The Press and Journal (Inverness, Highlands, and Islands)
Conversion to EV could see boost in classic car values
In the modern age, there’s a lot less room for nostalgia. Nobody with a smartphone needs a pager, while the dawn of GPS and satnavs puts paper maps in the backseat.
However, despite the swift electrification of cars, it seems there’s plenty of time and fondness for retro motoring – and some entrepreneurs have found a way to make electric match vintage.
A growing number of UK startups and specialists are taking classic cars and replacing their traditional powertrains with battery packs and electric motors.
But can it add value to the car? To find out, leasing experts Vanarama looked at the value changes for a range of EV classics, with input from the world’s largest converter, Electric Classic Cars,
BOOST IN CONVERTED EV CLASSIC PRICE
Despite having the jointcheapest standard cost at £5,000, the MG MGB
Roadster has the highest value change of more than 2,000%.
The battery-powered two-seater, created by bespoke EV builders RBW, has an asking price of £108,000, 20 times more than the original.
But higher EV prices don’t necessarily indicate a higher value increase. An electric Aston Martin DB6 will set you back just over £730,000.
MORE POTENTIAL IN LESS VALUABLE CARS
Bafflingly, the DB6 shows the lowest price increase of any model in the research with a gain of ‘only’ 129%, due to the DB6 already being a highly sought-after classic, with non-electric prices averaging £320,000.
Less valuable classics, such as the Nissan Bluebird and Rover Mini, offer more potential for profit.
Despite standard pricing sitting around £5,000 and £10,000 respectively, models converted to electric are showing jumps in value of 700%.
Although some of the value increases suggest there’s shrewd business to be had in the EV conversion game, they don’t reflect the costs in doing so.
While conversion kits are available from around £10,000, that fee often doesn’t include all components (motor, batteries, charger etc.) or even the cost of getting someone to fit it. And when it comes to the really high-end classics, such as the Jaguar E-type or the Porsche 911, you may be better off paying a custom builder one bill to sort the lot. Which is exactly what Electric Classic Cars does.
Jon Peck, customer liaison at their Wales workshop, said: “Although there’s scope for making profit, for most customers we speak to it’s a labour of love. With some examples, such as a 1970s Porsche 911 or Mercedes-Benz SL 190, the cost of conversion can come close to, or even exceed, the value of a standard model in good condition. But that’s irrelevant for most of our clients, as they’d never even entertain the idea of selling their prized cars – they just want to enjoy it in a more sustainable way.”
IMPROVEMENT PERFORMANCE
IN
Those considering the effect of a heavy battery pack on the handling and driving pleasure of a vintage motor needn’t worry, either.
Jon says: “We often find that our conversions leave the workshop lighter than they arrived, making for improved use of power and handling.”
When asked if there was room for profit in converting classics to electric, he said: “If you pick the right car to start with, there’s definitely potential. An original Fiat 500 in good condition will cost around £7k-£15k, with an additional £30k for the electric conversion.
“In terms of repurposed classics, £45k all in may well have headroom for selling on.”