The car that carried Margaret Thatcher to meet the Queen at Buckingham Palace for the first time is expected to fetch up to £45,000 at auction.

The 'Iron Lady' was chauffeured to the historic meeting with Her Majesty in the 1973 Rover P5 on May 4, 1979, after being elected with a 44 seat majority.

The meeting was the first time the head of state had asked a female Prime Minister to form a government.

Now, the historic motor will go under the hammer at Silverstone Auctions in Ashorne, on August 27.

Experts expect the car, which was converted shortly after rolling off the production line to meet Government specifications, to fetch between £35,000 and £45,000.

It was to be one of three Rovers used for ministerial duties and was finished in Ebony Black with a Saddle Tan hide interior.

Margaret Thatcher was driven in the 1973 Rover P5 on May 4 1979 (image via SWNS)

It was retired shortly after taking its place on the political stage and moved into private ownership in 1980 with a recorded mileage at the time of circa 76,000.

Approximately 17,000 miles have been recorded since then, but auctioneers said it remains in 'exceptional condition'.

A spokesman for Silverstone Auctions said: "More recently the paintwork has been refreshed and the engine and gearbox rebuilt, however, and most importantly, the original interior remains as was.

"With a large history file and unquestionable provenance, so much so that it has just been featured in the September issue of 'Classic & Sportscar' Magazine, this venerable Rover P5 is an attractive classic saloon in its own right.

"However, if we accept that Margaret Thatcher played a hugely significant role in the late 20th century history of the UK and that the Iron Lady's first ever trip as our Prime Minister was in the back seat of GYE 329N, then it does add a certain cachet."

Earlier this year, a new statue of Baroness Thatcher was targeted by an eggs thrown at it just hours after it was erected in Grantham, where she was born in 1925.

The only previous memorial to her in the town was a plaque on the corner of North Parade and Broad Street to mark where she was born.

The car will be sold by Silverstone Auctions in Ashorne, on August 27 (Image via SWNS)

The was converted shortly after rolling off the production line to meet Government specifications (image via SWNS)