5 Rides That Stumbled Last Quarter
We’ve discussed some of the notable gainers in the latest Hagerty Price Guide (we update it quarterly), but the fact remains that the market has continued to soften this year. We continue to see it in the Hagerty Market Rating, and many vehicles in the Hagerty Price Guide dropped as well. Much like the winners we highlighted a few weeks ago, the notable drops in our price guide are varied and come from across all segments of the hobby. Let’s dive in.
As always, if you have questions about how we arrived at these changes, you can read more about the methodology behind the Hagerty Price Guide here.
1954-57 Jaguar XK 140: -12%
Following the success of Jaguar’s first postwar sports car—the XK 120—the first update to the platform came in the form of the XK 140 in 1955. While it retained the race-proved 3.4-liter straight-six engine from the XK 120, it received a mild bump in power as well as quite a few cosmetic updates. In the Jaguar hierarchy, these are usually regarded as a bit less “pure” than the previous XK 120 but a bit less distinctive than the later, more refined XK 150, so a middle child effect exists and values reflect that.
The XK 140 experienced a steady period of growth from 2021 on, growing by 24-percent up until its peak in spring of 2023, however it is just now that we are seeing these gains start to walk back. Over the early part of this year, good quality cars started selling for much lower values than we’ve seen in nearly two years. While the sky isn’t falling and these are still valuable cars (the median condition #2 value is $110K), we are watching the market closely on these going into the Monterey auctions to see what happens.
1962-69 Austin-Healey Sprite: -11%
While already cheap and cheerful, the Austin-Healey Sprite (also sold as the Midget in MG form) just got a little cheaper. Small, British sports roadsters have always been a great way to enter the hobby. Many of the best ones still run less than $20,000 and if you’re pressed for room, they’ll fit in a one-stall garage with tons of space to spare. The best part is that if you’re somewhat mechanically inclined, the operating systems and the agricultural nature of the Sprite and its A-Series engine present a simple way to DIY repairs without too much trouble. If you want something as beginner friendly on the wallet and ownership experience as a Miata, but you want something more classical, then it’s hard to ignore the Sprite.
Cheap vehicles have also seen some of the most surprising growth over the past few years. Given the abundance of both Sprites and Midgets along with their inexpensive nature, then, an 11 percent drop here is something worth noting. In pure dollar terms the decrease isn’t much (the median #2 value is $13,200) and 1962-69 Sprites are now worth about what they were three years ago. Square-body Sprites (not to be confused with the earlier, more valuable Bugeyes) remain one of the few truly cheap classics left in the hobby, and staying cheap isn’t a bad thing.
1991-94 Jaguar XJ 220: -10%
While the Jaguar XJ 220 is one of the coolest and most unique offerings of the early 1990s, it is one that has struggled to garner the same accolades as its peers, namely the Ferrari F40, Porsche 959, and Bugatti EB 110. The other three are solidly seven-figure cars while the most pristine Jag is no more than $600,000. Why is this?
Looking back at the development history, the Jag was a bit of a compromise. When the concept debuted, it promised V-12 power and all-wheel drive. By the time Jaguar released the production version, it had half the cylinders driving half the wheels. It was still a wild-looking, 200-mph-capable car, but it wasn’t what buyers expected when they put down their deposit. And, even by supercar standards, XJ 220s are expensive cars to service. Even die-hard enthusiasts had a hard time getting past what these cars could’ve been, Jaguar had a hard-time selling them when they were new, and today’s collectors still have to deal with high operating costs.
Reputation goes a long way in this hobby and can either propel a car’s value and desirability or relegate it to the realm of it being interesting, but not a must-have. While the whole 1990s super car segment has been on fire, the Jaguar has struggled in comparison. While the XJ 220 did enjoy a decent value bump in 2022, values have pulled back since. The bottom line is that these look like they’re going to stay sub-million dollar cars for the foreseeable future.
2008-11 Tesla Roadster: -9%
Regardless of how you feel about EVs or their place as “interesting” or “collectible” cars, the original Tesla Roadster holds an important place in the development trajectory of the EV and in the automobile in general. This was the first serial production car to use lithium ion batteries, after all, as well as the first production EV to achieve a rated range of 244 miles (although BBC’s Top Gear famously and controversially disputed that), all while being able to hit 60 in under 4 seconds and thrill through the corners thanks to its Lotus Elise-derived underpinnings. While much of this is expected performance of EVs today, this was a technical marvel in the 2000s.
While the average reader here may find it a bit strange, there are EV collectors out there. And, given its significance, the Tesla Roadster is a must-have for them. That’s partly why the Tesla experienced a gradual lift in values over the past few years. More recently, however, Tesla Roadsters haven’t been selling as well and dropped to a median #2 value of $107K. In speaking with John Wiley, Director of Valuation Analytics, he observed that “there were four recent sales of the Tesla Roadster spanning the 2008-11 model years, with mileages ranging from 6,000 to 60,000. All sold below condition appropriate value.” With fewer than 2500 Roadsters built and sold to 30 countries, this is a significant amount of cars to come to market at the same time. Wiley continues: “Perhaps as the appeal of new EVs loses some charge, the original Tesla Roadster is a bit less appealing to enthusiasts.”
