A classic car is an older automobile; the exact definition varies around the world.The common theme is of an older car with enough historical interest to be collectable and worth preserving or restoring rather than scrapping.All cars built before January 1, 1977, are exempted from paying the annual road tax vehicle excise duty.
These are described as "fine" or "distinctive" automobile, either American or foreign built, produced between 1915–19–1948.
In the UK, 'classic cars' range from veteran (pre–First World War), to vintage (1919–1930), to post-vintage (1930s).
There are also terms as "modern customs", "exotics", or "collectibles" that cover cars such as the AMC Gremlin or Ford Pinto.
There are differences in the exact identification of a "classic car".
The Antique Automobile Club of America (AACA) recognizes "motorized vehicles 25 years old or older, which were built in factories and specifically designed and manufactured for transportation use on public roadways and highways." Judging by the AACA evaluates such vehicles to be in historic or that have "been restored to the same state as the dealer could have prepared the vehicle for delivery to the customer." Specified AACA classic vehicles include "fine or unusual domestic or foreign automobiles primarily built between and including the years 19." There is no fixed definition of a classic car.
Two taxation issues do impact however, leading to some people using them as cutoff dates.
These vehicles are generally older, ranging from 15 to 25 years, but are usually not accepted as classics according to the Antique Automobile Club of America.
In the United Kingdom, the modern classic definition is open to the discretion often by Insurance Brokers and Insurance Companies who regard a Modern Classic as a vehicle that is considered collectible regardless of age.
HM Revenue and Customs define a classic car for company taxation purposes as being over 15 years old and having a value in excess of £15,000.