Aussie enthusiasts spend $10 billion on classic cars

An Australian survey surrounding a popular hobby suggests people spend more than $10,000 per year on the things they love, creating a $10 billion industry.

Australian car lovers spend nearly $10 billion per year on classic vehicles.

An economic survey of motoring enthusiasts has found that petrolheads spend an average of at least $10,000 per year on their pride and joy, totalling almost $10 billion around the country.

That figure includes maintenance, restoration and running costs such as parts and tyres – but not the cost of purchasing a vehicle.

Australian car enthusiasts spend a lot of money on their pride and joy. Picture: Chris Kidd

A survey of 6000 car lovers commissioned by the Australian Motor Heritage Foundation revealed owners of historic vehicles spend an average of $10,240 on each vehicle every year.

Hugh King, AMHF chair, said the survey of 800 motoring clubs highlighted the significance of the historic vehicle sector “to both the community at large and the economic sector”.

Classic car shows such Melbourne’s Motorclassica reflect investment in classic cars. Photo: Felix Rieniets

“The response from Australia’s motoring club members has been unprecedented: the

economic modellers at TMG have never had so large a data pool to work with, proving

motoring enthusiasts care as passionately about their historic vehicles as they do having their

voices heard,” he said.

“In carrying out this study, we have shown that the historic vehicle movement is a large and vibrant part of Australia’s society and economy.

“I think I counted 138 surveys that said ‘please don’t tell my wife’.”

The Australian Motor Heritage Foundation estimates that about $10 billion is spent on classic cars each year.

AMHF board director Tom Wheelwright, an said that “if there’s one word I have to use for this survey it is astounding, absolutely astounding”.

“$9.9 billion is the contribution that our supporters are making every year to the Australian economy.

“That’s the money they actually pay.”

Classic Australian cars such as the Ford Falcon GTHO fetch huge sums at auction. Picture: David Caird

Stavros Yallouridis, chief executive of the Motor Traders’ Association of NSW, said the survey was further evidence of the car industry’s contribution to the Australian economy.

“Despite the end of local vehicle manufacturing, Australia maintains a rich and diverse

automotive industry, which employs hundreds of thousands of people across a range of roles,”

he said.

“The automotive sector is one of the backbones of our economy and is also at the heart of our

communities. This survey, and the enthusiastic response, highlights the necessity for Australia

to back its automotive sector with world-class training, local skills development and career

pathways.”