Bull Market Report Card: Checking in on Our 2018–24 Picks

Each December, we put together the Hagerty Bull Market List, our annual selection of the collector-car hobby’s movers and shakers. Basically, it’s a group of 10-or-so cars (with the occasional truck and motorcycle thrown in) that the data tells us are poised to grow in value over the next 12 months. This isn’t investment advice per se—rather, an opportunity to point out that, with some due diligence and a smidge of luck, you can experience the joys of the collector-car hobby and maybe get your money back or a bit more when it’s time to sell. We’ll reveal the 2025 Bull Market list on December 9, 2024.

How does waiting to act on a Bull Market pick affect returns?

Although the performance of many enthusiast vehicles is measured in seconds, the market for them moves more slowly. Even if someone decides to buy one of the vehicles on Hagerty’s Bull Market list immediately, it might take a while to find an example they like, make room for it in the garage, find the necessary funds, and so on. If it took a year from when the list came out until the car is now sitting in the garage—has most of the appreciation already happened?

2018

This was the first year of the Bull Market, and the pick with the greatest subsequent appreciation was the 1993–1998 Toyota Supra Mk IV. Since it was picked in late 2017, values have been up 145 percent. What happened that first year? Only a 14 percent gain, which means values appreciated a further 131 percent in the meantime.

One of the worst picks from that year is the 2010–14 Ford F-150 Raptor pickup, up only 30 percent since 2017. However, even waiting one year would still allow for a 23 percent gain.

2019

The past master of the 2019 list was the 1991–96 Buick Roadmaster, which has tripled in value since it was featured (up 207 percent). However, it has since been overtaken by the 1984–93 Ford Mustang Saleen, up 214 percent. What did waiting one year cost a potential Fox-body Saleen owner? Not much, as values still appreciated 185 percent.

Unfortunately, the 2008–09 Pontiac G8 remains one of the worst picks for that year. Values for it are up only 2 percent. Waiting one year was a case of good news/bad news, because values were still up only 2 percent, though they dipped in 2020–21 then rose slightly in 2022.

Another poorly performing pick is the 1996 Chevrolet Corvette GS, which actually had a better return after waiting one year. Values dropped that first year, which means the cumulative return is 15 percent, but catching that drop in values the first year produced a 21 percent return.

2020

The best pick of the list this year remains the 1990–94 Volkswagen Corrado, with a 349 percent gain since. Waiting one year to find the right Corrado would have cost you, because values appreciated only another 178 percent. Although, that’s still one of the highest gains we’ve seen for any Bull Market pick.

Surprisingly, a previously strongly performing pick from the list has dropped back to last place in 2024. The 1997–2001 Acura Integra Type-R is up 28 percent, although waiting one year meant the appreciation was still 27 percent. When we last did a performance score card two years ago, the 1999–2005 Ferrari 360 was in last place for the 2020 list, but it has since gained 12 percent while values for the Acura fell 1.6 percent.

Similar to the 1996 Chevrolet Corvette GS from the 2019 Bull Market, waiting one year to purchase a Ducati 916 resulted in the return increasing from 40 percent to 68 percent.

2021

Several of the picks from the 2021 list performed strongly, with appreciation in the 80–90 percent range. However, the 1985–91 Ferrari Testarossa is up the most, with a 94 percent gain. Waiting a year to find the perfect set of strakes was costly, but the vehicle is still up 21 percent with the delay.

However, two of the picks from this list saw all of their gains in that first year. The 2006–17 Aston Martin V8 Vantage and 1969 Honda CB750 are up 1 percent and 16 percent, respectively. Waiting one year cost those gains, however, with the two vehicles losing 4 percent and 3 percent in value since then.

2022

The new best performer from the Bull Market picks of 2022 is the 1981–93 Volvo 240 wagon, up 152 percent. With a high attrition rate, finding a nice 240 wagon is hard, and a delay means giving up a lot of appreciation—values up are 72 percent with the delay.

Two years ago, the best performer on the list was the 1968–76 Ferrari Dino 246 GT, which is up 67 percent since it was selected. Unfortunately, waiting a year to find the right Dino was perhaps the costliest of all the picks in the Bull Market, as values have fallen 2 percent since that first year.

2023

Our last list where we can play the waiting game is the 2023 vintage, where the 1991–98 Suzuki Cappuccino is the best performer, with a 24 percent gain. Waiting a year for a coffee is unacceptable, but it isn’t too bad with the little Suzuki. One year after it was featured in the list, the car still appreciated by 18 percent.

One of the worst picks of the year—and of all Bull Markets—has been the 1985–93 Saab 900 Turbo hatchback, although time may help the orphan. Values for the 900 Turbo hatchback were unchanged from 2022 to 2023 and fell 37 percent between 2023 and 2024, meaning waiting a year still cost you 37 percent.

What can we learn from the hypothetical idea of waiting a year to purchase one of the Bull Market picks? A delay often cuts into some of the appreciation but rarely turns a gain into a loss.