As the number of women drivers on our roads approaches parity with men, it’s only common sense that we’d be buying classic cars in greater numbers as a consequence. By classic cars I’m including ‘cherished’ cars as this ‘classic’ term doesn’t just mean a pristine concours vintage model – it can just as well mean elderly, much loved and often tax exempt.
According to a study of 2,000+ adults conducted by classic car insurance broker Footman James, 26 per cent of women would now consider buying a classic car.
The survey also revealed that over the past two years, the number of women who own classic cars has increased by 40 per cent, with women expected to account for 11 per cent of the overall market by the end of the year.
Footman James’ research also revealed women were savvier when it came to identifying those classic cars that are likely to increase in value than men were.
Female participants successfully identified two of the top five appreciating classics from the past year, while male participants only identified one.
Classic cars no longer a boys club
Liam Lloyd from Footman James said: “Nowadays the classic car market is no longer an old boys club, with female owners proving their savvi-ness when it comes to picking the top performing models. The popularity of mainstream media has introduced a whole new array of people to the world of classics, reflected in the rising interest from female buyers across the country.
“However for any buyer, regardless of age or gender, it’s important to keep a few top tips in mind. Look to buy the best, seek expert advice, don’t be afraid to ask questions and monitor the market. Also, while it’s natural to focus on potential increases in value – it’s just as important to make sure it’s a car you actually like. After all there’s a reason it’s often called a passion purchase.”
Lloyd also stressed the importance of ensuring classic cars were properly insured, as rising values could lead to them becoming under-insured.
Birmingham was identified as the city with the greatest number of female classic car owners, with Tonbridge and then Bristol making up the top three urban locations.
FOXY Lady Drivers Club helps women with advice re buying the right classic car, how to get this valued and how to run and maintain it. FOXY Lady Insurance will happily quote women who want to insure a classic car.