The ‘How Will You Spend Yours?’ competition launched by classic insurance broker Footman James has revealed that if enthusiasts won the £5000 cash prize on offer, most would spend their winnings on another classic.

According to the competition entries received so far, 40 per cent would purchase their dream classic, while 24 per cent said they would spend the money on a restoration project. This compares with 19 per cent of respondents who would opt for a dream holiday instead.

CCM readers can still enter the competition at any of the remaining shows, exhibitions and events that Footman James is attending throughout 2011. And at the end of the season, one lucky winner will receive £5000. All you have to do to enter is head to the Footman James stand at an event, apply for an insurance quote and explain what you’d spend it on.

Footman James sales director Garry Carlin told us: ‘From the competition results we’ve received so far, it’s clear that classic vehicle owners are passionate about their hobby and dedicated to expanding or improving their classics collection.’