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Welcome to our latest news page. Here we'll be discussing what's new in the classic car industry.
Our Showrooms are Fully Open for Business
We are fully open again.
To our Valued Customers
At last, we are now Fully Open and will be delighted to welcome you back into our Showrooms and want to assure you of the measures we continue to take to keep our customers and colleagues safe at all times.
Although fully open, we're limited on the number of people that can be in our showrooms at any given time, so we would encourage you to book an appointment before coming down.
We look forward to seeing you soon.
BREXIT - RED TAPE!
Classic car firms have revealed the toll Brexit has taken in the short time since the transition period closed on 31 December and Britain fully left the EU. Experts have highlighted increased red tape, additional costs and lack of supporting literature to ease confusion around new rules that have come into force as part of the UK's divorce from the EU. These range from cars needing a 'passport', to big VAT tax bills on imported modern classics and added headaches for those exporting collectible vehicles to Europe. Manufacturers, logistical firms, auction houses and collectible motor dealers have all commented on the problems and hurdles they've faced in the last month alone.
Brexit impact on classic and collectible car industry: Manufacturers, transporters, auction houses and dealers have spoken out on problems and hurdles they've faced in the last month
The report into the affect of Brexit on the classic car market has been collated by insurer Hagerty.
It has spoken to various industry insiders to better understand their experience adapting to new rules and the issues they've already encountered.
Cars need their own 'passport' to enter the country
Every vehicle movement from the UK now requires an ATA (Access/Temporary Access) Carnet, which is the equivalent to a passport but for goods rather than individuals.
The ATA Carnet is a bond that guarantees that your items won't disappear after they enter the country.
While it costs just a few hundred pounds, a returnable bond payment of 40 per cent of vehicle value also has to be presented.
Therefore, if the value of a car is £10,000, the bond is £4,000; for a £1million vehicle it is £400,000.
All vehicles imported into the UK now need an ATA Carnet - a bond that guarantees that your items won't disappear after they enter the country
Peter Bonham Christie, founder of Straight Eight Logistics, one of the UK's top historic vehicle transport firms, said the introduction of ATA Carnets was an unforeseen factor ahead of Brexit.
He told Hagerty: 'We could plan for a no-deal, as we knew what that would look like,' adding that he had 'only found out what was in the treaty a week before we had to put it into practice.
He added that around 90 per cent of his time since Brexit has been spent working with the customs agency.
Additional paperwork for exports.
Newly introduced costs and paperwork are also affecting British exporters, Julian Majzub of classic-specialist manufacturer Blockley Tyres told Hagerty.
'The paperwork, aggravation, increase in costs, real delays and inconvenience to customers will impact us.
'Obviously, we'll make the best of it, but I've now got quite a heavy monkey to carry on my back that my competitors don't.'
An ATA Carnet costs just a few hundred pounds. However, a returnable bond payment of 40% of the vehicle's value also has to be presented. Therefore, for a £1million car, it is £400,000
VAT on used cars from Europe for modern classics
Dealers serving the enthusiast market have not been greatly affected by Brexit so far, one business said.
It's a quiet time of the year for classic sales, and British buyers tend to favour right-hand drive cars from the home market.
However, for those selling more expensive cars, things are different.
'Our business is very international,' said leading collector car dealer Max Girado
'The new rules are quite draconian, and everyone is getting used to them. With time we will all adapt, but from a business perspective, Brexit has not helped us in any way.'
Dealers of more modern collectible cars have their own specific issue - the addition of a 20 percent value-added tax (VAT) to the import of used cars from Europe that are less than 30 years-old.
'This is a real problem,' said Edward Lovett, leading dealer, and founder of Collecting Cars.
'A buyer searching for a rarer modern performance model might typically have looked in Europe. Now that comes with a hefty additional cost.'
Auction houses have said they have yet to see much impact when arranging events, though the beginning of the year is a quiet time for classic motor sales
What's been the impact on classic car auctions?
UK-based auction houses have historically held sales all over Europe and also welcomed EU-consigned cars to British auctions.
However, new rules now mean that cars - as well as rostrums, speakers, and other paraphernalia required to host sales events - will have to be temporarily imported, with all the extra paperwork that entails.
Hagerty asked Mark Perkins, founder and managing director of Historics auction house, about the impact Brexit has had on preparations for its Monaco sale scheduled for 23 April.
'Significant collector car consignments have already been sourced from UK vendors, together with serious consignment interest received at our UK and European offices by non-UK domiciled vendors,' he said.
'Three months before the sale, it's too early to comment meaningfully on bidder registration but that again will give us some useful insights into UK/International buying patterns.'
Many in the industry claim the rules still aren't clear and it is 'impossible to find answers in official literature'
Many in the industry claim the rules still aren't clear.
Whether UK historic vehicles are still exempt from EU low-emission zone regulations, whether spares can be boxed together under one carnet, and what happens to them if they're used rather than new; the answers are 'impossible to find in official literature and will only be discovered later, as the rules are tested,' Hagerty said.
However, the pandemic could be unexpectedly acting in the industry's favour as lockdown has given breathing space to many as they investigate how it all works.
