Petrol costs are generally similar to an equivalently powered modern-day car. Interestingly, many classic cars can be converted to run on LPG, using the same procedure as modern-day cars. This will obviously have a positive affect on annual fuel costs.

The cost for replacing headlamps, radiator grills, bumpers etc. is usually considerably cheaper than that of modern-day cars. A typical rear lamp for a Morris Minor will cost in the region of £25, replacing the counterpart on a modern model can easily run into the hundreds! Therefore, the cost of minor repairs is also something that benefits the classic car owner.

Another not so obvious reason for choosing a classic car over a recently manufactured one is the advantages this has on the environment. It is widely believed that the overall carbon footprint of nearly every modern car has a great deal to do with their manufacture. So by choosing to re-use an already existing model you are undoubtedly doing your part to benefit our environment.

Furthermore, many of the components that make up today’s cars are designed to be binned and replaced on fault, hardly fitting with the “eco-friendly” lifestyles’ that we are encouraged to lead. Faults with older cars though, can usually be resolved by disrupting a much lower proportion of the vehicle.

Lastly, there is the social aspect of owning a classic, from like-minded individuals flashing their headlights at you to joining an owners club or attending any one of the hundreds of events – owning a classic can be very enjoyable. Such clubs and events are amass with knowledgeable owners who are often more than eager to offer a helping hand to those new to the hobby. Moreover, the larger make-specific clubs are an excellent place to pick up rare parts.

As you can see there is much more to owning a classic than you may have first thought, it's important to note that all of the financial advantages relating to insurance and running costs are based on the premise that your classic will be of a high standard and well looked after.

The internet is an excellent place to read more about classics as well as finding classic car insurance, many of the larger car insurance comparison websites offer such features.