5 collectible vehicles losing steam in 2023
The collector car market’s rapid expansion from summer 2020 through autumn 2022 was a rising tide that lifted almost all boats. When we noted which vehicles posted losses during that time, most value changes were isolated incidents; they didn’t reflect broader market forces. The first part of 2023, however, told a different story.
Results have been more mixed in the last few months than they have been in years. While a variety of vehicles are still gaining in value, an equally varied set of vehicles—including many mainstream favorites—are losing steam.
No, the sky isn’t falling, but the message is clear: The collector car market is evolving. While investment purposes shouldn’t be the primary reason to buy a car, there are some lessons to be gained by observing market trends and considering what they could mean for the future.
With that, let’s take a look at the five most notable value decreases from the latest Hagerty Price Guide.
1961–73 Volvo 1800 -25 percent
Volvo’s iconic 1800 is one of those models that nailed a design in a way few cars do. Its fantastic looks were penned by Pelle Petterson, son of Volvo consultant Helmer Petterson, while he studying under legendary designer Pietro Frua. The car flaunts an Italian flair while maintaining the sturdiness that Swedish cars embody. As if to prove that point, the record for the world’s highest-mileage car is held by an 1800 that clocked over three million miles.
Volvo 1800 values have historically held steady and affordable, with the occasional headline-grabbing sale spiking prices for a short time. Early in the pandemic, 1800s saw some real positive growth, but by the end of 2022 and into 2023, they began to change hands at pre-pandemic levels again. Moving forward, it is hard to say whether small downward adjustments will occur while the 1800 market finds its footing, but it is safe to say that 1800s won’t stay down forever.
Jeep CJ-5/CJ-7 -15 percent
The Jeep CJ-5 and CJ-7 seemed to mind time and corporate changes no more than pebbles on a trail. Between the two variants, they spanned over 30 years, and the CJ-5 survived through three management companies: Willys, Kaiser and AMC. Replacing the CJ-3 in 1955, the CJ-5 incorporated updates from military Jeeps after the Korean War. In 1976, the CJ-7’s introduction offered further options and comforts from the CJ-5. The two would continue to be produced side by side through the early ’80s, and the CJ-7 would continue through 1986.
Simply put, these Jeeps built the foundation for how we view the Jeep brand and the flagship Wrangler today.
While their appreciation has been gradual, time adds up: A CJ is now worth on average over three times more than it was in our founding (2006) Hagerty Price Guide. That result is undoubtedly spurred on by the enormous enthusiast following Jeeps have cultivated.
Despite that, CJ values have softened 15 percent since the beginning of this year. Much of the observed drop was related to weaker values of #3 (Good) condition examples, while values of pristine examples remained healthy. This points to the fact that buyers are less willing to drop money on driver-quality vehicles, a trend we’ve started observing across the broader market.
This decrease is nothing to panic over, however. The CJ is too big of a name in the truck market to erase all the value gains it made over the past couple decades, and typically, a gradual increase in value makes for a softer landing when the market changes direction.
1961–4 Facel Vega Facel II -14 percent
There’s a good chance that a large number of readers have never heard of a Facel Vega, so here’s a bit of context. The Paris, France–based company originally created stampings and bodywork for the French auto industry but became its own car-manufacturing marque in 1954. Specializing in luxury grand tourers, Facel Vega sourced big-displacement American V-8s to stuff under its beautiful bodywork. Its engine of choice? Chrysler’s 383. The company’s fortunes would be short-lived, however. It went into receivership in 1964, limiting the Facel II’s production to fewer than 200.
These cars rarely come up for sale, especially at public American auctions. After their values grew wildly in 2014, these cars have held steady, even while values of other six-figure automobiles dipped when the market cooled in 2015. That said, time may have caught up the Facel II. With offerings in Europe softer than before and with a collection of fair-grade cars on offer at Amelia Island 2023, it’s all too obvious that the market has softened, especially for any car not in top condition.
The important takeaway here is that buyers are becoming pickier than before: Nothing but the very best will do, and the rest must come at a price that makes sense. The Facel II’s trajectory appears to be yet another sign that reason has crept back into the market.
1964–7 Pontiac GTO -14 percent
Here it is, the muscle car that started it all. The product of John Z. DeLorean and his team of maverick engineers stuffing a large engine into a mid-size car and offering it to the public as a special-option package in 1964, the GTO’s stature in history is secure.
The resulting horsepower arms race lasted until 1972 (or later depending on which cars you choose to include as muscle cars) and is now fondly looked upon as one of the greatest eras in automobiling. Good looks, power, and significance have earned the 1964–7 GTO a place in the hearts of automotive enthusiasts, and while it may not be the most expensive or most powerful muscle car of all time, it is one you must experience to be called a true enthusiast of the segment.
