Why Classic Car Values Are Dropping - Hagerty's Surprising Report!
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- Опубліковано 7 жов 2024
- Check out the latest report from Hagerty which highlights a surprising downturn in the values of some classic cars. Whether you're a collector, enthusiast, or simply curious about the classic car market, this will either surprise you or confirm your own thoughts of what's happening right now in the classic car market. Discover which classic cars are seeing a decrease in value according to Hagerty and why this trend might be happening. Then let me know which classics you think are going up or down in value and why?
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Several things are at play. 1. The rise in market was artifical ly inflated. Old retired men with lots of money,and investor types were driving the prices up and squirrelng them away as "investment portfolios. The days of the million dollar cuda are over. Jay Leno adressed this. Jay also pointed out something hagerty didnt discuss. Changing demographics. The people who collected 50's and 60's cars are aging out of the hobby and divesting themselves of their collections,consequently there are a glut of them on the market and the demographics gave changed. The fastest appreciating segment of the collector car market is now 1980's and early 90's vehicles. Some are selling in the 100-200k range now. The new collectors want the cars they grew up lusting after back then and were too young or couldnt afford to buy. Jay Leno discussed this too. Its the same phenomena as in the 50's retired guys were collecting model ts and model a's and how that market disappeared when a new generation started collecting 50's and 60's cars. No young person today has an interest in owning a model T. I just bought a 69 coronet from a young kid that inherited it and had no interest in it at all.
When everyone is selling, that's the time to buy.
Not necessarily. The market was being artificially inflated by several factors. Circumstances have changed and the market is going to decrease further. The simple fact of the matter is that the generation that had the money to and the interest in collecting those cars is gone. They are dying out and divesting themselves of their collections. Consequently the younger collectors are driving the market up on 80s and early 90s vehicles. This is the same thing that happened in the model t and model a world. Hardly anybody wants those and no kid today does. Times are changing and the prices are dictated by demand. The demand is waning.
No, what you're buying, take it to a professional mechanic.Find out how much is going to make the car right?Because a lot of people will just sell you, junk.That needs a lot of repair
Suprises me considering the costs and poor reliability of newer cars. I wonder how many modern cars will be around in 20 years, my S2000 will be ^^
A non issue for those of us who drive our classics daily, admittedly Khan forced me to do it but still I get to vote him out tomorrow, hopefully.
Vote Susan Hall she is only 10 points behind Khant at the moment. We will do same tmr .😂
Yep,I never bought any of my cars for an investment and hate the people who restore and never drive them. All of mine are daily drivers. I have never and will never own a new car. The high prices were the result of old retired men with too much money and investors driving the market up. Those folks are aging out of the hobby now and the prices are reflecting that and are going to continue to fall.
I think these drops are natural, a certain cohort of people loved these cars and now their successors are not as interested. Plus the values were overinflated? I mean, sure, these cool cars were pricey in their day, many were the sole domain of the rich, but most of them were attainable by working-class enthusiasts and even young people could buy them used at affordable prices for years after their release. And to that point, I recall my Dad selling the family '65 Mustang in '71 for $100 in California and a year earlier he had been an engine man at Bud Moore Engineering in South Carolina when the team fielded the orange-and-black Factory Ford Boss 302 Mustangs on the Trans-Am circuit. And the new family car became a '72 VW Super Beetle. And I was a kid wondering why Dad wasn't driving something cooler, lol.
I had 2 '57 Chevrolet Bel Air 2 dr & 4 dr hardtops
in the late 70's & early 80's & I sold both for a profit $700 per car. As a result I took the '57 Chevy's for granted as a cash cow.
In 2011 I bought a '57 Bel Air convertible & I lost money when I sold it in 2014.
Then I bought a '57 2 dr. Bel Air hardtop & I lost money on that too in 2014.
