The UK has enjoyed a classic car sales boom since the pandemic. Indeed, Hagerty’s Classic Cars Index rose by two per cent in the first three months of 2021 as consumers rushed to invest and enjoy the classic car market. If you have enough capital to get the business running and the knowledge to navigate the market, setting up a classic car business could be a profitable and rewarding venture. Below, we explore why you should set up a classic car business.
Plenty of options
For a start, there are plenty of options available to you when you set up a classic car business. It’s easy for you to find a niche and it’s unlikely that you’ll get bored. Vintage car fairs have become increasingly more common over the years, and you’ll find there are now plenty of opportunities to search for deals. You can scout the options at these classic car shows, or you can search online for specific models you’ve identified as a profit-making opportunity. Just ensure that you apply for motor trade insurance to protect your investments and you’ll be ready to get your business up and running.
Now also represents an excellent time to set up a classic car business. Particularly because there’s a new market emerging for classic cars. Traditionally, classic cars would be the preserve of affluent older generations. However, over the last few years, the market has witnessed millennials becoming more and more interested in classic cars. What’s more, people are now interested in classic cars for differing reasons. While the older generations will be interested in buying a classic car for nostalgia, a millennial might be more intrigued by owning an appreciating asset. By having multiple markets with different interests, the chances of your business succeeding are heightened.
Flexible working location
Many people have craved a better work/life balance since the pandemic and a flexible working location is central to this. Fortunately, setting up a classic car business offers you this possibility. If you’re interested in just selling a few cars at a time, you’ll be able to simply work from home and enjoy a good balance. However, if you find that your enterprise is becoming too busy to operate from home, you still have the option of opening your own premises. Either way, running a classic car business allows you the luxury of being your own boss and setting your working hours.
If you want to set up your own business, running a classic car organisation could be ideal. And by following the guide above, you should be all set to get your company up and running.