I bought an Epiphone 12 string guitar in 1970 and it cost around 60 quid, which represented about 5 weeks pay as a young journalist. I've still got the guitar, and today it plays as well as it ever did and sounds finer. Not everybody's an Epiphone fan, but I never thought I'd find another guitar I preferred.

Two years ago I bought a Martin D12; had it set up by a luthier, and now I wouldn't part with it. It's usually the most striking sounding guitar in the room; at 62 I seriously doubt I'll be around to hear what it sounds like in 40 years.

Cost? 535 quid - including import duty, postage and VAT. And it came in faultless condition with a Martin case. Don't overlook the cheaper range Martins.