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These 5 Classics Started 2025 with a Stumble
As 2024 drew to a close and 2025 began, the best way to sum up collector car values is … “soft.” Sure, there were vehicles that performed well, but the majority of classics we review for the Hagerty Price Guide either remained flat in value or experienced a retreat. Much like the gainers we discussed last week, the changes are nuanced. However, the emerging trend is softening in the more affordable areas of the collector car market.
This is good news for the average enthusiast who purchases for fun, not investment, and may have been gradually priced out of the affordable, fun cars they had an eye on. With a flurry of buying and selling already happening in Kissimmee and Scottsdale, we’ll be checking in after the dust settles, but for now, here are some of the more notable downward movers in our most recent update to the price guide.
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.
1959–70 Volvo 122
Average decrease: -24%
Possibly Volvo’s prettiest car ever next to the P1800, the 122 (also sold as the “Amazon”) helped cement the Swedish car company as a player in the global market. With ponton styling, the Amazon kept its European flair and proportions while taking many styling cues from the mid-1950s Chrysler 300. These cars are well loved for their reliability, driving experience, style, and total lack of pretentiousness. Exactly what we expect a Volvo to be.
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Amazons have long been on the affordable end of the classic car spectrum, but the past several months saw notable softening in prices for these venerable Volvos. Slumping sale prices and dropping asking prices from sellers strongly indicate a settling in values. That said, while two- and four-door models are taking the hit, wagons have seen little impact.
So, where do prices stand? Well, a pristine (condition #2) two-door example went from the low $40,000 range to the low $30,000s and driver-quality (condition #3) from the low $20,000s to the high teens. Many entry-level classics softened last quarter, so Amazons certainly aren’t the only car in this segment to see a drop, it’s just that these drops are the most severe.
1997–2004 Lotus Esprit V8
Average decrease: -13%
In 1996, Lotus launched the final and most significant update to the Esprit. While Lotus consistently improved its wedge-shaped supercar throughout the car’s entire production run, the Esprit had been a four-cylinder car since it launched way back in 1976. Now, it had a V-8 with a pair of turbos bolted to it. This massively boosted the Esprit’s output to 350-horsepower, and 0-60 times dropped to a stunningly fast 4.1 seconds.
These Esprits were long undervalued relative to German and Italian cars with similar performance. Then they enjoyed quite the lift during the pandemic boom, but leveled off and stayed mostly flat for the past few quarters. Recently, though, they’ve retreated from their previous highs and are getting cheaper for the moment. Decent #3 examples are down from nearly $50,000 to just over $40,000, while excellent #2 examples have crept back from being nearly six figures to the mid-$80,000 range. Still not cheap by any stretch of the imagination, but when you consider the looks and performance for the time, they’re starting to look tempting.
1971–73 Mercury Cougar
Average decrease: -11%
Following the success of the 1967-70 Cougar, Mercury refreshed the Cougar line for 1971. It got a little longer and a little wider, with the aim of cutting into the mid-size market. While maintaining its mid-market stance, the Cougar also transitioned from more of a decked-out pony car into more of a personal luxury car. Even so, it didn’t lose its claws. A 351 cubic inch engine came standard, and in 1971 you could still option a 429 Cobra Jet engine before Ford’s Total Performance days became a thing of the past. While not as wildly popular amongst enthusiasts as the sharper and sportier first gen, these Cougars represent an opportunity for a pretty affordable entry point into the hobby.
This is one of those affordable cars that took a reasonable dip in value. We observed a number of good cars come to market late last year yet perform under their expectations. Another factor we considered here is the number of cars offered for sale that have been sitting on the market for six months or more without moving. This is a clear indication that second generation Cougars are softening. You can snag a Cougar for $15,000-$25,000 depending on options currently. In this day and age, that’s not bad for a stylish and well-appointed classic.
1981–94 Jeep Grand Wagoneer
Average decrease: -10%
Luxury SUVs are all the rage today, and Jeep was one of the early pioneers in that market with the original Grand Wagoneer. While most of Jeep’s products up to that point were no-frills adventure vehicles, the Grand Wagoneer was full of creature comforts and had a cushy interior. Under the hood resided a (relatively) powerful American Motors-derived 360 cid V-8 engine. Grand Wagoneers weren’t cheap either. In 1990 a Grand Wagoneer cost $29,000 (nearly $75,000 today), clearly marking them as an upmarket vehicle, much like the current line that Jeep released in 2022.
Vintage truck and SUV values surged in the 2010s, and Grand Wagoneers were some of the early breakouts in that market. Like the Ford Bronco, International Scout and Chevy Blazer, the Jeep appealed to enthusiasts looking for a usable utility vehicle with vintage flair. Demand peaked in 2022 and held steady until the past few months, when sales numbers started to slump and perfectly good examples struggled to bring the money they once did. Hold your horses, though. This doesn’t mean they’re cheap again. A driver-quality Grand Wagoneer will still bring over $30,000 and a near-perfect truck somewhere in the $80,000 range.
