Introducing the Hagerty Truck and SUV Index
At Hagerty, we are always looking for ways we can help enthusiasts understand the market better, which is why we are introducing the new Hagerty Truck and SUV Index. It is the fourth new Hagerty Price Guide Index we’ve launched in the past several months, and it joins indexes for Supercars, RADwood vehicles, and Japanese vehicles. Of course, these emerging segments aren’t exactly new and we’ve been watching them for a while, but it takes time for an index to record a useful track record.
The vintage truck and SUV market started grabbing headlines nearly a decade ago, but there was still a question of whether this would last. For example, if we look at the most popular vehicles 10 years ago by buyer interest (measured through insurance quote data) and by demographics (preboomers, baby boomers, Gen X, millennials, or Gen Z), no trucks were in any generation’s top five. This year, though, at least one truck is in the top five for Gen Xers, millennials, and Gen Zers, and those three groups make up the majority of buyers in the market. That popularity is reflected in the performance of our truck and SUV picks for our annual Bull Market list, as the segment has posted the second-highest average annualized return at 12.6 percent, which trails only the rare station wagon picks.
The Hagerty Truck and SUV Index, as the name suggests, represents the broad market for this type of collector vehicle. It is built using 19 of the most collectible trucks and SUVs. They range from vehicles introduced in the 1940s to those still in production in the 1990s. Most of the vehicles are from the Big Three, but a few from Willys-Jeep, International, Toyota and Land Rover are included, too.
The index uses the average condition #2 (“excellent”) value from the Hagerty Price Guide. It started its journey in 2010 with an average value of $14,699, but since then, it has nearly tripled to $43,611. In the past five years, it has climbed over 42 percent.
Appreciation over the past year slowed for many of the vehicles in the index, but steady appreciation has been the norm since 2010. Some of the vehicles that have done well recently are in the sweet spot with both style and usability, such as the 1969-72 Chevrolet C/K Blazer, which is up 3 percent in the past three months to $58,067, the 1976-86 Jeep CJ-7, which is up 8.2 percent in the past year to $29,287, and the 1984-89 Toyota Pickup, which is up 8.1 percent in the past year to $22,079. One vehicle that hasn’t done so well is the 1966-77 Ford Bronco, which is down 8.5 percent in the past three months to $57,608, but that could be because it is facing competition from the new version available in Ford showrooms.
Looking towards the horizon for the Truck and SUV Index suggests values will likely continue to appreciate gradually if not rapidly. These vehicles are popular with even the youngest generation of enthusiasts, and their plentiful nature, usability, and that they are easily modifiable will make them appealing to enthusiasts for a long time.
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