What the new UK Government means for classic car ownership

A new government always brings about change, and no more so than Labour’s sweep to power, hanging their election campaign on that solitary word. But what will the newly elected MPs do to, or for, our classic car market? Will there be broad changes, threats, or opportunities in the coming years? We look at what it might mean for classic car owners and the industry as a whole.

Classic car ownership

In essence, not a lot is likely to change for those already owning a classic car, and wondering what will happen to impact their use and care of it. There are many policies that are still being implemented, with no sign of these being overturned or reversed by Labour, which will affect all vehicle users in one form or another.

For example, Low Emission Zones – or similar policies by any other name – will still be put into place, or maintained where already present. These often have exclusions for classic car owners anyway, as long as the vehicle is more than 40 years old and falls into ‘historic’ status, so a large proportion of classic owners will see no change here.

Fuel costs are largely at the whim of global changes, rather than the policies of a single country, and other costs like tax – expected to remain exempt for historic vehicles – and insurance will continue as before… and as they have for a long time.

Should the economy improve thanks to changes implemented by the new government (a large focus on the conditional tense here) than there will likely be more cash around for owners to play with, and classic car ownership is largely a hobby for many owners after all. As such, there may be a little more money to restore and rescue models, reviving projects that may have been put on hold because of the increase in the cost of living over recent years, but again, little will change in this regard that doesn’t impact other areas of life too.

Classic vehicle industry

The UK vehicle and infrastructure regulations were a significant part of Labour’s manifesto, so expect to see some changes here – though again, what will come about is either not really going to impact classic vehicles, or affect road users as a whole.

For example, Labour has said that it will return the planned banning of new petrol and diesel car sales to 2030 – the original date – from the pushed back 2035 timing. This clearly doesn’t impact classic vehicles, since used cars, bikes, and vans will still be able to be bought and sold as before. However, there is expected to be an increase in buyers looking for petrol and diesel models, particularly close to the deadline, so the new car market will see a boost in around four and a half years, before that starts to trickle down to used and classic sales.

Linked to this is the government consultation on changing the regulations applicable to classic vehicles, considering the potential electrification of them, and also the repair and maintenance of an aging classic fleet, incorporating new materials, but retaining historic status with greater work carried out. This remains open, and views are still being sought, with the good news being that there are classic car supporters within the Labour government who understand ownership and are open to hear from classic keepers.

The Federation of British Historic Vehicle Clubs (FBHVC) has now, after the election out come, published its own manifesto to present to the newly formed government, calling on them to protect and nurture what an industry worth £7.2 billion to the country. Included in this is for the government to ‘embrace the DVLA Call for Evidence’, recognise the economic significance of classic vehicles, recognise the social benefits of both owners and enthusiasts, and support clubs’ work to see important vehicles recognised and protected as such, in the same way UNESCO has established for ships and trains. They are also asking for the rolling VED exemption for historic vehicles at 40 years old to at least be continued, and ideally brought closer in line with public perception by moving it to a rolling 30 year limit.

Other changes, such as a pledge to fix pot-holes, upgrade the road network, and tackle the rising cost of insurance – applicable to all vehicle insurance, not simply classics – will all impact, and hopefully benefit, owners if or when these policies are put in to action.

Until then, it’s simply a waiting game, with little to be concerned about for classic vehicle owners for now that is not already being dealt with. And hopefully plenty to be encouraged by. Just make sure that your voice is heard by the DVLA.