Cost of running a classic car compared to a new car

Practical Classics magazine recently produced an excellent article comparing the buying, running and depreciation costs of a new Ford Focus and a 3.0 litre Ford Capri. The conclusion was that over 3 years you could save nearly 3000 pounds if you bought and used the classic.

I have over the last four years ran a classic and new car and thought that the figures in Practical Classics were a bit too simplified and did not include all of the costs so I decided to see how much it had cost to run both cars a 1969 MGB GT and a 2003 MG ZS. Both have similar size engines although the MG ZS does get better miles per gallon than the B GT.


  MGB GT
VERSES
MG ZS 120+  

The following tables are the rounded up costs to the nearest pound of all the running costs associated with the 2 cars based on 4 years running and 30000 miles. The depreciation on the MG ZS is based on the fact the car was bought for 12000 and sold recently for 3000.

 
Description of Cost
Cost per year
Total cost over 4 Year
 
 
Depreciation MGZS 120+
9000
 
 
Insurance
400
1600
 
 
Road Tax
180
720
 
 
4 Tyres
240
 
 
Exhaust
140
 
 
Front and rear brake disks
300
 
 
Dealer service
200
800
 
 
Intrest charges
750
 
         
 
Total 4 year cost
13550
 


The deprecieation of the MG BGT is based on a purchase price of 3500 and a rough value now of around 3000 as it is still in good condition and the average price for cars for sale is around this value.

 
Description of Cost
Cost per year
Total cost over 4 Year
 
 
Depreciation MG BGT
500
 
 
Insurance
120
480
 
 
Road Tax
Free Tax
0
 
 
4 Tyres
120
 
 
Exhaust Stainless steel
150
 
 
Front brake disks
100
 
 
Home service parts only
80
320
 
 
Intrest charges
300
 
  Extra Fuel costs   500  
         
 
Total 4 year cost
2470
 

As can be seen there is a large difference in running costs between a classic and a new car, the biggest chunk is depreciation and this figure might be smaller for a different make or model.

Even if the depreciation is ignored the cost to run the ZS is 4550 where as the MG BGT is 1970 so it costs more that twice as much to run the new car. This is due to the price of most things to do with the classic being cheaper (insurance, service costs tyres etc)


 


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| Updated 28 Dec-2007 |