Six months on from preliminary finding, the value of NZ’s old vehicle sector has risen significantly.

COMPLETED analysis of a study into what the national classic car sector is worth to the country has added $5.5 billion to a preliminary valuation shared six months ago.

The NZ Federation of Motoring Clubs (FoMC) says the sector being actually worth $16.5 billion adds weight to argument about need to protect a thriving scene that is valuable for employment and numerous opportunities.

The valuation comes from a survey undertaken between June and July 2023 by Glasshouse Consulting. The original value, of $11 billion, was expressed when the preliminary findings of that poll were amassed last September.

The exercise saw 15,500 respondents from car clubs, club members, automotive museums, owners of private collections, businesses and the public.

Federation president Garry Jackson, a retired Ford New Zealand executive, says the new figure reflects additional in-depth data analysis since the early preliminary results, together with new insights from NZTA data.

The closer appraisal revealed the earlier projection of the sector carpark containing 279,000 vehicles was “too conservative”. The more accurate tally was considered to be 369,000 vehicles.

“The fact that the full report … is almost 150 pages long is testament to the level of research, analysis and considerations that they have applied. In a small way it also validates the view of a few experienced observers who had commented that our early footprint estimate of $11B was possibly understated”.

The research covered five distinct broad vehicle categories: Veteran and vintage cars; classic cars; hot rods and customs; vintage and classic motorcycles; and vintage tractors and trucks, agricultural machinery and military vehicles. 

Jackson says the full survey report reveals a number of interesting and relevant themes. It clearly highlights the personal and substantial commitment of NZ’s historic and classic owners in terms of their vehicles (average value $52,500 per vehicle), the fact that each owner averages over three vehicles, and the level of annual expense on their vehicles (usually $20000 or more). 

It also confirms the sector’s low carbon footprint, with those vehicles that are driven (and not all are) averaging 3700km per year. 

Also highlighted, Jackson says, is the “important and significant role that NZ’s motor museums and private collections play”.

“Somewhat surprisingly the public at large research tells us that 25 percent of NZ households have visited a museum in the last 12 months. 

“For the first time ever, the survey also places an estimated (and conservative) value on the national total of private collections, as an important part of the total economic footprint.”

Kiwi love for historic and classic vehicles was plain, with 71 percent of respondents confirming that they see historic and classic vehicles as part of NZ’s heritage, and 26 percent revealing that they would love to own one. 

“The scale of all these headline outcomes, and the detailed numbers, have all exceeded our expectations,” Jackson says. 

“In these times of change and challenge, this … reinforces and quantifies the strength of the historic and classic vehicle sector, and the huge contribution that all involved, from owners, enthusiasts, clubs, businesses, investors and the public at large, make to our economy and our enjoyment of our motoring heritage.”

While the research add to collective knowledge and understanding, the real benefit is that “it strengthens our hand in discussions with Government and agencies as we all continue to work to strengthen and celebrate the contribution that historic and classic vehicles and their owners make to our society, our economy and our heritage.”