Muscle Car Atrophy: 5 Classics That Lost Value This Summer
If you’ve been following the market for collectibles for any length of time, it’s pretty obvious that the world isn’t what it used to be just a couple years ago. From Rolexes to the art market, and NFTs to sneakers, a distinct cooling effect has settled everything. It’s not so different in the collector car market, which has experienced its own ups and downs over the past four years. However, the classic car market is more mature than it once was, with a more solid enthusiast foundation compared to periods of previous swings.
Those of us who have been around for a while remember the biggest effect of the last memorable market swing, which impacted muscle car values more than other segments. The 2008 recession saw values of many cars wiped out in a matter of months, with a slow, years-long recovery that followed. The last upswing of 2021–22 saw muscle cars benefit again; thankfully, the most recent cooling effect has been less severe than it was in ’08, and we have observed a soft landing for values. All in all, the biggest swings in value have primarily occurred at the top end with the most exclusive muscle cars. There have been exceptions, however; market leaders such as Hemi Mopars haven’t moved much since spring. Let’s look at some of the biggest changes in the muscle car market and decipher what is going on.
1968–72 Chevrolet Chevelle SS: -6 percent
GM hit its stride in styling and performance with the redesigned A-body in 1968. More refined lines and increasing horsepower figures helped define the 1968–72 Chevelle, Olds 4-4-2, Pontiac GTO, and Buick GS as pinnacle years for GM muscle. While brand loyalties exist within the umbrella of GM fans, it is hard to deny that the Chevelle SS reigns supreme as the most recognizable. These cars looked tough and they had the muscle to back it up. Peaking in all out performance, the 1970 LS6 Chevelle, with its 454-cid big-block V-8, would lay claim to the highest advertised output—450 horsepower—a figure that would stand for decades, until the horsepower wars of the 2010s and beyond.
As is the case with most top-tier cars, the LS6-equipped Chevelles fared the best as values increased, but as the market has calmed, they have also dropped the most within the Chevelle market, at an average of six percent for coupes. The remainder of Chevelle Super Sports, however, were not untouched. A more moderate drop of around three percent occurred across most non-LS6 454 and 396 cars. This is far less meaningful than the drop of the top-tier model, but it’s an indication that more than just the big cars are stepping back. What this means for the future is that as the market continues to gradually cool, so too could Chevelle values as the we find new equilibrium.
1969–70 Ford Mustang Boss 429: -7 percent
Ford’s “Boss Nine” is perhaps the ultimate expression of the Ford Mustang as a sheer powerhouse of a pony car. As the story goes, Ford needed to homologate its semi-hemispherical-headed 429 for NASCAR competition, so the Mustang was chosen as the chassis to produce the number of 429-equipped cars to meet minimum production requirements. The problem with the 429 engine, however, was the fact that it was too large to fit in the standard car, so off it went to Kar Kraft, which already had experience shoehorning the 427 FE into the GT40 a few years before. Despite the effort needed to prep these Mustangs, Ford managed to turn out a total of 1358 of them.
Boss Nines have become quite sought after as blue-chip collector cars, making them some of the most valuable Mustangs of the era, alongside Carroll Shelby’s creations. Looking at the past few months, the Boss walked back its values by an average of seven percent. While top-tier cars rarely see their values sit stagnant, this is a noteworthy drop. Much of this has to do with poor market performance after the spring. Drops were not isolated to the Boss; other performance models of the era such as Mach 1s stepped back an average of 4 percent. It’s important to remember that these cars experinced rapid growth a couple years back, and eventually the market finds equilibrium. We’ll need to stay tuned a while longer to see just how much change is in store.
