Changes to the tax exemption for classic cars are a “wonderful idea,” according to experts.
CLASSIC vehicle tax reform plans are a “wonderful idea” for ensuring that drivers are charged according to “how much they drive.”
Campaigners want the classic automobile tax exemption to be reduced from 40 to 30 years in order to encourage more young people to buy vintage cars. Cars from the mid-to-late 1980s and early 1990s would no longer be eligible for the same tax breaks as they are now.
Campaigners hope that this will inspire younger drivers to purchase historic vehicles, which are generally pricey and out of reach for most people.
Classic car owners should already be paying less tax, according to Tom Wood, spokeswoman for Car and Classic.
He suggested that classic automobile owners buy models to enjoy on weekends rather than as a commuter vehicle.
“I think it’s a terrific concept, the road tax license fund should be proportional to how much you drive,” he told This website.
“In general, everybody who is a vehicle aficionado buys one of these cars for the weekend, whether it’s 30 years old, 35 years old, or 60 years old.
“They’re buying it so they can take the kids out for the weekend and enjoy themselves.
“They aren’t buying it as a commuter vehicle; they aren’t going to put 100 miles on it every day.
“As a result, they should probably pay a lower road license fee.”
According to data from a CEBR research for HERO-ERA in December 2020, classic automobile owners drive an average of 1,200 kilometers per year.
This is a small portion of the 7,200 kilometers driven annually by UK motorists.
According to data from Antique Car Weekly, the historic tax exemption has resulted in more classic cars being saved.
Stephen Hearse-Morgan, a 22-year-old classic automobile enthusiast, organized the petition.
His petition has so far collected over 12,250 signatures, above the threshold of 10,000 required for an official response from the government.
For the matter to be debated in Parliament, a total of 100,000 signatures are required.
“The date shows us that there are vehicles that are even 25 years old that perform like classics in terms of price,” he continued.
“Look at the [Nissan] Skyline and the [Toyota] A86 Corolla; they’ve reached the end of their depreciation cycle.
“Those are 25-year-old autos that are fast increasing in value.
Brinkwire Summary News” says, “They’ve.”