Is It Possible to Lease a Classic Car?

Filed under: Classic News |
The process of leasing is desirable for several reasons. 

You can get a brand new and reliable car for monthly fees on contracts that range between one and five years. You don’t have to pay a massive lump sum on a car that’s constantly depreciating, you don’t have to commit to decade’s long financing options, and you have the option to change your vehicle regularly. You also have coverage for unforeseen costs like services and replacement parts. And tax? Well, it’s already paid for.

The figures clearly demonstrate the benefits of leasing a car. Leasing has seen a steady rise in popularity in recent years, up 14% in 2019. Whereas leasing used to be a much smaller consumer market, many are starting to understand just how great an experience car leasing can be.

Traditionally, when we think of car leasing, what comes to mind is a shiny new BMW or sporty Audi. For classic car fans, this isn’t all that appealing. But, conversely, the advantages of leasing are going to be attractive to anyone — especially if you already own a classic car but would rather not use it as your primary method of transport; for commuting or day-to-day travel. 

So here’s the question:

Can You Lease a Classic Car? 
This makes for an interesting idea. Leased cars are rarely more than a few years old. The advantage of the leasing process is that leasing companies can then sell on cars to dealers as pre-owned vehicles for a good price, making the system viable as a business model and a consumer product. 

Car leasing companies don’t hold on to old cars. It’s not something that makes sense for leaseholders either. Old cars are more prone to repairs and breakdowns, which increases the cost for leasing businesses and therefore, raises premiums on contracts. When the cost of an older car is lower to buy outright, it doesn’t add up to lease one. For leasing to provide that attractive consumer value, the cars have to be new.

So, does that mean you can’t lease a classic car? Not exactly.

How to Lease a Classic Car
You aren't going to be able to lease an original Fiat 500 circa 1957, but age doesn’t make a car a classic. Car enthusiasts define classics, and as a result, certain models of car are classic, even if they are new. 

The Mazda MX-5 — as an example — is a purebred classic. It’s been around since the 1980s and has the pedigree of being one of the world’s most-loved sports coupes. Everyone who is anyone in the petrolhead community knows about the MX-5. Even if you’re driving around in a 2019/2020 model, you’re still driving a motoring classic.

What about the legendary Land Rover Defender or a classic Jeep Wrangler? They’ve been updated since they first launched, but they still retain their charm, style and character. Not to your taste? Nobody can doubt the classic nature of the Ford Mustang. It’s gone through some redesigns over the years, but it’s still a fantastic classic machine. 

By finding the right make and model of vehicle, you can still lease a classic car to fit with your collection or desires — even if that car isn’t a vintage item. Classic car enthusiasts can take advantage of the benefits of car leasing without having to leave behind their love of motoring history and pedigree.