These 5 Cars Lost the Most Value in the Beginning of 2024

Two weeks ago, we explored some bright spots in the collector car market following our recent update to the Hagerty Price Guide. We’re back this week to look at some of the cars that didn’t fare as well. Valuation changes continue to be subject to nuanced inputs rather than the more consistently broad market movement we observed two years ago. This selection of cars that saw notable downward movement is no different, but their value losses may portend wider market changes in the future. From the blue chip to the affordable, we’ll have our eyes out to see whether these trends take hold as we head into the driving season.

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.

1970 Plymouth Superbird: -24%

They were cars that could have only existed in their particular eras, and would be deemed too crazy to build again (although Dodge has been known to build some pretty wild things). The MOPAR wing cars—the Dodge Daytona and Plymouth Superbird—sought to take the NASCAR rulebook to its limits, but would need to be sold to the public as well in order to compete. As with many other homologation specials, the changes made to these cars were purely intended for on-track dominance without regard to street use.

While Dodge would build just 505 Charger-based Daytonas in 1969 (500 being the minimum number for homologation), Plymouth would be far more successful, producing 1,935 Road Runner-based Superbirds the following year. The long and the aerodynamic nose offered poor spatial awareness for street driving, arguably making them a headache to live with day-to-day. Winding the clock forward, that didn’t matter a lick—the Daytona and Superbird are among the most recognizable cars of the Muscle Car era and sought-after centerpieces for serious collectors.

While these cars are usually offered in fits and spurts on the public market over the course of a given year, we witnessed over 20 offered in January alone. That’s a lot, in fact that is too many at one time. Yes, it is possible to have too much of a good thing, and when you are talking about the price point where the Superbird resides, it’s possible to have more cars than buyers. That usually equates to poor sales, and that’s exactly what happened. Both Hemi and 440-6 barrel cars sold for prices massively under market. That doesn’t mean that the floor has officially fallen out on these cars—further market observation, particularly of more typical individual sales spread out over time, needs to happen to confirm that—however, this is a good indication that the top tier of the muscle car market has begun to wane.

1967 Chevrolet Corvette L88: -19%

Let’s talk Blue Chip collector cars for a moment. These are the best of the best, the most exclusive collector cars in the hobby. Just having a pedigree in your brand isn’t enough—there has to be a sense of pomp and circumstance and genuflection when these cars come up in conversation. While the Chevrolet Corvette is not the first car that comes to mind when talking Blue Chip collectors, the L88-equipped 1967 ‘Vette is one of those cars.

Here’s a quick refresher on the L88 Corvettes for the two or three of you reading this who are unfamiliar with them. Chevrolet offered their biggest and baddest engine to exist in a Corvette to date in 1967. In the form of RPO code L88, a 427 cubic inch big block making a conservatively rated 430 horsepower (true figures are believed to be in excess of 500). The purpose of this engine was to put weapons-grade power in the hands of racers who could afford the nearly $950 option at that time. Out of the three years the L88 was an option, 1967 is the first, the rarest, and arguably the best-looking Corvette to have the option.

Since these cars are out of reach of the average collector—only 20 examples were produced, and costs are well into seven-figures—why do we care about their results? Even the top of the market has implications that trickle down to the more affordable segments of the hobby over time. After years of little activity and sitting high in the market, three examples hit the market at the same time, posting very weak numbers. This caused us to recommend an average of a 19-percent drop across the condition values of ’67 L88s. Softening at the top of the market for 1960s American performance cars indicates that we need to keep a close eye on other, less exclusive Corvettes and muscle cars from this era. Nothing happens in a vacuum, and sometimes it just takes a while to translate to the rest.

1979-1992 Mercedes-Benz W126: -16%

Introduced in the final months of 1979, the second-generation S-class Mercedes is the ultimate expression of the reputation for fit, finish, and reliability that we associate with Mercedes-Benzes from this era. Fitted with everything from a Diesel in the American market to a reasonably powerful V-8 for the time, there are plenty of options and price points to choose from as well.

This platform has long been revered and coveted by enthusiasts, but their values stayed reasonably low until 2020, when wider acceptance and popularity caused them to really take off. This was helped by an abundance of excellent, low-ish mile cars hitting the market and commanding prices that defied logic for a car that was previously merely a solid used car.

What goes up usually comes back down, and while the W126 market is incredibly nuanced—each engine option requires a close look—the general trend is that prices are settling back down. This is especially true with the six-cylinder models. While the V-8 cars are still doing well, the direction is clear: These cars are finding a different footing. The market growth of collector Mercedes from the ’80s hasn’t fully matured, so it only makes sense that some cars will be searching for a new equilibrium as the overall market changes.

1983-1990 Alfa Romeo Spider: -14%

Not as widely coveted as other Italian models but nonetheless important, the Alfa Romeo Spider is Italy’s contribution to the small, sports roadster segment. Produced from 1966 through to 1993, the little Alfa drop top outlasted just about all of its competition, most of which was from the U.K. With the introduction of the third-generation Spider, Alfa Romeo would update the platform for the first time in over a decade with refreshed styling and a change from mechanical to electronic fuel injection.

These cars have remained an affordable entry into Italian motoring, with even the best examples remaining under the $30,000 mark. The problem, though, is ensuring that you find a good specimen. This isn’t necessarily an Alfa problem—it’s a cheap car problem. Vehicles that have remained cheap for a long time are often neglected, as the cost to restore usually exceeds the cost of just buying a good car. Because of factors like this, we’ve witnessed a divergence between excellent examples, which saw minimal movement and fair and driver-grade cars experiencing more of a dip. This is usually a case of buyers getting pickier. This, too, isn’t necessarily an Alfa-specific problem—it’s something that we’ve observed across the market, even if it appears more pronounced in this example.

1995-2001 Acura and Honda Integra Type-R: -13%

In the late ’90s, the Integra Type-R (ITR) set the bar for what a hot, front-wheel drive, sport compact should be, and boy did Honda set it high. It’s the purest form of a front-wheel drive Honda offering Excellent handling, precise controls, and an engine that effortlessly revs to the moon. To this day, enthusiasts who have experienced one are adamant that the ITR is the best FWD car built.

These cars started to catch on about eight years ago within the enthusiast community as solid collector cars. As Japanese cars, led by the Toyota Supra, Nissan Skyline GT-R, and Acura NSX have gained wider acceptance as desirable collectors, prices skyrocketed for the ITR as well, though not quite as high as the others. Perfect, no-mile examples have commanded prices nearing and topping six-figures, with one even hitting $150K. Japanese-market Honda ITRs influenced the market slightly, increasing inventory as they started to trickle in when they turned 25 years old. However, they have become only marginally cheaper than the US-market Acuras.

A quieting market extends to more than the ITR—other segment standouts like the Mk IV Supra and FD-series RX-7 have shown some tells of the market adjusting downwards as well. None, however, have receded as much as the ITR: Its data was less ambiguous that there has been indeed a softening. With one of the original leaders of the surge in Japanese popularity showing weakness, it’s prudent to fix our eyes on the bigger picture. If you have been previously priced out of your dream Japanese car, they may be coming back within reach. Just don’t expect to see prices from 10 years ago.

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