Classic car buyers 'defy the credit crunch'

New research has revealed that classic car enthusiasts continue to bid highly at vehicle auctions.

According to British Car Auctions, its latest classic cars event saw the highest bid top £18,425 for a 1979 Ferrari 308 GTS, while a 1967 Volvo P1800S sold for twice its estimated price.

Robin Lawton, Classics from BCA manager, said the event attracted several hundred buyers and saw 37 cars sold, car loan customers may be interested to know.

"A number of cars sold for well above their estimate, which suggests there is a ready market for interesting and unusual vehicles, despite the current economic conditions," Mr Lawton remarked.

Among the other cars on sale were a 1932 Wolseley Hornet Special, a 1986 Sierra RS Cosworth and a 1990 BMW 316i Automatic.

BCA operates 21 auction centres across the UK, including Birmingham, Glasgow, London, Manchester, Newcastle and Nottingham.

It also has centres in a number of other European countries.