1968–79 Volkswagen Beetle
Average decrease: -9%
One of the most popular vehicles ever built, the original VW Beetle remained without significant change from 1938 until 2003, when the last South American Beetles rolled off their assembly line. Here in the States, the Beetle gained a following as a cheap, simple and well-built commuter car that also had a personality. It transported families and was a first car for many Americans. All of the above translates to the Beetle’s popularity as an entry-level classic car, too.
Like other affordable classics, Beetles saw their value soften this past quarter, particularly the 1968-79 model. Basically every vintage air-cooled Volkswagen has been on the rise for some time now, and Beetles gradually moved beyond the “cheap” segment they always resided in. Seeing prices begin to settle, then, seems like a return to rationality for this traditionally cheap and cheerful car, and a little more sanity in car values for all of us. The main changes were consolidated to Convertibles and Super Beetles, but it’s a start. They have a long ways to go, as a #3 driver quality example will still set you back in the neighborhood of $14,000, but in the world we live in, that’s almost palatable.
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Other than the Volvo most seem to be the around 10% give or take a few additional percent down which isn’t really shocking from what we saw in 2024.
I always liked the looks of those Volvos, with their pontoon, not “ponton” fenders, and their European flair, not “flare.” The prices surprise me.
The word “Ponton” refers to Mercedes cares, don’t know about the Volvo as I’ve never heard a Volvo as being a ponton model.
Actually, ponton is the correct spelling.
Actually, ponton is an alternative (American) spelling for pontoon, perhaps intended for those who can’t spell aluminium. (Same ending as uranium, plutonium etc..)
And of course flair means stylishness, while flare means something like a ‘flared fender,’ which may or may not be stylish. It is unfortunate that American schools currently produce atrocious spellers replete with execrable grammar.
Actually, “ponton” is not an American spelling, but rather derived from German and French. Americans (and I presume the British) typically refer to pontoons, so the misunderstanding is understandable. Nothing atrocious or execrable at all.
Well said!
From the all-knowing Wikipedia:
“Now largely archaic, the term ponton describes the markedly bulbous, slab-sided configuration of postwar European cars, including those of Mercedes-Benz, Opel, Auto Union, DKW, Borgward,[4] Lancia, Fiat, Rover, Renault, and Volvo—as well as similar designs from North America and Japan, sometimes — in its most exaggerated usage — called the “bathtub” look in the U.S.”
So, looks like either “ponton” or “pontoon” would be appropriate.
The Lotus doesn’t need to be on this list.
Curious as to your thoughts why. The author made a decent case as to why.
I suppose it’s a fact that it hits the list. I would definitely agree if you said it shouldn’t be! The recent chinese e-pulp coming out of what used to be Lotus does not spark nor support any brand loyalty I suppose..
Just like the stock market…there’s too many variables to track. There can be events like a movie or some other media related happening that spurs interest, and turns up the wick, but it seems that unless something is rare and/or has had some impact on the direction of motor vehicle development, it’s very subject to the whims of the day.
After watching the Mecum Auction last night, the 917-022 that was supposed to be the big finale then sputtered, with no bidder willing to bid more than 25 million. You could here the crowd exhale with disappointment, but here’s a case where the owner I think Jerry Seinfeld? will have to reset their expectations of the value of what they are attempting to sell. As they say, something’s only worth what someone is willing to pay. So maybe focus less on perceived value, and get out and enjoy driving these vehicles! That, in my humble opinion is where the real joy resides.
Ditto and well said.
Well said friend… these “values” are all BS and perceived as you said. However that’s the case with anything “collectible” and yet we are addicted to owning what is rare for some unknown reason LOL seems like these works of art would be better enjoyed if actually driven, or better yet raced, if only as a once a per year commemorative event
There is a lot of stupid people with money out there. There were a couple C8 Corvettes with less than 1000 miles, a Z06 and a Eray that sold for more than you can buy a new discounted 2025. Crazy!
Stupid people? Do you mean those with more dollars than sense?
Maybe Jerry does not own the Porsche.
Maybe the entity that runs the auction made a deal.
Just saying.c
This Mecum auction was a viewer scam. Held us and the local audience for 36 hrs on pure hype. Last fall Google value est was $10-20 million, offer of $25million and I never saw/heard the car was a reserve car?? Seems it was all hype to bring in dollars and see what it could be of a perceived value. We were conned into watching it all and glad I dvr’d the whole thing. The last 4 hr segment of the auction was a mass of 3 minutes of show and 4-5 minutes of commercials. My fwd thumb got numb of fwd. A real con job and I passed that on to Mecum, but that will go along with in the trash to them. Mecum conned us, and never me again.