The '57 Chevy's have gone down in value. Back in the 70's & 80's & 90's the tri five Chevy's were in demand selling for high prices. ..but not as much today. In 2014 I bought a '60 Impala convertible & I actually made money off the car when I sold it.
A classic car dealer & expert said don't buy these cars thinking you can make a lot of money because you're not.
The baby boomers are dying off & once that generation is all dead the value of classic cars will plummet & crash. Young people are not interested in model T & model A Fords & can't relate to '55 to '57 Chevy's or '64 Pontiac GTO's & Mustangs. Times are changing & the world is moving on from the dinosaurs.
Which means more car buffs can buy the old classics & enjoy & drive them. It's the rich money bags
that have driven up prices for investments. Cars are made to be driven & not just to look at at a car show or museum.
You need a close in garage for a project car and not many people have them, you can’t restore on the roadside.
These cars could easily have a huge revival…..get a few young “ influencers “ in them showing the unique features of classics…..release them from storage and sell them at reasonable prices,,,,, boom they will be given a new lease of life. That or they will just fade into history.
95% of classic car enthusiasts are over 60 years old. In 10-15 years there will barely be a market. How many 75 year olds are buying vehicles? Very few. Very few people born after 1970 are interested in muscle cars and classics. We want vehicles from our childhood. Not our parents childhood. It’s nostalgic. The market will be absolutely flooded in 15 years, and most of the vehicles will have trouble selling for half of today’s value.
Classic minis are dropping fast. I was looking at a original 1969 Cooper S selling for $19k CAD for 1/2 the summer. Not sure if the car sold or the guy took the listing down. I remember 15 yrs ago an original Cooper S sold for good money.
The old people who buy classic cars are getting old and dieing off and the generation of today aren't interested in old cars
True. Born 1982, at 16 I had a '74 MK1 Escort, 18 an '82 Chevette. Even now. Own an '04 Maserati. I really struggle to find anything in the modern era that is remotely appealing. Speaking to young people today they generally just want reliability and associate old cars with being expensive and problematic. Ironically I'm generally priced out of most classic cars I actually want and have owned previously.
@@russellbird7543 I grew up with escorts cortinas granadas and xr2 and when I speak to my own kids they don't want an old unreliable classic they only want new cars that won't give them problems where as I have a old 4x4 that I like to tinker with at the weekends
You said it for me.
Even if they are they can't afford them anyway. People are absolutely mad if they think that the cars they coveted in the 80's and 90's are going to be worth anything at all in another decade.
@Vincent-jl6vu I have grown up kids who have no interest in classic cars they only want reliability
It's no surprise the decline has started. The vast majority of classic car owners and buyers are baby boomers. Unless younger generations begin to find classic cars desirable on a large scale and are willing to pay top dollar, the classic car market is in for a significant price decline within the next 5-10 years. It's simple supply and demand, really.
The superbird and corvette examples are high value investment cars, if they are being dumped on the market in quantity then maybe owners are getting nervous about a possible market crash. Looking at the prices of Astons, ferraris and the like then they sure look like they might need a correction. Its happend before so its probable that it will happen again. As for the rusty Alfa or old Merc then maybe lower down the food chain us mere mortals are feeling the pinch?
Nice video bcg 👍🏽
Not only are prices going to get lower eventually it'll crash like the stock market. As more & more old timers & collectors will sell off their collection before it tanks & hits rock bottom. Flooding the market as demand goes down & supply goes up. The new generation have no interest in 30's, 40's & 50's cars, they're too old for them to remember & know what those cars are.
I grew up in the '60's & I remember all the '50's cars, my dad & his relatives bought the '50's & 60's cars when they were new. So they mean something to me & is why I had a desire to own many of the '50's & 60's cars. Every generation wants the cars they grew up with.
Now my dad grew up in the '30's & 40's so that was his era of cars he remembered.
The oldest vehicle I had was a '46 Chevrolet pick up truck & my dad loved it. While I can appreciate the 30's & 40's cars I never had a desire to own a model A Ford because I didn't grow up with them.