1967 Shelby GT500: -6 percent
Ford’s first update to the massively successful Mustang came in 1967, with more aggressive looks and enough room in the engine bay for the larger FE series engine. Following on the formula of taking the standard Mustang and improving it further, Shelby American seized on the opportunity to show the world what the platform could really do. Dropping in a Police Interceptor 428 and warming it over meant that at 355 horsepower, this would be the wildest Mustang to date. And, with unique styling and the GT500 nameplate, a legend was born. Adding to the already-exclusive nature of Shelby ownership, 1967 would be the last time all upgrades were done at Shelby American, making these the last truly Shelby-built Mustangs.
These GT500s are highly sought after and coveted by collectors to the point they occupy a special place in the Shelby market. While later models fared fine, neither gaining or losting value, 1967s have stumbled a bit. Losing six percent over the past quarter, this was the result of some weak prices being posted earlier in the summer. Although it is too early to call this any sort of continuing trend, these high-profile cars are certainly a leading indicator of the health of the muscle market.
1969–72 Pontiac Grand Prix: -4 percent
Technically, the Grand Prix falls in the personal luxury category, but we’re going to include it here anyway. And while the GP may have had a focus on comfort, even Pontiac in 1970 said in its marketing: “We don’t build a ‘luxury’ car. We build a performance car, then we make it luxurious.” If we peek under the sheetmetal, you’ll see that Pontiac delivered on this promise. The new G-body platform that the 1969 GP and 1970 Monte Carlo sat upon was really just an A-body–derived frame shared by the LeMans. Under the hood was a standard 350-horsepower, 400-cid engine yanked straight from the GTO. Yeah, these things could scoot.
So now that we’ve made a case for the Grand Prix as a muscle car, let’s dig into how these have done. The fact remains, unless you know what these cars really are capable of, they fly under the radar for the average muscle-car enthusiast. That said, they have gradually crept up in value over the past several years, putting up decent numbers when a great example comes to market—a pristine 400/350-equipped car could fetch more than $40,000. That said, though there are staunch enthusiasts of these cars (your author included), there aren’t enough to keep the values way up. Crucially, mainstream parts support isn’t quite there compared with the LeMans and GTO that share so many underpinnings. The result is that while the GP is down by four percent when averaged out, condition #3 (good) and #4 (fair) cars fell by 12 percent—an indication that cars needing work have become harder to sell. This is a trend we’ve seen play out across the market: Buyers want sorted cars they can use now instead of cars that need attention. The GP has just fallen victim to that sentiment more than others.
1969–70 Pontiac GTO Judge: -6 percent
Conceived to compete with Plymouth’s successful Road Runner, Pontiac introduced a flashier and hip package to the GTO for 1969 to try to claw back some market share. Named after a comedy routine from Rowan & Martin’s Laugh-In, a popular TV show at the time, “The Judge” was a lot more than just a flashy appearance package to entice the youth to plop down their hard-earned cash on a GTO. While bright colors, graphics, and spoilers were certainly attention-grabbing, Pontiac stayed true to its commitment of delivering a real performance car by making the upgraded Ram Air III 400 engine standard in the Judge, with the more potent Ram Air IV available as an option.
These are among the most sought-after Pontiacs, period. Not only did Pontiac nail the performance aspect, but GTO Judges are arguably some of the best-looking muscle cars to come out of Detroit during the era. The Judge also has the distinction of carrying some of the biggest fluctuations of the muscle car market this past quarter. Soft showings mean that 1969 Judge coupes dropped by nine percent on average, while the 1970 dropped by an average of just three percent. Before we panic, it’s important to remember that these cars experienced huge growth a little over a year ago, and these drops haven’t fully erased those gains. It is, however, an indication that this segment is searching for new footing after some big increases.
`got luck + sold my old beloved well-beaten ’67 GT500 long before this recent wicked crash – 50 yrs ago in the long hot summer of ’74 for ~$2,000 (maybe $2,200), for tuition money to go back to school and to please the family of an old flame. still miss them both to this very day. having had a Shelby, with all it’s cachet and somewhat piggish mileage + personality, can’t see any good reason now for ever selling one – you don’t know what you’ve got til it’s gone.