Agree, I didn’t buy 66 Convertible to sit in the garage and hope it went up in value. I bought it to drive and enjoy on sunny days.
Jerry is likely an unmotivated seller. Doesn’t need the money. Hard to get a fair deal from an unmotivated seller.
I even wonder if the 25mil bidder didn’t exhale with relief when the no sale hammer hit the desk. Come on, what are you going to do with it? it’s not like you can cruise around with it on Saturday night.
I was one of those people Disappointed at the Mecum Auction when it didn’t sell. Spent 3 days there and lots of cars overpriced that never get driven. Drive em! I own a 1965 Mustang Fastback 2+2 that I drive in the Spring thru Fall here in Northern Michigan. Lots of car shows, and Cruises. One side note. Just drove home from Florida in that Snow/Ice storm down there. Awful drive normally a 17 hour ride turned into a 23 hour one. People don’t know how to drive in Bad weather and lots of Truckers to. Or maybe the bad drivers caused them to crash. Slow Down and give yourself some room.
As much as I’d love to drive a 917 in anger, I have neither the budget nor mad skills with which to even dream, I’m pretty certain that car would kill me by the third lap (if I didn’t stroke out just from being given the opportunity 😁). That said, it makes me very sad to see rust on a Bug. My mom supported my lil bro and I in the early recession ’70s as a two job single divorcee parent; she had a ubiquitous blue ’66 that somehow had both the “reserve tank” lever and a real gas gauge. And Mom didn’t know boo about cars, I was not yet into the hotrod thing, so only God knows how long that poor guy went without oil changes and routine service- but he never failed to start, ever in the six years Mom had him… I’m ashamed now because as a Jr high kid, instead of scraping the outside glass (one scraped the inside as one drove😁), I would heat water in the tea kettle and pour it down the glass even in subzero weather; never a crack nor problem. I had a ’70 Cal look bug in the ’80s, miss that thing and the lift oversteer immensely. IYKYK.
I’d like to know how many examples of a car have to be sold and seen by Hagerty before a trend (either up or down) can be declared.
I read the page “How the Hagerty Price Guide is made” but did not see any hard numbers.
It all depends on a lot of factors such as rarity, how many transactions occur on average. Some vehicles are so uncommon that we need to make a call based on a couple showings (like an L88 Corvette or a Ferrari 288 GTO) others, we look for enough transactions to determine a discernible trend. That is why we have a peer review process to check the contributor’s work, to make sure there’s enough reasonable data for the car to make a call and that the decisions make sense and are defensible.
My second car was a 1957 VW Bug. I was in my last year of H.S. and it brings back many good memories thinking about about it. It created a love for VWs and at one time or another in the following years, I owned a Fastback, another Bug, and a 61 Karma Ghia. All were great vehicles though I blew a rod on the Fastback on a trip out west.
My first car was a 66 Beetle. Underpowered, cold in the winter and hot in the summer- oh I loved that car! Talked my father into buying a 69 for himself in about 1981. I rebuilt the engines in both the Beetles. I had to sell the 66, but I inherited the 69. Still in my garage and is mostly driven to cars and coffee type events as well as to entertain the kids in the neighborhood.
My first ‘real’ car was a 1962 VW Beetle convertible, that I got when I was stationed in North Dakota with the US Air Force. I drove it for two years in some of the worst weather imaginable outside of Thule Greenland and it never failed me, ever! That began my life-long love affair with Dr. Porsche’s cars (Bugs and Porsches) that continues today, more than half a century later! You can read about this here: https://www.authorsden.com/visit/viewshortstory.asp?id=69260
Cool. Minot?
Why not Minot?
Freezins the reason.
Where “Buff” lives!
My 61 and later my 68 started my path as an airplane mechanic and pilot. Pre internet, my brother, who sold me the 61 gave me John Muir’s book “Volkswagen Maintenance for the Complete Idiot”.
My brother used Volkswagen Beetles to commute cheaply from Newcastle Wyo to Edgemont SD, as a railroad engineer. 55 super remote miles in all kinds of weather and they never let him down.
59 Bug was my first given to me by my GF , well 75.00. Many VW’s, corvairs, air-cooled Porsches followed. Still have two in my collection.
Mine was a ’58 rag top….$50. I put on a J C Whitney new top on it and drove to Key West. What great memories! I still miss that reserve gas tank turn lever on the floorboard, the 36 horsepower, and the top end speed of 60 mph downhill.
In 73 I bought a ’49 split window beetle. It was rough but it got me around the Livingstone Zambia area for over a year. Would love to have it now!! cost me all of Kz65 – about $110 Canadian – at the time. Several friends also had VWs – 2 squarebacks and a 412 wagon. Both squarebacks had the cyl studs pull out of the crankcase, losing power in a cloud of oil smoke (one with me at the wheel – – -) and the 412 had a lot of fuel injection trouble after the computer got wet following a window being broken. My beetle is the only car I’ve ever driven that suffered from vapour lock and carb ice within 50 miles of eachother
None of them desireable, in my opinion.