Exactly a year ago, values for early GTOs exploded after a long stint of inactivity, gaining a total of 35 percent between April and July. As 2022 wound on and many of the good examples were snatched up, prices quickly began to settle back down. The 2023 January sales at Scottsdale and Kissimmee made clear that the market for GTOs has reassumed the level it held prior to January 2022. In contrast to the Jeeps above, the GOAT is a good example of a rapidly appreciating vehicle whose values are cooling as fast as they heated.
1990–6 Nissan 300ZX Twin Turbo -13 percent
As the market for Japanese sports cars began to heat up in the late 2010s, the Z32-series Nissan 300ZX experienced a surge of interest from collectors looking to enter the market. Though to a much lesser degree than its Toyota rival, the Supra, the Z also benefited from its cult status amongst kids who grew up in the ’90s and early 2000s. In twin-turbo V-6 form, the Z32 sports a potent 300 horsepower, and handling is assisted by Nissan’s HICAS four-wheel steering.
Following a prolonged hot streak, we’ve observed values of Z32 twin turbos decreasing—the recent 13 percent drop is the largest hit they’ve taken since peaking in the middle of 2022. One of the potential reasons behind the drop is that exceptional cars haven’t been hitting the market like they were before.
Another factor may be coming in shipping containers from Japan: With each passing year, more ’90s-era Skyline GT-Rs have become legal to import, and Nissan’s flagship is now in the U.S. in large quantities. For the same money as an excellent Z32 twin turbo, you can pick up a good R32- or R33-gen GT-R, and those cars carry more clout in JDM circles.
Regardless of the reason, values for this car are settling, not collapsing; don’t expect the Z32 300ZX to drop back to previously low prices.
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My 59 Buick Electra 225 is a rolling piece of art for the world to see and admire. It was not purchased and restored to be an investment. It is a love affair between me and a lovely piece of art!!! I will pass it on to a close relative who has that same love for this moving art piece and hope it never ends up on a big pile of scrap metal like my first one did when I was 21 years old!! I love my Back Beauty and will till I die!
GTOs and Pontiacs have always been undervalued compared to their “Big Three” rivals or even Chevys. Pretty much any mainstream collector car from the 50s and 60s should be down in value; the people that want them are dying off. I like GTOs and Corvettes, but they made a lot of them! I just sold my ‘71 LS-5 ‘’vette for far less than I had in it. In fact for nearly the same amount I paid for it 20 years ago! I guess I should have bought that rare 2002 Turbo that was for sale when I bought the vette?
I’ve got 3 classics, and far more into them then they are actually worth. They are all financial disinvestments… but I love them. The only car I ever really made money on was a ’70 Lincoln Mk III that got damaged in a hail storm and the insurance company gave me far more for the damage than I actually paid for the car. Thanks Hagerty!
Well, IMHO the investor market for old cars is slowly going away. Yesterday’s old is tomorrow’s classic. But wait, there’s more: I became attached to a few old BMW’s in mid-life, kept them, drove them, enjoyed them, then their value “went stupid” (2002 turbo, 3.0 CSI, E30M3, and 2002 Tii). My fun ended. I sold them. I made a nice profit, and now they are not affordable to most people. Stupid/drugged up, drunk driver’s caused insurance rates to go sky high and if damaged, these cars would demand the best repair available, also quite expensive. And finding honest, affordable maintenance people becomes a real challenge. I’ve kept a couple favorites, but will soon have to sell them too, as age is taking over abilities to enjoy these wonderful machines. Buy a car you enjoy, respect and admire, one that will make you smile every time you see it, drive it. Don’t buy it for investment, but for the fun of ownership. The value later on may surprise you.
My Rule #1 . . . when you turn your car on, it should return the favour. It’s a philosophy that has brought a great deal of joy to my life. I love CO2 too!
Well said Rob, I completely agree.
Surprised that there is any market for a 300ZX. Time hasn’t helped what was always an ugly pig.
agreed, compared to the original
That’s true, imo. And when new, a writer for Car&Driver (who I have lost to the mists of time) described the twin turbo model 300Z as “fiendishly complex” and a potential maintenance/repair nightmare. Having seen the guts and harnesses scattered around an acquaintance’s bench and garage, I tend to agree. There’s a lot to be said for large displacement simplicity, and much fun to be had driving it, rather than running down glitches buried under acres of plastic. GTO guy all my life, my ’04 Holden/Pontiac manual is as complex as I care to go- I can open the hood, or go under dash, and instantly “get” what intended, unlike most ’80s-present turbo cars. And I don’t want the car to talk to me in a fake female voice, either!
If you want to invest buy gold and silver. If you want enjoyment buy a collector car.