'How much of the downturn we have yet to feel is Covid and how much is Brexit?' asks Julian Majzub.
'The British Government say everything is down to Covid, but when the country comes off furlough in June, we'll see the state of things and where unemployment really is.'
John Mayhead, head of UK valuations, said summer 2021 looks set to be a 'watershed for the UK historic vehicle community'.
He explains: 'What effect this may have on the average enthusiast is yet to be seen, but most seem determined to work around the problems and get back to normal as soon as possible.
'The UK has always been a mainstay of the classic car industry and it seems our industry is determined to succeed; whatever barriers are put in front of them.'
PUBLISHED: 08:00, 14 February 2021 |
Porsche Announces Plans to build the 911 Speedster
Porsche Announces Plans to build the 911 Speedster - Concept car unveiled in June to become a reality.
The model here is the concept edition of the Speedster but it’s likely the production model will look very similar. Whilst the chassis, engine and gearbox are borrowed from the GT3 (a naturally-aspirated flat-six producing over 500bhp), the body is based on the Carrera 4 Cabriolet but with shortened window frames, a more steeply-raked windscreen, a carbon fibre rear deck and carbon front wings. It has also been given new 21-inch centrelock wheels, red-tinted daytime running lights, red headlights and a black leather interior. Hopefully, it will keep the Guards Red exterior reminiscent of the 911 Speedsters of the 1980s.
The Speedster will go into production early next year. And we can’t wait to see the result.
Ferrari 250 GTO sells for £48.4 Million!
It’s been only a few days since everyone began bemoaning the absurd price of the Bugatti Divo. At £4,500,000, it’s expensive enough to make even
the most ostentatious of oligarchs swallow their Adam’s apple in shock.
The car that sold just yesterday at an auction in California however makes the Divo look like a bit of Primark amongst Armani.
This very beautiful Ferrari 250 GTO you see here - sporting the rather lovely Series II body - just sold for an absolutely gobsmacking $48.4MILLION!!
That’s just over £37,500,000 for those of you on this side of the pond. In other words, you could buy 8 Bugatti Divos for the price of this
one car and still have £1.5million change!!
This breaks the record for the most expensive car sold at a public auction. Notice the use of the word “public”, because a couple of months ago
at a private auction, a different 250 GTO sold for a staggering $70MILLION!!
The GTO that sold yesterday is a particularly special one, as it was the 3rd of the 36 cars to come off the production line.
It was then thoroughly put through its paces by Formula 1 world champion Phil Hill in preparation for the 1962 Targa Florio.
We can only presume his testing did some good, because the car went on to win the TF for the following 2 years, and it also won
the Italian National GT Championship in 1962.
Today, it still retains its original engine, gearbox, and body. Having been in the collection of Gregory Whitten for two decades,
it’s now gone to another home for the price of nearly fifty-million dollars!
Photo credits: RMSotheby's
Tom Hardy @ Classic Chrome Today!
Classic Chrome is the place to find lots of Celebs.....
Tom Hardy just posted this photo on his Instagram page of him and his friend with the Audi R8 @ our showrooms this morning -
Driving Requirements in Europe
Take a journey through this quick guide to what you need to know for your European destination.
Click here for an interactive map
New MOT Rules effective 20th May 2018
MoT exemption changes 2018: 13 things you need to know
On 20 May 2018, the UK's MoT laws will undergo a major overhaul with significant consequences for classic car owners.
So what's happening? And how will the changes affect you?
Well, it's complicated.
But don't worry, we've broken it all down for you in this simple guide below.
1. Classic cars more than 40 years old will no longer need an MoT...
This is the big one for classic car enthusiasts. Whereas before only cars first registered before 1960 were exempt from needing an MoT, the new rules apply to any car first registered more than 40 years ago – with some exceptions, which we'll go into below.
That means that most cars first registered before 20 May 1978 will no longer need an MoT once the new regulations come into effect. What's more, the '40 years' rule is a rolling date. So if your car was first registered on 1 June 1979, you won't need an MoT after 1 June 2019. And so on.
2. ...unless they do
As always with these things, there are exceptions. Lots of them.
The main one, which created a fair bit of confusion when the changes were first announced, is that the 40-year rule does not apply if the vehicle has been substantially changed in the past 30 years.
There was, obviously, some consternation about this clause – what constitutes 'substantial change'? – but late last year the government clarified the issue.
You can read the full government guidelines here (warning: they're long), but in short, the rules state that 'substantially changed' refers to the technical characteristics of the main components being altered, where the 'main components' are:
- Chassis and Monocoque bodyshell changes
- Axles and running gear, specifically alterations of the type/method of suspension or steering
- Engine changes, although merely changing the cubic capacities of the same basic engine should be fine
3. There are loads of exceptions to the exceptions
To further complicate matters, the 'substantial changes' rules are themselves subject to lots of sub-clauses. For instance, they won't apply if:
- the changes were made to preserve a vehicle where original parts are no longer available
- the changes were made when vehicles of the type were in production or in general use (within ten years of the end of production)
- changes were made to axles and running gear in order to improve efficiency, safety or environmental performance
4. Certain other types of vehicle are not exempt, even if they haven't been substantially changed
There are several of these, but the most common will be commercial vehicles, with the rules stating that "large goods vehicles (i.e. goods vehicles with a maximum laden weight of more than 3.5 tonnes) and buses (i.e. vehicles with 8 or more seats) that are used commercially will not be exempted from periodic testing at 40 years".
