The eye-watering cost of being a classic car-lover revealed
New research has uncovered the huge amount classic car enthusiasts are spending Down UnderOwners of historic cars in Australia are spending close to $10 billion every year, according to new research, with mechanical repairs and parts some of the main contributors.
That’s according to the latest findings from The Mercurius Group (TMG) on behalf of the Australian Motor Heritage Foundation (AMHF), which surveyed more than 6000 Aussies from over 800 motoring clubs across the country, in a bid to reveal the economic value of the Australian motoring enthusiast-owned historical vehicle sector.
On average, historic vehicle owners were found to spend an estimated $10,240 per vehicle per year, with around half of respondents said to own one historic vehicle and the other half owning two or more.
That equates to around $9.9 billion annually but also works out to be an estimated 12.5 per cent more than the average person spends on their daily driven vehicle on an annual basis.
According to AMHF, the historic vehicle fleet represents around 4.4 per cent (or 970,000) of Australia’s total vehicle fleet – the latter of which sits at around 21 million – yet brings significant economic benefits, said to provide around 80,000 jobs across the country, able to generate around $6.2b in wages and salaries Down Under.
“The findings of this report have certainly highlighted the significance of the historic vehicle sector to both the community at large and the economic sector,” said Chairman of the AMHF Hugh King.
“In carrying out this study, we have shown that the historic vehicle movement is a large and vibrant part of Australia’s society and economy.”
The Motor Traders’ Association of NSW (MTA NSW) chief executive, Stavros Yallouridis, said the automotive sector is one of the backbones of our economy and is also at the heart of our communities.
“Despite the end of local vehicle manufacturing, Australia maintains a rich and diverse automotive industry, which employs hundreds of thousands of people across a range of roles,” said Yallouridis.
Key takeaways from the AMHF report:
- It is estimated that there are approximately 970,000 motoring enthusiast-owned historical vehicles in Australia out of a total fleet that we estimate is around 21.8m vehicles (4.4%);
- The owners of these vehicles spend, on average, $10,240 each per vehicle owned – around 12.5% more per vehicle (excluding financing costs) than owners of regular vehicles
- The three largest areas of expenditure on motoring enthusiast-owned historical vehicles are mechanical repairs, parts & accessories, and bodywork
- The impact of motoring enthusiast-owned historical vehicle expenditure creates 78,670 jobs across the country (42,150 direct and 36,520 indirect). Those jobs generate $6.2b in wages and salaries ($2.8b direct and $3.4b indirect).
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