Which Collector Cars Are Faring Best in a Picky Market?

The Hagerty Price Guide Indexes—first published in 2009—are a series of stock market-style indexes that average the condition #2 (“excellent”) values of representative vehicles, or “component” cars, from a particular segment. These indexes are updated quarterly and provide an overview of how these segments of the collector car market are performing overall, as well as relative to each other.

Today’s collector car market is complicated—just read the range of responses we recently received from a panel of industry experts. Special cars continue to fetch record prices, be that for a 4700-mile 1997 Toyota Land Cruiser or a rare Lamborghini Miura, while average and below-average cars see little interest. Given how rare “special” cars are and how prominent average cars are, the overall net effect is that the market continues to inch along slowly, with bursts of brilliance. This is certainly confirmed by the Hagerty Price Guide indexes, which we updated this quarter with new data on July 1. Seven of the 11 indexes are down in value year-over-year, with the last quarter seeing only minimal changes.

The biggest movers of the bunch were the Blue Chip Index and the new Supercar Index, which both posted 2-percent gains during the second quarter of 2024. The British Index lost 2 percent, and the Muscle Car Index and Japanese Index slipped a scant 1 percent.

Blue Chip Index

The Hagerty “Blue Chip” Index of the Automotive A-List is a stock market-style index that averages the values of 25 of the most sought-after collectible automobiles of the post-war era.

Hagerty’s Blue Chip Index was the biggest mover for Q2, but the move itself wasn’t big (2 percent). The increase in value wasn’t enough to erase the first quarter’s 3-percent drop, leaving this group 2 percent below where it stood a year ago.

Movement was driven almost entirely by a massive surge in Lamborghini Miura SV values (up 33 percent) and a significant 7-percent increase in the Porsche 911 Carrera RS. That optimism was offset slightly by a 10-percent drop in Bentley S1 Continental prices and a 4-percent drop for the Iso Grifo coupe. The rest of the cars in this group saw negligible changes.

Blue Chip cars are likely to benefit from an increasingly selective market simply because they have been highly valued collectibles for so long, and their provenance is usually well established and understood. Just remember that settling for a car with stories may get you in at a lower price, but will prove to be a tougher sell when you’re ready to move on.

British Car Index

The Hagerty Index of British Cars is a stock market-style index that averages the values of 10 of the most iconic British sports cars from the 1950s-70s.

The British Car Index recorded its seventh consecutive quarter without a positive move—this time, notching a 2-percent drop. The average price for the cars in this index is $91,760, which has basically remained the same since 2015.

Leading losses were from the Jaguar E-type, which slipped 11 percent, and the Triumph TR3A, which fell 8 percent. Those drops were moderated by a 12-percent lift for the Sunbeam Tiger Mk II and a 2-percent rise for the Austin Healey 3000 BJ8.

Demographics are daunting for vintage British cars, with performance and reliability that lags newer and more affordable models. The wild card here, though, is that vintage Brits have a charm about them that can quickly outshine the lower top speeds or softer handling these rides deliver compared to newer metal. It may just take time for younger buyers to grow into this appreciation.

Ferrari Index

The Hagerty Ferrari Index is a stock market-style index that averages the values of 13 of the most sought-after street Ferraris of the 1950s-70s.

Our Ferrari Index was unchanged in Q2 2024 following the first quarter’s 4-percent dunk. This stabilization leaves the group at the same level it was two years ago, and 4 percent stronger than it was in 2021. The longer view is less positive, with the index 2 percent below pre-pandemic levels.

Three of this index’s component cars increased in value, two declined, and the remaining eight held firm. The Daytona Spyder was the biggest gainer with an 11-percent surge. The 250 PF coupe lost the most at 8 percent down. Modern supercars have been a more vibrant part of the million-dollar market, but that set of cars is also more susceptible to the introduction of newer and faster models. Vintage Ferraris, meanwhile, are a more mature market and influenced less by fads, which should make them a safe bet in the short run for anyone who is looking to experience some of the models that made Ferrari’s name.

American Muscle Car Index

The Hagerty Index of American Muscle Cars is a stock market-style index that averages the values of the rarest and most sought-after muscle cars.

The Muscle Car Index continued its slide with a second consecutive quarterly fall. Q2’s drop was only 1 percent, but this segment has lost the most value (7 percent) of all Hagerty’s collector car indexes over the past 12 months.

The only car in this group to gain value over the last three months was the 1964 Chevy Impala SS 409 convertible, which rose 8 percent to a value of $153,000. Meanwhile, the 1969 Boss Nine Mustang shed 8 percent, the LS6 Chevelle convertible lost 6 percent, the 1965 Pontiac GTO lost 4 percent, and the 1965 Shelby GT350 fell 3 percent.

Silver linings? Even though the Muscle Car Index’s has had the rockiest 12-month run of all our indexes, the group is still up 36 percent over five years. Consider recent movement more of a course correction following many years of growth, rather than a major shift in buyer preference.

German Car Index

The Hagerty Index of German Cars is a stock market style-index that averages the values of 21 of the most sought-after cars from BMW, Mercedes-Benz, and Porsche from the 1950s-70s.

Hagerty’s index of postwar German collectible cars inched up by 1 percent in the second quarter of 2024. This was the first change in the index—either up or down—in over a year. German cars as a whole aren’t quite as static as the numbers suggest, it’s just that demand is centered in German performance and sports cars from the 1990s and later, not on the more classic era of the 1950s-70s.

