I’m not a big fan of cars. I just never really got interested in them when I was growing up and couldn’t even tell you where to put the windscreen wash when you open the bonnet (hood for our American friends who may be reading this).
It’s a Classic!
By Michael Doyle
This article is published on: 23rd October 2024
However, I can look at a car and think “Oh that’s nice”.
Saying that, a funny thing happened to me the other day while I was out walking in Luxembourg: a classic car passed me on the road and then I passed two others which were parked.
These were all beautiful cars. So much so that I stopped and looked in the window of the third car, which was an old Jaguar. The owner had kept it beautifully – the leather was still top quality and the look inside was fantastic.
Then it struck me. This car is probably expensive to keep and doesn’t have any great features.
There was no place that I could see to charge your mobile and the sound system looked like it couldn’t even play an old tape or CD.
Then I was thinking about why some people come to see me for financial advice and often it’s because they have an investment which is a classic.
These old investments were the only ones available when they took them out but:
- Did not allow for withdrawals until the end of the term
- Had an initial 5%-7% fee for every premium invested
- Had high running costs
- The investment company had little to no contact with the client
Products these days see a minimum of 100% of your investment invested from day one. They offer flexible access without penalty. We can add a specialised fund manager to take care of the investment. Typically, they have much lower running costs.
So, take some time today, gather up all of your old classics and I’ll carry out a full review and can show you if we can move these to a more modern investment where we can add both value and growth.