W.olly

    W.olly Member

    Messages:
    1,695
    Location:
    Radcliffe, Manchester
    BIG money then, a museum piece lol
     
    roofman likes this.
  20. roofman

    roofman "Hey!! calm down calm down"

    Messages:
    5,356
    Location:
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    haha yea thats just it
     
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