One or two sales don’t make a market.
I own a 71 Cougar convertible that I purchased 2 years ago. My 8 year old grandson and I ride around in the summer here in upstate NY in our “hot rod” with the top down. He turns on some ZZ Top and away we go.
To me, it will never decrease in value
Sounds like fun 🙂
Sometimes it is more about what’s it worth to me—-not what’s it’s worth to you!
Well spoken
You reinforced the point of owning an old vehicle. My wife and I bought a used Porsche 356 cabriolet for $ 2,650.00 over 57 years ago. Still have it. It’s monetary value has increased dramatically, however, the real value is brought to life when I put the top down, pick up my wife at the assisted living facility and we go for a ride. Two 80+ year olds married for 58 years doing what we did as 24 year old kids. OK not everything we did as 24 year olds. Trying to remember…..
That 1981–94 Jeep Grand Wagoneer with the horrible boat anchor engine deserves to fall in value; I’m not sure why they got so high other than nostalgia.
I agree after buying two of them brand new in their day. I should have learned a lesson on the first one. Poor quality and numerous issues. Power windows were a constant issue, and we live in the South so it wasn’t a snow and ice issue.
I sold them in the UK, most had to be resprayed before being acceptable, sea water drained from the drivers and passenger doors and the pre delivery inspection took two mechanics 2 days. Very rare car in the UK now as most died on metal moth.
They surged in popularity partly because of the show “This is Us”
Those boat anchor AMC engines had a lot of power. I have the 390 engine in my 69 AMC SC/Rambler and it will go 13 seconds in the quarter mile with a pair of slicks.
Agreed. Drove a 1983 or so Wagoneer from Tampa to New York in winter of 1987. It was a minty low-mileage example belonging to my grandparents. It barely had enough power on the interstate to pass other cars — it was so heavy, and the engine was so stifled…
’71 – ’73 Mercury Cougar is now considered a “Classic”? DA-YAM, the hobby is in deeper trouble than I first thought!!!
Yeah, and so are Hondas! We should all start clutching our pearls as the hobby descends into anarchy!
There may be a more straightforward reason on the Grand Wagoneer: Prices surged in parallel with the popularity of the hit TV show “This is Us,” wherein Milo Ventimiglia’s character, Jack, just had to buy one for his growing family. The truck was a central part of the family story until the show concluded in 2022 — just about when the value peaked. There were a number of articles at the time about the phenomenon. I always wanted one until I drove one 😉
Think any vehicle born 50 plus years ago is basicly a classic and would certainly be loved by the owner for good reason,what i do know is my 1978 buick 75th riviera or my 1969 Cyclone both drive and handle not to mention more fun to drive than my wifes 2024 cadi xt5,also bet it will depreciate a bit more than 10% this year.They sure dont make em like they used to.
The 122, possibly Volvo’s prettiest car ever.
Huh? Seriously?
When my wife and I got married in1970 I had just wrecked my ’63 356 Porsche normal coupe (60 HP!). Long story. She had a ’69 Chevelle 2 door automatic that we drove on our honeymoon, getting HORRIBLE gas mileage. I convinced her we should trade it on a ’67 Volvo 122S four speed. It was the most dependable car we’ve owned, zero issues, an easy DIY car, and its looks belied its ability to handle on twisty roads. After 2 years, we bought a ’72 VW van. When our son was about to turn 16 I purchased a one-owner ’67 122S, “celery green” (my description), and he HATED it…until I got a newer, peppier engine, painted it a Mercedes metallic teal color, put in a gray pinstripe velour interior, an updated sound system, and up-sized tires. Cool car, that I wish I had when I was young. Only problem was Hurricane Hugo, and a tornado that picked the car up and dropped it such that the frame was twisted. Oh well……………. I would enjoy having the Volvo now…though the 185/70×15 tires also worked well on my ’65 356SC Coupe!
There is little that is remarkable about the Mercury or the Jeep that whispers “Classic”, like the Volvo or the VW Beetle – although for entirely different reasons. Give me a Model A Ford or a ’32-34 V-8 Now those really are classics.
I’ve said it before… buy what you like and enjoy it. That is what the old car HOBBY is really about. I bought a new 1971 orange VW Vert when I was 18. The one I have now is exactly like the one I had when I was 18, except it does not have an 18 year old girl in the front seat. My wife sez I can do that if I want to, but it will be just me, the girl, and the car…😉. I really enjoy driving it and remembering the “good ol’ days” (before I had any money). I will let my daughter worry about what it is worth when or if she sells it.