Jake Bugg has revealed he spent £12,000 on a lavish guitar.

The Broken' singer claims the instrument has been his most extravagant purchase since the success of his self-titled debut album last year and he was willing to fork out the hefty fee for the 1954 Squier Telecaster guitar because it will grow in value.

Jake explained to The Sun newspaper: ''It's an investment because I paid £12,000 for it but it will be worth £18-20,000 in a few years. I got it in Nashville [Tennessee] and it's a really old guitar.''

''I've got quite a few others that are a little cheaper but this is one of the first ever of this type of guitar. It's very famous.''

Jake doesn't hesitate to play the vintage guitar regularly, and while he plans on passing it down to his children as a family heirloom he doesn't see the point in leaving the pricey item untouched.

The 19-year-old rocker continued: ''One day I might not be in the same position so it's my pension or when I have kids and want to send them to university.''

''It's got so much history. My guitar tech said I needed somewhere to keep it safe but the guy in the shop said, 'What's wrong with you boy? Just take it home. It's meant to be played'. So that's what I do.''