Ypu are 💯 right my friend.
So true! I sold my 1969 GT350 in March and still miss it -along with the two places where Carroll Shelby signed
the car!
If you bought your cars early enough, this dip isn’t much. I got my 67 and 68 GT500’s in the late 90’s for what now would be ridiculously low prices, to the point where it makes sense to wait for stepped-up basis so that the family can avoid the capital gains. The relatively inefficient market for our hobby has always seen peaks and dips, but the overall trend has been positive. If a few speculators are unhappy this time, well, that’s the way the cookie crumbles.
Are you just selling to a dealer or through an auction house ? How Uncle Sam finds out your “capital gains “ otherwise is maybe a bit over the top on honesty .
Yeaaaaah, the party now in power plans to levy an annual 25% tax on unrealized capital gains so annual reporting and remittance will be mandatory at filing time and policing of those dragging their reporting feet will create new guvmint jobs. A new way to serve revenue creation and workforce enlargement goals of guvmint business.
87,000 new hire IRS agents like your post.
Man. I could play that tune to several cars. My only non-American car, a “64 Spitfire. Bought in a pistol trade and later sold for $175.00.
Sad stories abound. I bought a ’68 Acapulco Blue with silver hood GT500KR from a ford dealer’s son for $3500 in ’75 and had to sell it in ’78 for $5,000 when my new born son was in intensive care. Thought I made a killing.
Still have a great son but continue to admire those who have the car.
I sold my 1967 Camaro to pay my freshman year tuition. To this day I still regret selling that car.
Thank you for sharing that last statement
I have a 67 gt cobra convertible ( modified)
Shelby sig on the dash
Just bought her for self for my bday
My dream car since I was a little girl
I can’t even imagine selling her!
I was about to comment that these are all “blue chip” collectibles that lost value, however the Grand Prix is not, although to a lesser degree. I think this downward trend might be an indication of the market in general.
Yes when interest rates are this high, nothing moves after buying groceries and filling up the truck, best hold on to the classic, if it was easy to restore one everybody would be doing it
My feeling is if interest rates matter to someone paying $50K to $100K for a car, they don’t need the car.
Totally agree, its an inflated market and needs to simmer so people can start enjoying life again with the smallers pleasures ie, cars and long drives where one can find some peace. yes, to your point; blue collars dreams.
How much is the classic/collector car market really affected by interest rates on car loans? By the time a classic car price starts to get above $70,000, the majority of buyers are cash buyers. And by $150,000, few cars at that price or higher have loans. You can get broke really fast by financing a classic/collector car collection-if you can find a bank to keep loaning on additional cars you can’t afford to pay cash for. Under $70,000 (still plenty of interesting and rewarding to own cars under $70k) cars might be financed, but that’s sort of a separate market from the higher-priced collector cars.
“By the time a classic car price starts to get above $70,000, the majority of buyers are cash buyers.”
Cite your source for such a claim. Having been at the cocktail parties of the events everyone loves to hate, there are a lot of buyers at that level and above who finance their collections. It makes sense. Tie the banks money up on a car while your money is actually working for you. Well-heeled buyers aren’t stupid and operate a lot differently when it comes to how they spend their $$$ vs how they spend someone else’s $$$.
You’re so right. You don’t know what you got till it’s gone. I have a 1970 F85 W31 Oldsmobile. I bought it in 1973 (2nd owner) . Not really? I was 15 years old so my dad signed for me. I’m 67 now and have had my Olds for 51 years. We did a full restoration frame off . She’s beautiful as ever could be. I take her to car shows and know body knows what it is. Then an old timer comes along and says I haven’t seen one of those for 30 years. The Mustangs and Camaros take home the badges and the trophies. Everyone loves them. At the end of the day I take home the best trophy there could be my F85 W31. She never disappoints and she always turns heads and they say what is that it’s bitchen .
