UK Pre-Owned Vehicle Parc Could Be Worth £3.7 Billion

Bristol Street Motors has been looking at the estimated value of classics and secondhand cars in the UK. They estimate that the total value of the  vehicle parc is around £3.7bn.

  • Of this total, over £1.5 billion’s worth (£1,505,974,317) are declared off the road through a Statutory Off Road Notification (SORN).

  • This means that 40% of discontinued cars’ total value is tucked away in garages and on driveways, rather than on the open road. Although of course, many could be driven locally and just not get caught by the Police, or Highways Agency cameras, as they avoid A roads and Motorways.

Early Capri, black vinyl roof, 6 clock dash, Halfords spotlights. The business.

Top 10 Most Valuable – Classics Are Worth Insuring

Based on the combined estimated value of licensed and SORN vehicles, Bristol Street Motors have uncovered the top 10 most valuable out-of-production cars and older classics – even mundane models in the past – are now rising in value.

  • The Ford Escort takes the top spot as the UK’s most valuable discontinued car. Selling for £9,876 each on average, the collective total of licensed and SORN vehicles in the country is £592,560,000, says Bristol Street. It’s worth noting that the variance in value between a Mk 4 1.3 Escort GL and a fully restored Mk 1 Escort 1600 Mexico is about…half the annual GDP of Mexico.

  • The Vauxhall Zafira, Ford Ka and Vauxhall Vectra, which were all discontinued in the 21st Century (as late as 2020 in the case of the Ford Ka), make up numbers 2-4 in the list, the cars benefit from having a larger number of available models, as well as a shorter time for the cars to go out of circulation. IE will go out on a limb and predict that the humble Ka will never be a sought after classic, at least not in the same way the early Austin/Morris Mini 850/1000/1275 is.

  • The Austin-Morris Mini is the highest-charting model of the last century, taking fifth place. Popular in the 1960s until production halted in 1968, sales of the car today average at £8,249 each, with licensed and SORN vehicles worth £216,948,700 combined.

  • Averaging at £14,592, Ford Capri is worth the most at auction at this present time, between January 2020 and February 2022, the average price for a Ford Capri, is just under £15,000 – says Bristol Street. The bigger 2.0/2.8/3.0 engine models are naturally the most valuable classic Capris.

405 T16 GTi – true classic

Top 5 Discontinued Models Most Likely to be Off the Road

Using research from the latest Departmenf for Transport, Bristol Street Motors have uncovered the following top five discounted models most likely to be off the road. These include the humble 1990s “Dad Taxi” the Peugeot 405, which tend to have sound engines, but duff electrics and rotten bodywork after 30 years or so.

  1. Peugeot 405 – 86%

  2. Austin Metro – 83%

  3. MG Metro – 83%

  4. Austin Maestro – 82%

  5. Ford Sierra – 81%

Interesting that three of those cars are BL models. There are still plenty of cheap parts around for the older BL cars, which makes them ideal as winter projects. Many owners will imagine that values will rise over time, which makes them worth insuring as spares/projects on laid-up cover. Brokers who use technology to automate the average values of classic cars as “spares or repairs” projects when sold at auction, will have the best chance of offering automated PAYG cover to enthusistas in future.

In the latest Department for Transport research, 474 Peugeot 405 cars were currently licensed, compared to 3,000 that are on SORN. This means that 86% of these models are off the road in the UK, the most compared to other discontinued models.

Everyday Stuff

Bristol Street Motors have also uncovered the following top five models currently licensed in the UK and still used as everyday transport:

  1. Vauxhall Viva – 98% (modern revival not the 60s original)

  2. Vauxhall Zafira – 90%

  3. Ford Ka – 85%

  4. Fiat Punto – 80%

  5. Citroen Xsara – 75%

Nearly all this stuff is mainstream, not classic. Owners are looking for cheap motoring, and cheap insurance. It isn’t an enthusiast driven market. Separating the classic collector from the commuter is in the data. Brokers just have to collate it and then tailor the cover to fit the typical usage.

About alastair walker 8713 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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