Owners of classic cars in the UK invested more in their vehicles in 2011 than the previous year, new research has shown.
Classic car and motorcycle insurance broker Footman James has revealed that classic vehicle owners typically spent £1,931 on their motor in the last 12 months, compared to £1,816 in 2010.
Drivers of vintage cars also spent more time using their pride and joy last year, with the average annual mileage rising by over five per cent from 1,962 miles in 2010 to 2,072 miles. This could lead to a rise in demand for tyres suitable for older car models as tyre deterioration is likely to occur at a faster rate.
Andy Fairchild, Footman James' managing director, was encouraged by the results of the survey as they showed that classic car enthusiasts are still able to invest in their vehicles despite the difficult economic climate.
He said: "What is interesting about the survey results is that classic enthusiasts, while spending more, are clearly spending their money carefully, particularly on essentials.
"This suggests that enthusiasts are looking to keep their essential purchases down, allowing them to increase their discretionary spend instead."
Over 3,500 classic vehicle owners took part in the survey.