Vehicles that are still in production are not exempt, either – though we're struggling to think of many models that have been in production for more than 40 years anyway.
Cars (and motorbikes) with a Q registration will also still need to be tested, as will kit cars assembled from different makes and models, or kit conversions that add new parts to old, and 'reconstructed classic vehicles' as defined by the DVLA.
However in each of these four cases, if your vehicle is taxed as a historic vehicle and hasn't been substantially modified in the past 30 years, it can still be considered to be a Vehicle of Historic Interest (VHI).
Still with us?
5. Classic cars which didn't need to be MoT tested before may now need to be
Oddly, given that so many more cars now won't need to be tested (estimates put the figure at 293,000 more exemptions), there are some older cars that will now fall foul of the regs.
Until the 20 May changes, most cars first registered before 1960 were exempt from the MoT laws. After 20 May, the 'substantially changed' rules will apply. So if you own a 1959 XK150 that's got a different engine in, you'll now need an MoT to be able to drive it on public roads.
Then again, if you own a 1959 XK150, why have you put a new engine in it anyway?
6. Even if you don't need an MoT, you will still need to keep the car in good nick
This one's obvious, but the rules clearly state that you are still obligated to "keep the vehicle in a roadworthy condition".
They also suggest they you can voluntarily get the car tested, and that's certainly something we'd advise unless you really know what you're doing.
7. To get exemption from the MoT you'll need to register as a Vehicle of Historic Interest (VHI)
When taxing your car, you'll need to declare that it is exempt from the MoT process, and confirm that it has not been substantially changed in the past 30 years.
You'll also need to have registered it as a VHI – which you'll do at a Post Office by completing a V112 declaration form.
If it's not registered as a VHI or has been substantially changed, you'll still need an MoT to keep driving it.
8. Not everyone is a fan of the new rules
So why are these changes happening? Well, it's ultimately down to the Department for Transport, who say that historic vehicles are generally well maintained and used mostly for short journeys, and that the modern MoT is no longer relevant to cars over 40 years old.
But clearly, many people in the classic car world don't agree. The DfT consulted with 2141 individuals, clubs, trade bodies and businesses before making its decision, and of those just 899 were in favour of extending the exemptions, with 1130 opposed.
Many of those questioned cited safety concerns, although the option will remain for owners of pre-1978 classics to voluntarily submit their vehicles for an MoT. It's worth noting, though, that just 6% of owners of pre-1960 vehicles – those currently exempt from the test – still undergo testing.
The Federation of British Historic Vehicle Clubs (FBHVC) was heavily involved in the consultation process – you can read some thoughts from them on the issue here.
9. There are plenty of other MoT changes coming into effect
This is one of the biggest overhauls of the MoT process for years, with changes that will affect every car on the road. The exemptions for classic cars are among the biggest differences from the previous regulations, but every driver, however old their vehicle, should be aware of the new rules.
10. Most of the changes are to comply with EU laws
Regardless of where you stand on the whole Brexit thing, it's a fact that right now the UK remains part of the EU – and that means we have to comply with EU Directive 2014/45, which comes into force on 20 May 2018.
Not only could the government receive substantial fines for failing to comply, but drivers without an EU-compliant MOT might not be allowed into other EU countries.
All that said, the change that we're mostly concerned with here – that which affects classic cars – is purely a UK government decision.
11. The new MoT test will be more rigorous
Assuming you own a post-1978 classic, or have substantially changed your vehicle in the past 30 years, you'll need to get to grips with the new test.
The main change is that MoT testers will use a new system of recording faults, with all defects categorised as either Dangerous, Major, or Minor.
A Dangerous or Major defect will mean that the car can not be driven until it's repaired, whereas a Minor one should be repaired but can be driven in the meantime, and won't result in a fail. Testers can also still give Advisories if they choose.
The results will also now be presented in new, simplified forms.
12. Diesel cars will find it tougher to pass
The war on diesel isn't going to end any time soon, and the new rules state that you'll get an instant Major fault and a fail if there's any smoke coming from the exhaust at all. You'll also get a fail if there's any evidence that the diesel particulate filter (DPF) has been tampered with.
Emission levels will be tested against the manufacturer’s plate value, and if there isn't one then the tester will use a new – and lower – default limit.
13. You should probably read the full government guidelines
We've tried to cover everything here, but as we've said there's a lot of info and many, many exceptions and clauses. So we suggest you check out the government's full guide to the changes if you think they're going to affect you.
Jennifer Saunders Tweet on our 'electric' Fiat 500
Classic Chrome's 'Electric' Classic Fiat 500's are coming...
Classic Chrome's new venture - 'Electric Classic Fiat 500's' are arriving this month!
Prices will start @ £25,000 depending on specification...
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