This is ridiculous. I grew up in the 1980's dreaming of the top 1930's car. I did like the Rolls-Royce and Bentley models in production in the 80s because they reminded me of the 30's. You don't need to have been born in the 1930's to appreciate a Duesenberg J or Mercedes 540K or Bugatti Type 57.
Am looking for your theory that people only like what they grew up with to be validated so I can buy myself a Bugatti Type 57 Atalante (these have gone from about $300,000 in the early 2000's to 2 million now, so they don't seem to be going down) for $120,000. Nobody wants them anymore, right, they weren't born in the 30's, so a Bugatti T57 means nothing to them.
@@stephaneaderca7948 As I said it's a generational thing & appreciation & a desire to own a car from a certain era are two different things. Take me for example I was born in 1959 & my first car when I was 17 in 1977 was a '59 2dr. Impala hardtop, why ?? because I remember those cars as a kid when they were everywhere & I liked the style of that year so it was nostalgic to me.
Back then the 59 Chevy's were cheap & I wanted the car because of the style & not for an investment I didn't care if anyone liked it. The '59 Chevy's were loved & hated & I didn't care if it was going to rise in value or not. I bought it because I was passionate about that car.
I appreciate the 30's & 40's cars because it was my dad's era he grew up with & because of my passion for movies of the 30's & 40's but I never had a desire to own any of those cars. Although I like the early 30's with the rumble seats & running boards I toyed with the idea of experiencing it just once. Now's the time to buy the cars of that era as they've gone down in value because the generation that embraced the era are all dead.
To put it in prospective in the 50's & 60's retired old timers & high rollers invested in the 20's, 30's & 40's cars that market was gone when that generation fell off the perch. Then a new generation of high rollers & retired old timers collected the '50's & '60's cars. Well guess what that generation are also dying off.
Not saying that young people don't appreciate a 50's or 60's classic they probably do & maybe even dream of owning but those cars are so expensive now. What are they going to use for money ?? What was cheap & affordable when I was a kid is now so expensive.
It's so much harder to get ahead with basic needs so expensive like a house & the cost of living. Young people don't have a ton of money to buy the classics a lot of those cars bring 6 figures at auctions like Mecum & Barret Jackson. Young people can't even pay for college & many are in debt with student loans they'll be paying off their entire lives.
Today's society live in an economy run on borrowed money they finance everything to attain the american dream. Mortgage & car & credit card debt you name it they're up to their ears in debt. Many don't even pay cash anymore.
When I was a kid in the '60's most people paid cash I never saw my dad use a credit card. In the 1950's he financed his first new '51 Chevrolet which he later gave to his dad I remember my grandpa driving it. Then in 1957 he bought a '57 Chevy Bel Air 4 dr. hardtop & he paid cash for it. I grew up with that car. My dad sold the '57 to a kid in 1968 for $250 bucks & the car was still mint.
In 1958 he bought property & built a house completed in 1962 when we moved in & he paid cash. Back when the working middle class could get ahead. Today you have to be rich to get ahead.
To have a car collection is not cheap you have find a safe storage facility to keep them in & that cost money.
Classic cars & values are volatile like real estate & the stock market up & down. The high rollers & old timers to them the classics are just cattle & investment portfolios & it's not about the cars it's all about money & big business. I've owned 4 '57 Chevy's since the late 70's & early 80's & I used to make profit off those cars I had 2 dr & 4 dr hardtops.
In 2011 I had a '57 Bel Air convertible & I lost money on it when I sold it in 2014 Then I bought a '57 Bel Air 2 dr. Hardtop & I lost money on that too. The baby boomers are dying off I'm part of a dying generation.The '57 Chevy's are not the top cashcows like they used to be. I just saw yesterday on facebook a 'nice 54 Buick Super Convertible for sale for $24,000 I'm thinking of buying it I used to have a '56 Buick Special convertible in the late 70's. I have a thing for the tri-five Buicks. They were much more rare than Chevy's.
