Racing car driver Ben Collins talks to ME & MY MONEY

Race car driver Ben Collins earned considerably more from writing a book about his time as The Stig in Top Gear than from appearing on the hit BBC show.

The former Formula 3 driver and European stock car champion worked as The Stig between 2003 and 2010, where his identity was never revealed and the BBC unsuccessfully tried to prevent the publication of his autobiography, The Man In The White Suit.

While the book was a success, he tells Donna Ferguson that his best financial year came later – as a stunt-driving doppelganger driving Batman’s Batmobile and James Bond’s Aston Martin.

At the age of 48, he eschews pensions for investment in cars – with his latest Arkonik Land Rover Defender for £200,000.

What did your parents teach you about money?

Find work. It was good advice and I avoided student debt by working as a laborer on the roof of Exeter University Library, where I completed my law degree. I learned more on the roof.

Both my parents were hardworking and comfortable when I was growing up. After leaving school, Dad apprenticed and worked his way up to manager of a FTSE 100 company. He was very good at turning a struggling business into something viable. Mother was a nurse in the Royal Navy and became a farmer after retirement.

So from the age of ten I grew up on a farm in Morchard Bishop, Devon. That’s where my love for driving started. When I was 11 I was speeding around on quad bikes, herding animals and moving hay bales.

When I was 13 I went to Blundell boarding school in Devon and loved it. But I would come home and work during the holidays, which was good for me, and fun.

Have you ever had trouble making ends meet?

As soon as I flew out of the coop I wanted to go it alone and not depend on anyone but myself, so there were lean times. I slept on a friend’s bedroom floor for a few months when I first moved to London and looked for work.

Did you earn a lot BBC’s Top Gear?

Top Gear was great fun, but it wasn’t entirely reliable. I never knew how many days in a year I would be asked to work. They gave me everything from one-day contracts to five-day contracts, and I would be asked on very short notice. At the same time, I was also racing – I was part of the team that won the European LeMans series in 2010 – and worked in films as a stunt-driving double.

Have you ever been paid stupid money?

The success of my first book, The Man in the White Suit, in 2010 surprised me. I had never made anything like this before and it was the equivalent of several annual salaries on the show. Newspapers paid for serial rights, and Harper Collins stood firmly behind me when the BBC tried to get an injunction against me and ban the book.

There was a battle over whether I could talk about my identity as The Stig. The BBC didn’t want anyone to know who The Stig was, even though it had already been leaked to the media.

Are race cars well paid as a job?

It can, but not always. Only a small percentage of drivers make it professional and get paid. I was in that group, but I rarely worked for the prize fund. There aren’t really big prizes in racing, but one thing you can try to get your hands on that the drivers justifiably get excited about is winning a Rolex Daytona if you win Daytona. Unfortunately I never did. My car even broke down so I never got my hands on one. The take-homes that mean something are the trophies.

What was the best year of your financial life?

It must be 2013 when I was doing a lot of high paying speaking engagements, making good money as a stunt double. I was James Bond’s stunt-driving double for some scenes in the Aston Martin in Quantum Of Solace, some scenes in Skyfall, one scene in Specter and one scene in No Time To Die.

The four months I spent in Turkey working on Skyfall were also great. I drove a Land Rover, an Aston Martin and a Jaguar, which were treated roughly in London.

While filming The Dark Knight Rises, I rode in one of the Batmobile Tumblers, which was a great “pinch yourself” moment.

What’s the most expensive thing you bought for fun?

An Arkonik Land Rover Defender for £200,000. It’s an investment but it’s worth it. There is a waiting list to get them. They are pure joy to drive.

Engineers strip an abandoned vehicle – in my case a 1998 110 Defender – to its spare parts, restore everything and modernize it sympathetically, but with a 500 horsepower engine.

I bought mine 18 months ago and it is still being made.

What’s your biggest money mistake?

Buying stocks without any idea what I was doing. Five years ago I invested several thousand pounds in a reputable fund with a well-known manager that lost 97%. All you can do is laugh and learn. It’s a painful memory.

The best money decision you’ve ever made?

In my twenties I invested my meager savings in one case of Chateau Lafite Rothschild wine. I bought six bottles for £2,500. I sold five years later and the price had doubled.

Save in one pension?

I don’t trust pensions because the laws keep changing, so I started buying cars instead. There is no capital gains tax on the appreciation of a car because it is a deteriorating asset, unless of course you take care of it. New cars often drop in price unless they are highly sought after, in which case they may go up. After 25 years I feel I know what a good investment is. Besides the Land Rover I have a Lancia Delta Integrale and 911 Turbo.

What’s the one luxury you treat yourself to?

I get the same feeling when skiing as when I race around Le Mans, but with complete freedom. I try to go once a year and Italy is a favorite because it’s good value.

If you were Chancellor, what would you do first?

We are taxed at ridiculous rates, so I would lower the basic income tax rate. I think we should love what we earn more.

Do you donate money to a good cause?

Yes and my time – I am a fan of the Prince’s Trust for empowering young people, as well as Mission Motorsport, which supports our military personnel.

What is your first financial priority?

I am focused on growing my YouTube channel – Ben Collins Drives. The channel is a continuation of my Top Gear life.

• Ben Collins Drives (www.youtube.com/channel/UC9V9pNeL49_40j3g-11OYEQ), where he reviews cars and gives celebrity driving masterclasses.