Gene, one of my best friends in high school had a 64 Olds F85, did a makeover on it, new paint, bigger motor new wheels and tires. It was awesome, a close second to my 65 LeMans with the GTO package.
Yep,, your correct. At the end of the day, the only thing that matters is what you like. Priceing is meaningless. Until people realize these types of cars are NOT investments all this talk is just for entertainment purposes only. Enjoy your cherished possession!
So True.
Life is not all about money. Sometimes you use the money you’ve earned to get something you want, not for its investment value, but purely because you just want it. Having a good, productive, purposeful, and enjoyable life is what should be valued, not money.
Lee,
GREAT perspective on life!
Just purchased 63 Split Window Corvette Black/Black. A fifty year dream come true!
The most iconic beautiful car ever, and it was made in 1963. I have a 64, couldn’t afford the 63, but we love it.
1963 I was ready to buy a split window $3710. I could handle the payments.
But my wife became pregnant and we needed four doors
Enter Dodge Dart.
I still hold that against her.
You’re partially at fault there too, aren’t you?
Stan – didnt you love that 63 Dart? Just get in and go with the slant six purring with no problems forever. While a split window is really special, it is not for a one car family. I got my 73 Volvo 1800ES because it was a station wagon and had Volvo safety (although my wife is still quizzical about that). My 67 Dart convertible (with a slant 6) was a pleasure to drive but burnt up in the last wildfire and i miss it a great deal. It is replaced with a 69 Plymouth Fury convertible that i truly enjoy but it is not the same. How long did you own your dart?
Yes Lee I bought my 67 convertible cobra got NOT to sit in the garage and collect dust so I can leave it to the next person
He’ll no I’m going to enjoy my car! Vroom
I have a ’71Odlsmobile Cutlass SX purchased from original owner from Lancaster Ca. Not many people know or heard of own as it is optioned with the hood and rear wing – looks like a 442 except has the 455 with the 2 barrel and the little SX badge on the fenders. Like Gene mentioned – not too many folks heard of them.
So, Mopars are still holding their values then…. 🤔 Good…..
The most valuable muscle car of that era is the 1971 HEMI Cuda convertible, between 2.5 and 4 million.
MOPAR still rules muscle cars Frank 😆. The 4 to 7 percent so called “value loss” is minuscule when the price of these treasures is considered.
I think part of it is that the baby boomer market has peaked , and there are more and more cars coming to the market as we begin to age out . This is great news for current enthusiasts, and the preposterous increase of restoration costs make rough ones worthless , except for a few talented individuals who are up to the task !
That’s another part of the equation, those of us old enough to remember what they are and want one are getting too old to have the desire and ability to take on a project, even if we had the talent. I’ve still got a couple projects left in my garage and finding I’m not as spry and energetic as I once was. And how much of my retirement savings am I willing to drop into a project car?
Boy! Did you hit the nail on the head with your post. I am one of those baby boomers that just got rid of my 2 hot rods. Just lost interest.
69 Camaro COPO Tribute yes 69 427 / 425hp correct engine m21 cobalt silver hagerty value 130k also 67 Camaro 396/375hp m21 Barlo red convertible SS both are great cars holding 💰💰
Mopars holding their value
Buy ! Sell ! Buy Sell ! Sell ! Buy ! – Brickface, Stucco , Stoneface… get em boys!
Almost all 1960s muscle cars are going to lose much of their value as the Boomers and Xs start to die off or are incapable of driving. The same is and was true for Model Ts and As, 30s, 40s, 50s, 60s cars and forget about the 70s cars as they were and are pretty much garbage. I always laugh when I see some replica cars selling for so much money. Cars are a poor investment except the exotics which muscle cars are definitely not.
70’s cars are not garbage. If anything they were the last of their kind of old school engineering before computers got involved in everything, even if the engines were smog choked, the people who built them were all on strike and the steel was shit, I still love 70’s cars. It’s kind of a shame what happened in America between the 70’s and 80’s as I tend to agree most American cars from that period are bleh
( ie. Malaise era) But take a look at what the rest of the world was doing in the 70’s and 80’s and some of the most desirable and neat cars came out in that decade.