While the overall change for this index was nominal, six of the component cars increased in value and two slipped slightly. On the upswing were the Mercedes-Benz 280SL (up 10 percent), the Porsche 356B S90 roadster (up 9 percent), and the Mercedes 190SL (up 6 percent). Those increases were for some of the cheaper alternatives in this index, however, which ultimately weren’t enough to swing the overall value much.

1950s American Car Index

The Hagerty Index of 1950s American Classics is a stock market-style index that averages the values of 19 of the most sought-after collectible American automobiles of the 1950s.

The 1950s American Car Index has been the sleepiest of all Hagerty’s collector car indexes, increasing just 18 percent since 2006. The second quarter of 2024 didn’t buck the trend, with this collection of cars remaining unchanged. The group is down 4 percent year-over-year, but also up 4 percent over a three-year span, showing the market for fins and chrome vibrates only slightly.

At an individual level, three cars moved up, with the 1957 Ford Thunderbird recording a 7-percent win and the underrated Studebaker Golden Hawk increasing by 6 percent. Only two cars lost value, the biggest of which was the 1958 Chevrolet Impala convertible at 5 percent.

Affordable Classics Index

The Hagerty Index of Affordable Classics is a stock market-style index that averages the values of 13 undervalued cars, priced around $40,000, from the 1950s-70s.

Affordable Classics have been one of the brightest segments of the 2020s, with a 24-percent increase in value over the last four years. This past quarter, though, the group was unchanged, and sits only 1 percent improved year-over-year.

An 8-percent jump for the 1965 Chevrolet Corvair and a 5-percent gain by the Volkswagen Karmann Ghia were erased by a 3-percent skid for the Datsun 240Z, a 2-percent misfire by the AMC Javelin, and a $500 fall for the 1965 Ford Mustang.

Today’s market is much less active than it was in 2021, which is arguably a good thing for folks who just want to buy a fun car to drive and enjoy. This is especially true at the lower end of the market, where most new enthusiasts get their first crack at collector car ownership. For them, as it should be, price of entry is more important than appreciation potential.

RADindex

The Hagerty RADindex is a stock market-style index that averages the values of 21 collectible vehicles from the 1980s and 1990s.

Hagerty’s previously white-hot RADindex has recently cooled alongside the broader collector car market. While it is up 64 percent over the last five years, it remained unchanged in Q2 of 2024 and is only up a single percent compared to this time last year.

Demand hasn’t evaporated, however, and there have been some significant changes among individual cars: the 1994-98 Porsche 911 Carrera (up 19 percent year-over-year), the 1980-91 Audi Quattro (up 12 percent), the 1986-87 Mercedes-Benz 190E 2.3-16 (also up 12 percent), and the 1985-91 Ferrari Testarossa (up nine percent year over year) all realized material gains.

This segment has the right mix of performance, reliability, and nostalgia to keep it appealing for many years. But the same principles hold true for this group of cars as they do for others: low-mile, well-documented examples in high spec and with a unique combination of options will lead the market, while more common cars with service gaps or other stories will see much slower changes.

Truck and SUV Index

The Hagerty Truck and SUV Index is a stock market-style index that averages the values of 18 collectible trucks and SUVs from the 1940s to the 1990s.

Like Hagerty’s other indexes, the Truck and SUV Index saw a negligible 1-percent gain for the quarter, which is the exactly the same amount it is up year over year. This index has seen steady appreciation for more than a decade and is up 45 percent since 2019, but growth has leveled off as the market’s pandemic-fueled boom recedes in the rearview.

Standouts in the group include the 1984-89 Toyota Pickup, which has increased by 10 percent over the last 12 months, and the FJ60 Series Toyota Land Cruiser, which is up 8 percent. There are overlapping dynamics at play here, with fans of Japanese vehicles, fans of the 1980s, and fans of capable and charismatic off road runners all helping drive values.

Japanese Vehicle Index

The Hagerty Japanese Vehicle Index is a stock market-style index that averages the values of 19 collectible Japanese vehicles from the 1960s to the 2010s.

Hagerty’s Japanese Vehicle Index continued to dip with a third consecutive quarter of losses. The Q2 2024 change was only slight, however, with a 1-percent decline, leaving the index down 3 percent year over year. Despite this trend, Japanese Collectibles are 75 percent stronger than they were in 2019, helping put recent adjustments in perspective.

Notable changes include the 1968-73 Datsun 510 (up 11 percent year-over-year), the 1984-89 Toyota Pickup (up 10 percent from a year ago and also mentioned as part of the Trucks and SUVs Index), and the 1991-96 Subaru SVX (up 6 percent over the last 12 months).

Although this part of the market has adjusted downward of late, long-term prospects are good given these brands’ relative affordability and strong youth appeal.

Supercar Index

The Hagerty Supercar Index is a stock market-style index that averages the values of 15 collectible modern supercars and hypercars.

Supercars have been booming, with a 68-percent increase over the last five years. Recent changes were much more modest, with a 2-percent boost in Q2 2024, though that amount was tied with Hagerty’s Blue Chip Index for the biggest increase of the period.

The Porsche 959 led all cars in the index with a 14-percent jump over the last year, followed by the re-awakened Porsche Carrera GT, which is 7 percent improved from July 2023. The Bugatti Veyron is another notable mover, gaining 6 percent year-over-year. As Bugatti continues to increase the price of its new models, values for the Veyron look like a comparatively good deal.

Even with astronomic price tags, the supercar segment seems to have more room to grow. Their combination of rarity, performance, and brand luster ensures appeal, as does the prevailing belief that there won’t be many more comparable cars manufactured in the future.

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