Savings on oldies

If you make the right choices, classic cars need not burn a hole in your pocket. They also have the advantage of suffering little depreciation in value.

However, the money saved on the costs of depreciation and insurance ought to be ploughed into keeping the car in a safe and roadworthy condition. The deal on classic car insurance is quite complicated, but, as long as you can meet the various criteria (most prospective owners do), it can be very cost-effective.

For example, insurance brokers Norton Insurances, offers a classic car policy for cars built between 1960 and 1981 and used as second cars, with a limited annual mileage of 3,000. For a 1969 Porsche 911 2.2, garaged and used as a second car and limited to 3,000 miles a year, the cost of the fully comprehensive policy is £446.75 (€567.67) for any driver over 26. For a Volkswagen Beetle on third party only, the cost is £172.40.

Another broker, First Ireland Risk Management, offers a policy for cars older than 1981 with limited mileage options ranging from 1,500 to 10,000 miles a year. Any policy with a limited mileage of up to 5,000 has to be as a second car, but a 10,000-limit means that the car insured can be your only car.

For a 1969 Porsche 911 2.2, limited to 5,000 miles and a driver aged 35, the cost is about £360, fully comprehensive. That cost increases to £430 if the Porsche is lefthand drive, as many of them are. For a VW Beetle limited to 10,000 miles, used as an only car for a driver aged 28, the cost is £328, fully comprehensive.

All of the above quotes are for cars in Dublin and for drivers with a no-claims bonus of two years or more. Policy-holders also have to be registered with a classic car club.