1948–51 Willys Jeepster Values are Slowing, but for How Long?

Back in 2019, we published a story titled “Why Willys Jeepster Values Aren’t Keeping Pace with Its Undeniable Charm.” It came after a Hagerty Price Guide update that saw the 1948–51 Jeepster sliding in value by 4 percent, while the rest of the Jeep market was climbing. That descent continued until 2021, when something interesting happened: Jeepsters shot up. Between September 2021 and January 2022, good-condition (#3) Jeepsters went from $15,900 on average to $21,900. That enthusiasm lasted for a couple of years, but we’ve once again observed prices waning over the last 12 months. Best-in-the-world, or concours-grade (#1) examples have flatlined at $44,800, and #2 (excellent) cars are down to $33,100 from their January 2024 peak of $35,600.

So, what’s going on here? One possible explanation for these spikes and stalls has to do with the Jeepster’s niche appeal. Unlike the CJ-5 or later Wrangler, the Jeepster doesn’t enjoy widespread popularity. It’s an oddball in the Jeep family: generally older, rear-wheel drive, and more suited to light and casual driving than off-road adventures or even high-speed highway runs. In stock form, anything over about 45 mph makes the Jeepster feel taxed, so a sunny-day jaunt for ice cream or to the beach is more in its wheelhouse.

We’d encourage you to check out Jeff Peek’s aforementioned 2019 story for the full history, but here’s the Cliff’s Notes explainer for this casual cruiser. Known initially as the VJ2, the Jeepster was Willys-Overland’s attempt at leveraging the wartime success of the jeep into an affordable civilian pleasure vehicle. Brooks Stevens, tasked with designing a CJ-based machine with simple and easily stamped panels, created the slab-sided phaeton we know today. Introduced in for 1948, the first Jeepster came with Willys’ 2.2-liter (134.2-cubic-inch) L-head engine, known as the “Go-Devil” and good for 63 horsepower. A three-speed manual on the column handled cog-swapping.

Stevens bought the first one off the line, but other Americans were less eager. The entry price was indeed approachable—$1765, or $23,265 today—but the Jeepster’s roll-up fabric windows and lack of power compared with the similarly priced Ford V-8 Super Deluxe and Chevrolet Fleetmaster limited its practicality. Willys attempted to address this for 1949 with a 72-hp sidevalve six-cylinder Lightning engine, plus more options as standard, but it was no use. 1950 brought a more powerful “Hurricane” four-cylinder, a bored-out Lightning six good for 75 hp, and a redesigned grille, which briefly slowed the bleeding but not enough to justify continued life. Willys killed the Jeepster after 19,131 examples sold, with leftover 1950 models delivered as ‘51s. 

“Unusual vehicles like the Jeepster have a small fan base,” says Hagerty Director of Valuation Analytics John Wiley. Sometimes it takes a while for a new group to discover them. That something like the Jeepster did develop a new fan base after a couple of years should be encouraging to all enthusiasts.

It’s instructive to look at the market for similarly unusual vehicles as a point of comparison. We’ll focus on three: the VW Thing, Fiat Jolly, and Mini Moke. They came later, but all four are limited- or specific-use, open-air vehicles based on the platforms that underpinned more popular mainstream models. 

Over the last five years, Jeepsters in #2 (excellent) condition are up 27 percent, to $32,900. Most of that rise was achieved in the aforementioned 2021–22 jolt, but in the last year, values are down 7.1 percent. In that same span, Fiat Jollies in #2 condition are up 41 percent, Mokes are up 32.2 percent, and VW Thing Acapulco examples  (the most direct analogues, given the soft top) are up 50.5 percent. Of this foursome, only the VW is in the black over the last year—up 18.7 percent to $44,400 in #2 condition, against the Jolly and Moke, which are down 5 percent and 3.9 percent, respectively.

The VW Thing’s edge might come down to its popularity. Overall (including all Type 181s, not just the Acapulco), the VW gets four times as many Hagerty insurance quotes as the Jeepster. Almost 60 percent of Thing quotes were for Gen-Xers or younger, compared with 28 percent for the Jeepster, which suggests newer demographics are more interested in the Vee-Dub. 

The highest-value public sale we’ve seen of a stock Jeepster in the last five years was on Bring a Trailer in February of 2023, with a red, four-cylinder 1950 model going for $37,800, including buyer’s premium. Beyond that, bigger sales we’ve seen (a ’49 at Mecum in September 2024 and a ’48 at GAA just last month) are both modified or resto-modded examples. And if you think about it, an LS-swapped, power-everything, automatic-transmission, air-conditioned Jeepster custom makes sense if you find the factory version’s weaknesses insurmountable. 

It’s hard to say what the future holds for the Jeepster, but we shouldn’t count out this soft-roader. Niche though it is, the Willys seems to find its footing every few years with a cohort of enthusiasts that keep its flame burning. The Jeepster experienced big price jumps followed by leveling off or slightly declining in 2007, 2012, 2015, and 2021. And if you bought one in #3 condition in 2006, for its average value then of $11,000, it’s now worth $22,300. That’s a 102.7 percent increase, compared with the 57 percent increase on account of inflation that would make the initial investment equivalent to $17,300.

Not bad, then, Jeepster. Sorry for doubting you.