Why Classic Car Values Are Dropping - Hagerty's Surprising Report!

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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[@Suddenlyits1960]

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.

[@jamesmacdonald1116]

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 ^^

[@PenryMMJ]

When everyone is selling, that's the time to buy.

[@Suddenlyits1960]

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.

[@donaldcurtis9229]

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

[@theyjustwantyourmoney4539]

You need a close in garage for a project car and not many people have them, you can’t restore on the roadside.

[@winggullseagull1230]

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.

[@winggullseagull1230]

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.

[@robbchastain3036]

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.

[@ashj8998]

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.

[@danl5592]

Vote Susan Hall she is only 10 points behind Khant at the moment. We will do same tmr .😂

[@Suddenlyits1960]

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.

[@TROJANP]

Nice video bcg 👍🏽

[@bleizbreizh6264]

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?

[@lordleonusa]

Cheaper Classics is good for the enthusiast!

[@youtubecarspottersguide1]

I just want a car to drive on weekends , good gas mileage , and be the only one at the car show /coffee

[@philip_james]

Are you going to the Chislehurst Car show this Sunday 12th May?

[@user-or4hs7xq9u]

Overpriced and bought by people who wanted to say "I paid that"

[@James-cs2wi]

Classic cars completely overvalued 15000 for an old XR2 are you joking

[@user-ue9je7pk2q]

Agreed, they were pretty average when new

[@lesklower7281]

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

[@chrishart8548]

Are these prices adjusted for inflation or are they even worse than they seem

[@user-or4hs7xq9u]

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.

[@MrBlaugeist]

Honda jazz - most reliable car on the planet …….prices UP

[@barrycuda3769]

Um , Superbirds and Daytonas , were not meant for drag racing , but for NASCAR speedway.

[@BrownCarGuy]

Quite right. My bad.

[@slabbb127]

Dying boomers finally letting go of the vintage /classic car monopoly 💪🏽

[@petercampbell9197]

Simple reason. The generation that loved these cars is dying off. I should know I'm reaching my use by date. 🙂

[@Suddenlyits1960]

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

[@kevingonzalez6778]

@@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

[@user-oz4mx1di7t]

The old people who buy classic cars are getting old and dieing off and the generation of today aren't interested in old cars

[@russellbird7543]

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.

[@user-oz4mx1di7t]

@@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

[@bd12544]

You said it for me.

[@midlifecarsis6420]

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.

[@user-oz4mx1di7t]

@Vincent-jl6vu I have grown up kids who have no interest in classic cars they only want reliability

[@flyinghedgehog3833]

Too noisy