That’s the very time period when imported cars — Japanese on the lower end, German at the top — began eating the American auto industry’s lunch. Auto consumers at the time felt ‘the rest of the world’ was doing a better job of making cars than the Big 3 were. From personal experience, most Americans I knew who went import only did so after being horribly disappointed by the domestic product — and being impressed at the (relative) quality and reliability of the imports.
So, yeah, 1970’s America cars often were garbage (increasingly so as the decade wore on) — and that’s the verdict of the car buyers at the time.
Still see 70s US made cars where I live but very few Japanese 70s cars.
Japanese cars of the 70s were mostly rusted out in a decade . . .
The got all their positive Press by flying Auto Journalists to Japan to see the Factories.
I drove the first Corolla in 69 . . . it was a sad Joke !
That’s called survivorship bias. A lot of 1970s American cars rusted out too, but since there were more to start with stateside, we perceive they “lasted better.”
My 68 Cougar XR7 w/ 133k on it is my daily driver and is not “garbage”. While not for sale, unsolicited offers are common, and the car continues to appreciate nicely…. not that I care cuz I plan to die still owning it.
Yeah…however, reality drops in and BINGO, my 71 442 W30 suddenly is worth soooo much more than when I bought it in 2010!
Yep. I bought my 1969 Camaro X33 in 1970 for $2800. Sold it in 1973 for $1450. Bought it back in 1987 for $750 as a basket case. Almost done with the frame off resto at $31K. Will insure it for 100K. Will leave it to my son when I’m DONE. 🙂
That’s hogwash. Muscle Cars are different because of their place in automotive history as performance cars. Model T’s were collected because they were old. They’re boring as hell. Muscle cars were collected because they were bitchin’ and they still are. I was at a show today with my 1970 Super Bee. Little boys to 50 somethings were drooling all over it. Won first in Mopar class too!
My ’77 MkV begs to differ. 4 wheel disc brakes, 9″ rear, 460 and C6 as equipped. Now that it has a 521 BBF it will happily help you appreciate 70s cars; comfortable, better electrics, suspension and brakes than most so called muscle cars. I weighs 4600Lbs about the same as a Hellcat…
My ’77 MkV begs to differ. 4 wheel disc brakes, 9″ rear, 460 and C6 as equipped. Now that it has a mild 525hp 521ci BBF and Koni shocks it will happily help you appreciate 70s cars; comfortable, better electrics, suspension and brakes than most so called muscle cars. It weighs 4600lbs about the same as a Hellcat…
My ’77 MkV begs to differ. 4 wheel disc brakes, 9″ rear, 460 and C6 as equipped. Now that it has a mild 525hp 521ci BBF a thicker front way bar and Koni shocks it will happily help you appreciate 70s cars; comfortable, better electrics, suspension and brakes than most so called muscle cars. It weighs 4600lbs about the same as a Hellcat…
I think the asking price for most of these muscle cars are too high to begin with. C’mon, a car that was bought for $2-3K going for over $100K today? And most people who buy them stick them in their garage and trailer them to a car show every couple years never driving them. F that! Your money is locked up in the garage and you’re lucky to find someone who’ll pay you what you did for it. I want something under $20K that I can drive and enjoy while I’m alive without breaking my bank account if it needs some work done.
Totally agree. I bought what I liked, worked on it drove it until I was sort of tired of it, but mostly just wanted a new project. The ones I bought were not rusted out junk but just need TLC, mechanical work and cosmetics. (67-70 Camaro and Chevelles, Firebirds, 2 of which were convertibles). I turned $4,000 to $6,000 profit on them and no problem selling them. It was a great hobby, met lots of people, went to the big car show/ swap meets in Charlotte, Columbus and all the local ones for years. No car now but if there is another, probably more high tec, turn key and go for a ride in the country.
