There’s been much talk recently about pensions, fuelled – perhaps quite literally – by a government minister’s claim that people should be free to spend their pension pot on a Lamborghini.
Steve Webb, the Liberal Democrats pension minister said people should be “more relaxed” about how they use their own money, before going on to say “if people do get a Lamborghini, and end up on the state pension, the state is much less concerned about that, and that is their choice”.
As you’d expect, Webb received quite a backlash for this comment, with one surprised pensions expert, Margaret de Valois telling the BBC that, with an average pension pot of £25,000 in the UK, she isn’t sure how many Lamborghinis you could get for that price.
She also admitted she hadn’t bought many Lamborghinis recently. Which, we suspect, is probably the same for most of us.
How about a Peugeot 308?
But Margaret de Valois does make a good point. A pension pot would just about get you a top spec Peugeot 308, but you’d struggle to find a Lamborghini. Or would you?
We had a look on eBay and found a gleaming red Lamborghini Countach for £21,995, so perhaps Steve Webb was right after all. There’s only one small catch. OK, there’s actually one large catch…
It’s a Prova Countach, a replica of the real thing. So rather than a thumping great V12 engine, you’ll find this particular Countach is powered by a Renault-sourced 3.0-litre V6 engine and Renault gearbox. Not quite living the pension dream after all.
But hey, with interest rates the way they are, could a classic car provide a potential investment opportunity that would outstrip anything offered by the banks? We’re not financial experts, but a well maintained thoroughbred car would not only hold its value, it could also deliver a healthy return.
Or maybe a Ford Racing Puma?
Investing in cars is a risky business and there are many stories of people losing huge amounts of cash when the markets crashed. But it needn’t be an exotic supercar. You only need to look at the prices being asked for some performance Fords to see that something like the Ford Racing Puma has the potential to go up in price.
And hey, running a great car is far more interesting than watching the fluctuating fortunes of stocks and shares. But then we would say that, wouldn’t we?
*disclaimer – we’re rubbish with money, so don’t take our advice.