The classic car industry contributes a massive £7.3billion boost to the UK economy every year, with experts calling for the sector to receive more support amid concerns about incoming tax changes.

New data from the Federation of British Historic Vehicle Clubs (FBHVC) shows that the average classic car owner spends around £4,567 every year.

There are almost two million historic vehicles registered across the UK, with 9.7 million Britons saying they would like to own one.

The 2025 National Historic Vehicle Survey (NHVS) also revealed that 22.7 million people see historic vehicles as an important part of Britain’s heritage.

While there has only been an increase of around 7,000 new historic vehicle owners since 2020, there are nearly 200,000 more owners compared to 2015.

Estimates suggest that there will be around 697,000 classic vehicle owners at the end of the decade, from a current level of 690,777.

The report identified that the average age of a historic vehicle owner is 66, with the FBHVC acknowledging its ageing owner base.

The organisation said it was “critical” that appropriate training is available to support the next generation of engineers and restorers.

READ MORE: Rachel Reeves could launch fresh ‘tax grab’ in Autumn Budget by targeting thousands of drivers

David Whale, Chairman of the FBHVC, praised the importance of historic vehicles to British culture and the economy, with the sector supporting 34,500 jobs.

It also supports 2,700 specialist businesses across restoration, maintenance, parts supply, museums, events and more.

He said: “But we cannot take that success for granted. The average owner is now in their sixties, and we urgently need to inspire and train the next generation.

“Programmes like our new Youngtimer initiative and industry apprenticeships are key to ensuring these vehicles – and the skills to maintain them – survive for the future.”

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Mr Whale also identified that action needs to be taken to improve diversity in ownership, especially in terms of age.

He noted that there had been a positive trend in recruitment and training of apprentices, but called on businesses to invest in measures that will be crucial to success.

It comes amid warnings of potential law changes being introduced in the Autumn Budget, which could see classic car owners targeted.

Shadow Transport Secretary Richard Holden warned that Chancellor Rachel Reeves could look at motoring taxation in a bid to plug a £50billion financial black hole.

The Conservative MP for Basildon and Billericay express concerns that the Chancellor could remove the current 40-year tax exemption.

Mr Holden said it was his “priority” to ensure that the classic car sector is protected in the upcoming Budget and that a “tax grab” is not on the table.

Any cars registered more than 40 years ago are exempt from paying Vehicle Excise Duty (VED), with any made before 1985 escaping charges.

A HM Treasury spokesperson told GB News: “The Chancellor makes tax policy decisions at fiscal events. We do not comment on speculation around future changes to tax policy.”