While this budding segment of enthusiast car still searches for mainstream appeal, there are bound to be hiccups. Talk to any EV fan, though, and there is little range anxiety about this segment dimming in the longer term.
1992-2006 Hummer H1: -7%
At the very opposite end of the efficiency spectrum from the eco-friendly Tesla sports car is a humongous truck that looks like it could keep OPEC happy all on its own. Jokes aside, the Hummer H1 is a seriously cool truck with a seriously cool background. First and foremost it was a replacement to the venerable Jeep in the military. The small Jeep left large shoes to fill, but the High Mobility Multipurpose Wheeled Vehicle (HMMW), aka Humvee, aka “Hummer” was more than capable of doing that job. While much larger than the Jeep, the HMMW took off-road capability to a whole new level with extreme ground clearance, fully independent suspension, locking differentials, and the ability to control tire inflation from the cabin on later models.
While surplus models have trickled out to the civilian market, a true customer version became available to the public in large part thanks to lobbying by actor Arnold Schwarzenegger. Earlier versions were civilianized versions of the Humvee, while the final year saw the introduction of the H1 Alpha, with an upgraded power plant using the 6.6-liter Duramax diesel instead of the previous Detroit Diesel plants. This upgrade makes the Alpha noticeably more sought after than earlier versions.
Hummers have struggled with an image problem. They’re big, almost too big for many road conditions, and are the in-your-face poster truck for gluttonous fuel consumption. It also seems that the market for H1s can be as mixed as people’s opinions on them. After some decent price growth in 2023, the past few months have seen dropping sale prices across all years and configurations. Falling demand may come from the fact that a good H1 is going to run you close to $100,000, and that can buy a tastefully restomodded vintage SUV that’s more usable than a Humvee and has none of the stigma.
Thanks
Tesla looks nice but it needs ICE and 6 speed. NO EV
That would be called a Lotus Elise.
BRAVO! LOL
Yes, sharp looking and did not know Tesla was in business at that time.
If you want a lithium battery fire in house, by all means buy an early Tesla. Elon has never addressed this, and many early adopters of the “Tesla revolution” have smouldering wreckage for their enthusiasm. Fact, Elon fanboys. There’s a beautiful pic of a Tesla burnt to the rims with the owner doing a WTF. He had the smarts to keep it outside, not in his garage, so he still has a home.
I find it ridiculous that Hagerty tries to draw any conclusion about trends in values based on one or a few quarters of such data. Not only are the number of transactions small and the condition ratings unreliable, so it’s never an apples-to-apples comparison from one quarter to the next, there’s also the fact that Hagerty’s opinion contributes to a self-fulfilling prophecy since every potential buyer of one of these models will use this article to pound down the seller’s price.
Not only is the timing off, the sample size is silly. How many XJ220’s and Tesla roadsters are on the market in a given year? Hagerty could provide better value to readers by focusing on the readership they have. Not the readership they dream of.
Hi Paul, appreciate the feedback, however there really is no ulterior motive going on here. This list is meant to hilight some of the lessons that can be gleaned from more notable vehicles that lost value in the past quarter. If that list included C3 Corvettes, Mustangs or the like, you better believe they would be mentioned here. I highlly recommend reading the linked article in the first couple paragraphs to better understand the process we use to update our values. Quantity of transactions or offerings, especially on less common cars is less of a factor than quality of offerings. Also important to remember that we are not an auction based price guide, so there are many other factors that feed into our updates. Hope this helps!
This is spot on.
Even if the cars reviewed are low volume production cars or rare, and the sales are low… lets say three cars changed hands in a given year. Those are your source for the statistics. If 3000 cars trade hands in a year, then that’s your source for statistics and averages.
Thees lots of cars I don’t collect and that may not be relevant to me, but I’m still interested in the general direction of the hobby car market.
I give Hagerty a thumbs up generally.
Totally agree with you.
Every single article like this are guys whining like this- you Karens don’t know who Hagerty is in making these statements.
Hint: it’s their business to insure cars cars so they HAVE to know the prices.
Uhhhhh…. reality check here. Most people can’t afford these cars. How about some cars that those if us with unlimited income can look at?
Josh, They pretty consistently release informational about lower cost cars that have become more affordable. Third article in this email has exactly that. Keep reading.
Ummm this! Exactly my thoughts while reading the article or actually glancing over it would be more accurate.
This is consistent with the usual articles that Hagerty publishes. Cars that are 1) outside most buyer’s price ranges and 2) are of European extraction.
👍
Hi Ken, author here. Appreciate the feedback, however I will say that this article comes less from personal or company preference rather, what is the data from the price guide telling us. Out of everything that lost the most value, it was expensive European stuff. Personally, I’m a fan of Japanese cars and prefer to talk about them until I’m blue in the face. But point taken on the lean on the content, unfortunately that’s just how the numbers shook out.
