Should I hire out my classic car?

At Great Escape Classic Car Hire in early autumn and January we see a sudden increase in enquiries from owners who want to hire out their cars. So we’ve put together a helpful informaton pack that is designed to enable enquirers to decide whether hiring out their classic is right for them. You can request a pack by calling Graham or Jamie on 01527 893733.

If you’re considering hiring out your classic car, here are some pointers to help you decide if it’s right for you.

Your objectives in hiring cars will dictate what cars you hire and how we hire them for you. Classic car hire can be a way to cover the cost of a classic car you own or a way to buy a car you might otherwise not be able to justify. But if you are looking for an investment then we would recommend a different selection of cars. Classic car hire can also be an useful way to earn a second or third income or a small retirement income to supplement your pension. At Great Escape Classic Car Hire we have structured different models to suit these different goals. It is important to be aware of the risks in hiring your classic car. Although the risk of damage or loss is significantly less than most people expect, it remains the biggest challenge when considering whether it is right for you. At Great Escape we have systems that ensure our cars are cared for by customers but we cannot eliminate the risk If you are worried about other people driving your cars or consider the possibility of damage too great, then perhaps classic car hire is not for you. Alternatively, if you accept the risk and are happy that the insurer will repair the car to the same or better than condition, then you will sleep easy when your car is on hire. We generally prefer not to hire out cars that are in concours condition or are highly prized possessions. Good cars for hire are in good cosmetic condition, perhaps with some defects, but are mechanically reliable. Reliability is difficult to achieve with a classic car because most cars are used sparingly – they may seem reliable until they are subjected to hire mileages. There are no right or wrong cars for hire but some cars are much better than others. When considering the potential of a car, it is important to bear in mind your objectives. If you are happy to merely cover the cost of hire and maintenance then you will have a wider choice of cars to consider. If you want more of an income or a return on investment then your scope is more limited. At Great Escape we have years of data to demonstrate which cars work well and we have a large wish list of cars we would like to add. We have developed an information pack for classic car owners to help them decide which option for hiring their cars is best for them and an income/cost model to help analyse the returns. For more information call Graham or Jamie on 01527 893733 or visit Great Escape is the UK’s largest classic car hire company with a fleet of 50 classic cars for hire from 6 UK locations. We have 5 years experience of hiring cars on behalf of owners and we operate the largest fleet of leased in cars.

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