But I grew up with all those cars in my youth.
Cheaper Classics is good for the enthusiast!
I loved 66 67 fairlanes 78 thru late 80s I bought 3 2013 mustangs now old cars look great but I won’t buy one my gt is great fast love it
An investment is as asset acquired to generate future gain. While classic cars may appreciate in value, they seldom result in future monetary gain if maintenance, insurance, cost to transport, sales tax, interest ( if financed), inflation, and potential lost gain on money invested are taken into account. Selling a car for more than the purchase price doesn’t mean it was a good investment.
These are my thoughts after owning and selling several classic cars and are
also shared by a long time friend who’s owned and restored hundreds of classic cars.
Classic cars completely overvalued 15000 for an old XR2 are you joking
Agreed, they were pretty average when new
Are you going to the Chislehurst Car show this Sunday 12th May?
The Superbird and the Daytona chargers were built for NASCAR rules and regulations.
Are these prices adjusted for inflation or are they even worse than they seem
Honda jazz - most reliable car on the planet …….prices UP
Simple reason. The generation that loved these cars is dying off. I should know I'm reaching my use by date. 🙂
This is exactly correct. The fastest appreciating Market segment now is 80's and 90's cars. Jay Leno himself has discussed this on his TV show several times and is now showcasing 80s Vehicles because that's what younger people want to see. The same thing happened to the guys who in 50's and 60's were collecting model t and as because they loved them. The next generation collected the 50's and 60's car that were new then. Nobody wants a model t or a now. The market is changing and proces and demand reflect this
@@Suddenlyits196080s GM G-bodies, 71-76 Chevy Caprice, 1979-1990 Cadillac Brougham,
are a huge market with the younger generation with high demand, I bought my 1984 Cutlass Supreme in 2019 and now in 2024 I’ve gotten crazy offers for it, I only see these cars go up in value by the year
I just want a car to drive on weekends , good gas mileage , and be the only one at the car show /coffee
Um , Superbirds and Daytonas , were not meant for drag racing , but for NASCAR speedway.
Quite right. My bad.
I think it is a temporary blip, in ten years time when electric cars are the norm not gears or real noise. Classic combustion cars will be popular.
SORRY NOT HERE IN CAL. THEY COST MORE EVERY YEAR.
Overpriced and bought by people who wanted to say "I paid that"
In California, they’re ridiculous right now
The point of buying a high ticket price classic car is that it's a "reward" or "validation". When they have one or more (high price) classic car then in American society that's seen as tasteful or cultured given that America doesn't appear to have taste or culture like Old World Europeans. Here in Europe we can buy a castle or chateau, in American they don't have these things, hence the classic car.
In Australia l don't look at the high end cars l look at to see if the ute l own if it is going up in value and it is a 1997 Toyota Hilux a single cab chassis rwd aluminium drop side tray manual petrol engine the 22R and with air conditioning and one just sold for aud$5000 that what they were selling for last year and they rarely come up for sale also any classic Toyota are worth good money but with classic British nobody wants them in Australia often don't sell privately but l have see them sell at auction l keep an eye on the prices and l saw a Rover 75 sell $1000 and it looked in good condition they do sell but on the other hand saw a 1960s Humber Super Snipe sell for $12500 why it was manual although 3 speed as most of them are automatic and th Humber was in good condition and l seen some Humbers sell for under $1000 and they were pretty rough l could keep going but it would be a very long message
What makes me laugh is the price people are trying to ask for stupid money on american rotten junk in the uk . Most of them are rotten unsafe have no matching engine or numbers etc parts are expensive most unabtainable .these cars have never seen an mot .and they try and sell you it in the name of patina for 15.000k you wouldn't give 800 bucks for in the states .don't waste your money or your safety.
Too noisy