Two of the five cars discussed in this article are American (Hummer and Tesla)
Josh, solid entry level Sprite under $8000. Fun in bunches and economical to operate. You can’t find any half decent US muscle car under $20000!
Scott, there aren’t any “half decent” Austin Sprites. Electrical and mechanical nightmares.
the electrical issues pale beside most French and Itallian cars – and definitely compared to any “current technology” vehicles. Nothing rocket science about them – anyone with any basic electrical knowlege can maintain or repair the electricals. Mechanicals are as basic as they come unless you want a garden tractor. The biggest problem (now that’s an un-pun) is a six footer can’t fit in one. I haf a ’61 Morris Mini 850 and was interested in “moving up” to a spridget but I couldn’t get in – – – –
Good Austin 4 cyl blocks are getting very difficult to find.
Ken, Sorry your glass is always half empty…and I don’t live in your perfect world (Sorry again, make that GLAD I don’t live in your imperfect world!)
I build my own muscle cars. My newest budget build: 1975 Camaro roller body from craigslist,$2200 I think I got a good deal because this car had been sitting since 1986 and still was sporting the factory paint that someone had spray-bombed gray primer over,I wet sanded it off and found a body that didn’t have ten coats of crappy paint and three gallons of bondo like most Camaros. Add nice running 350 and trans from salvage yard and I’m only at $3400.
You go, that’s old school hot rodding. I love the ford 4.6 mod motor and have the same attitude get a old man thunderbird, throw away the slush box for a 5-speed and lighten the car as much as possible. The 4.6 is everywhere and PI heads and performance parts are out these in abundance as well.
& it will run circles around Jags; even the expensive ones- the owners are unaware or unwilling to run hard…not a problem with my Chevrolet(6 F bodies and counting- My first was a 75 type LT L82 4 speed)
I agree with you….what I see on here is mostly for the rich and famous..or got a big fat check when Grandma passed. How about some offerings in the $ 9000.00 / $ 20 k range….??? Us modest wannabe collectors need some love too
Josh, If you’ve got unlimited income you can afford to look at everything… I’ve got a pristine 2017 Rolls Dawn for sale.
282 Jaguar XJ 220 cars produced. Why is this newsworthy for your average car collector?
Because there’s more than more than just your average reader in this hobby.
I know it’s just my opinion, but I find it hard to put a Tesla in the same category as the rest of these cars. Those cars were stylish, good performance, while in my opinion ( it is just that ), the Tesla has the style of a shoe whose purpose was to get you to point B from point A
Seems to me that in some cases, there are very few sales of a particular car in a quarters time span, that you can’t call it a trend. Statically insignificant.
My Webster says statistically
Finally, I can afford a Jaguar XJ 220. :^)
Go for it Gary !
Do you really think that someone who has the means to buy a car like these Jags really cares what Hagerty says?
I can, and I do.
I have a 1983 carolina blue Mercedes turbo-diesel in good shape with only 110,000 miles. Appraisel Hagerty made was $16-20,000. I’m ready to sell or auction. Please call at 516-721-7875 or e-mail – leave message if i’m not available to pick up – Hugh Musof
Very bold end run around paying Hagerty to list your car for you.
You have no idea how tempted I am to subscribe that phone number to all the political campaign newsletters I can find haha.
As a c as e guy I like to read Hagerty with understanding that a lot of it is hype.
It fun to see the cars i appreciated and adored as a teenager in the 60’s
I’m probably the only one wondering this, but what-the-heck is a ‘c as e’ guy? Being the same generation (as I was also a teenager in the sixties) I’ve not heard this term before.
Mr Sousa you couldn’t be more wrong about the Sprite/Midget. They are simple to maintain and spare parts, when required, are widely available. One of the best and entertaining vehicless for getting into the collector car hobby.j
At a recent Cars n Coffee I was offered a cool looking black Sprite (red interior) for 4 Grand. Mighty tempting, since it was there it clearly ran and drove……
All are junk
Sure they do!!! there is no one that wants to over pay for anything !! wealthy , rich , or poor.
Teslas are computers on wheels. Why would you buy an old computer?
Well put!
Outstanding comment.
Sorry Hagerty, a quarterly analysis in an atypical election year with major wars brewing on three fronts has affected all car values and sales, and is of marginal value. In my opinion Hagerty has a built-in conflict of interest providing value guidance or a value guide since you sell insurance. Any informed car enthusiast, collector, or casual hobbyist can easily find Hagerty car values are 25% higher than Kelley, NADA JD Power or The Old Car Price Guide.
Hi Jim, Editor of Hagerty’s price guide here. I appreciate your comment and your critiques. There is always some outside force which may or may not exert itself on the collector car market, from elections to economic swings to a pandemic, there is never a bad time to be well informed about the collector car market.
It is important to note that the purpose of our value guide is to help enthusiasts make better informed buying and selling decisions. I did link an explainer to our pricing method in the introduction, but I’ll link it here again. https://www.hagerty.com/media/market-trends/hagerty-insider/how-the-hagerty-price-guide-is-made/ I hope it sheds more light on the methodology and how we make the valuation decisions we do.