Totally agree. I was a Buick GS guy for 40+ years since I bought 4 of them new. I kept the ’72 Stage 1 convertible for 40 years and finally sold it in a divorce (old story, right?). Didn’t matter. It sat in the garage after I re-did the paint (Fire Red) and went to two or three shows a year. I was married and had a young child, so my priorities were with that.
After retiring, I wanted a car to DRIVE. I found a ’66 C-2 with factory A/C that I could almost afford, and have been enjoying it for 5 years. It was a “survivor” so I had to re-do the entire original suspension. I added a 700-R4 since the original Powerglide was not fun to drive. That and radial tires and it is a blast. The paint is bad (terrible repaint way before I got it) so I have no worries, enjoy driving the car almost every day, and realize that during a life you have many different periods.
I don’t regret the “garage queen” era, but I am having a great time in retirement with the C-2.
Cheers!
Great story, I’m happy for you. I’m split on the driver vs. garage queen thing. I have a 68 SS Camaro with its 6th engine since I bought it in ‘85 as a roller for $1500. It has a .030 ZZ502 with aftermarket EFI and has better street manners than ever. It is a blast to drive and I try to drive it every weekend. My other car is an all original 87 Buick Grand National of which I’m the 2nd owner. It has 35K on the clock. I’ve put less than 3k miles on it since I bought it in ‘96, yet it’s my favorite of the two.
My 56 tri five will always b desirable.
Funny to see the Grand Prix on the list. My Dad had one in white. I have fond memories of that car but they have greatly disappeared from the road.
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Hi Gary,
In the process of restoring my 1969 model J not all original but I love the car.
Hi Sal,
I have an uncle who has a 1969 model J. It’s a black on black car and completely restored with the original numbers matching 455- beautiful car.
We’ve been anticipating the crash when we old coots shuffle off and the next gen views our “investments” as gas guzzling, polluting artifacts of our era and just sell them off as used cars. Go out and enjoy them; that’s why we bought them. Don’t worry about your heirs. The Detroit Dream Cruise was just this past week; tens of thousands of cars being enjoyed the way that they should. CARPE DIEM!
Its fun to see the price some people will ASK for a car. Its even more fun to see what some people will actually PAY!
My step dad always said that what something was worth was just what changed hands when two fools met!
Words I couldn’t find but was thinking 🤔. I love them Jack. 😂
Having owned a “69 Grand Prix with the 428 HO, I wish I would have hung on to it! I would not sell it now for any price! That car was classy and a real performer!
I always wanted a 69 Grand Prix SJ 428 with a four speed. I know they made them, but I think they were a very low production
I’ve owned four GPs, including three 1969, beginning in 1974 with my very first car, as a junior in high school. (The most miles I ever got on a pair of rear tires was about 2,000. Wonder why?)
In the ’90s, bought a fantastic loaded Model SJ with 428 and 4-speed, factory Hurst shifter. A cosmetic near twin of my first GP, this one really screamed.
A few years later, I bought a ’64 GP with 389 and dual fours (not factory correct, but ran really great). Loved that car. I lived in rural Texas at the time and pegged the 120 mph speedo on those vast two-lanes about every time I drove it into town.
Then, like a lot of good things, all those cars came and went.
Just this year, I bought a triple black ’69 SJ 428/automatic with 49,000 miles, and owner docs back to day one. Even the handwritten maintenance log. Original owner who had it 30 years changed the oil at least every 1000 miles. No wonder the engine has never been apart, nor does it need anything. It hauls azz, looks cool, and not many people know what it is. But, I get approving waves and thumbs up wherever I drive it.
GPs, overall, are under-appreciated cars, in my opinion. But the “DeLorean” era cars of 1969-72 are hardly ever seen. My fav is the ’69. Even though the price I paid for my latest one was very near top of market, the car is totally worth it!