Latest National Historic Vehicle Survey reveals the growing benefit of classic cars to the UK economy
Five years on from the Federation of British Historic Vehicle Clubs’ last report – The £4bn Hobby – hush fell in a quiet meeting room at the Houses of Parliament in Westminster, as details were revealed of the 2016 National Historic Vehicle Survey report. The headline figure of £5.5bn, the annual revenue generated by the historic vehicle movement, builds on the £4.3bn revealed as the result of the 2011 survey – an increase of 27.9%.
The evening was hosted by former Liberal Party leader Lord Steel of Aikwood, the vice chairman of the All-Party Parliamentary Historic Vehicles Group. ‘Some of the figures in this report are quite staggering,’ he said. With some understatement, in fact.
That lead figure defines the significance of what many have called a hobby but is, in fact, a significant area of business growth. Its 27.9% increase proves that the historic vehicle movement is in rude health indeed. What’s more, if you drill down into the statistics, you’ll find that 54% of the businesses operating in the sector expect the growth to continue.
A note of caution was sounded, however, as more than 60% of that same sector is concerned that future historic vehicle legislation will cause problems and stunt potential growth. That very attitude is the reason behind the research, carried out at great length, in considerable detail, and at not insignificant expense by the FBHVC.
Words: Glen Waddington