No, trade it.
In the last 12 years the price has only gone up ~10%.
With inflation, you’ve lost a ton of money
Anything can be an investment, there are people who “invest” in fine china, silverware or clocks. Whatever you are passionate about can be an “investment”. However, just because it’s called that doesn’t necessarily mean it’s going to be a good investment lol. I love and am passionate about cars so will continue to “invest” for my enjoyment………..win or lose.
The dumbest thing is going to a main dealer and chopping in your current car that goes and stops. Everything on it works but you saw an advert for something driven by a skinny model half your age and you sign to pay on instalments 20-30% more than the ticket value for it to be worth 20-30% of the ticket value after 6 or so years. The only thing more stupid is buying a brand new electric car for your retirement – you won’t drive it enough to ever become carbon/environment +ve and you waste even more money. Meanwhile the corporations have raped a small country for the lithium and someone more astute will still be running your old car when yours won’t take charge any longer.
I was in dealership management for 10 years,and wholesaling for 10 years.
Every single day I wanted to give people a good berating for their extremely dumb money management, in buying nice/new cars all the time.
But who am I to deny them? I got rich off their antics.
Dave & Robi, good points. In my callow youth, in the motor trade, never met a car salesman who bought a new car. Never. According to every poll of scientists, our biggest by far problem, their words, “bigger than climate,” remains overpopulation. Future wars not over just oil, but lithium, copper, fresh water.
Perhaps….off topic, but according to UN and other vetted studies, animals raised for meat and dairy produce more greenhouse gas than all the world’s cars, trucks, buses, trains, planes, ships combined. Being vegan hasn’t slowed the world’s leading Formula One driver, Lewis Hamilton, in the least. This former omnivore would like see if the fuel injection hose used in place of regular rubber hose in his 77-year-old wheeled alter ego pays off.
Preferred a life putting the money otherwise going to a dealer and bank interest for product du jour into a survivor with character still able to get a serious speeding ticket, not that i drive that way anymore. Well, not often.
IIRC termites and other insects produce multiples more C02 than all of mankind combined….
I think the Chevelle should be on that list. There’s a glut of them for sale.
300ZX values are funny. They were the big dog till the Mk4 Supra came out but that does not diminish their fun or potential. I guess they just live in the background versus the biggest dog Nissan GT-R or the Supra in investors minds.
The CJ5 is a Jeep. What they are building today is not a jeep. Even the tail lights on a new one looks like a red shoe box stuck on the rear as an afterthought. Many people have less money to spend on cars today, hence, price drop. However, purchase the right car and it is better than money in the bank.
Classic muscle car market , been observing for about 8 years, useing hagerty suggested car values has been difficult to purchase, there seems to be a huge market gap hagerty suggested value and actual listed an sold price , been getting out bid alot, people paying way more than supposed value, by 10 to 15 thousand, purchasers paying concour prices for a classic that does not meet that criteria,leads me to believe the markets in a bubble, dealer listing classics at the value they might retain in another 10 years from now, an consumers are paying up quickly if you happen to find something at suggested hagerty value it’s been bought within a couple of hours or a day, leaving no choice if you want a classic to over pay for it, an dealer have no problem rejecting your offer an getting there asking price, in short order, to a purchaser with deeper pockets, aggervating.market needs a correction, dealers are just loving this, hanging a purchaser to overpay, an decades to recoup value in a classic, pay 50 G,s for classic an it needs 15 to 20 thousand of repairs , sorry I wouldn’t go down that road.
With to “push” towards an all America electric vehicle nation, how is an antiquated Electric system that cannot provide the power to run the A/C’s without whining rolling blackouts in 110 degree days (remember climate change) going to recharge all of those vehicles….how about the ev stuck in those 10 hour accidents gridlock on our freeways? Dead batteries?
Just call AAA and ask them to bring you two gallons of electrons.
I don’t like Ev’s and at 71 years old doubt I’ll ever have to own one but I do realize they are the future and no amount of complaining is going to change that. Better batteries are the answer to most of the Ev’s problems and I’m sure Elon Musk is working overtime on that. I laugh at all of the guys who sound like the ones at the turn of the 20th century who said the horseless carriage was a passing fad 🙂
Saw the article indicating 300zx twin turbo has decreased in value.
What does that do to the value of a restored original owner 1978 280Z ?
The S30 has many fans old and young, the 300ZX is a different animal all together. If you restored it to sell you will probably not get a great return. Enjoy it and when you know longer want it you’ll be able to sell it because those younger admirers will have the money to buy their dream car.
Have a look at this for the latest values on your 280Z: https://www.hagerty.com/valuation-tools/datsun/280z/1978/1978-datsun-280z