The 5 Cars That Lost the Most Value at the End of 2023

With another quarter behind us, values for the 48,000 cars, trucks, and motorcycles in the Hagerty Price Guide have once again been updated. With that, we’ve observed that the market’s cooling has now crept into all collector car segments and is no longer confined to specific areas.

Although most drops were minimal, some did make us stand up and take notice. Out of that massive list of vehicles, the cars listed here posted the most significant losses in value—it’s a rare scenario that one brand (in this case, Mercedes-Benz) has such a prominent presence on a Price Guide winners or losers list—but that is how the numbers shook out in this instance.

1962–63 Ford Thunderbird Sport Roadster: -23%

It isn’t as widely known as the 1955–57 T-Birds, but the attractive third-generation Thunderbird, or “Bullet Bird,” really epitomizes the idea of a personal luxury car, whereas the earlier ‘Birds could be better compared to the Corvette. Although T-Birds grew substantially in size over the years, Ford never strayed far from giving them an underlying sportiness. One of the key features Ford offered for 1962 and ’63 only was the Sport Roadster configuration. The most obvious components of the Sport Roadster were a two-seater configuration, 48-spoke Kelsey-Hayes wheels, and a sporty cowling behind those seats.

These were offered as special-edition cars, so understandably they sold in low numbers and are quite uncommon today. The collector market has long prized these cars, however, with buyers willing to pay a decent premium over standard convertibles. That said, the Sport Roadsters have experienced a softening in value as mixed results and a few decent cars selling below expectations have lowered values 23 percent on average. Not to worry, though, it is more likely that the market has corrected on these cars rather than the bottom falling out. It seems unlikely that further large drops will happen in the near future. In fact, Sport Roadster values should prove an interesting comparison over the 12 months to those of the slightly later 1964–66 T-Bird, a car we selected as one to watch for our 2024 Bull Market List.

1996–2003 Mercedes-Benz E320 Station Wagon: -23%

Over the past few years, Mercedes W210 wagons have been among several cars that have leapt from the used-car realm into collectible status. Though they still fall solidly into the affordable category, the E320 has drawn the attention of Mercedes enthusiasts as 1990s German cars have surged in popularity. Despite more than doubling in value over the past three years, these are still sub-$30,000 cars, even in perfect condition.

Like most cars that have gone up aggressively in the post-pandemic landscape, these Benzes have finally started to calm down in value, dropping by 23 percent over the final quarter of 2023. Dollar-wise, this isn’t substantial on an already affordable model; however, the drop reflects the reality that affordable cars in particular are starting to calm down as the market levels out. Unfortunately, the likelihood of these wagons being “dirt cheap” again are extremely low, as is generally the case with any vehicle that has begun to attract the attention of collectors. So, if you’ve been holding out for a better deal, now may be the right time to strike.

1981–85 Mercedes-Benz 300TD: -19%

Older Mercedes have the reputation of being absolute tanks that just keep going, and going, and going. One of the cars key to establishing that reputation was the venerable W123-based Turbo Diesel wagon. Simply put, those with fewer than 200,000 miles are considered to be “just broken in.” However, it hasn’t been until recently that these cars experienced a sort of renaissance, as enthusiasts began viewing them as collector items rather than mere thrifty economy machines.

As a result, and much like we’ve seen with the Volvo 240, these 300TDs have shot up in value. Chief among them have been lower-mile cars, with buyers willing to pay in the $50,000–$60,000 range for select examples. But what goes up must come down, and these 300TDs have settled, with the very best ones dropping by 19 percent. It is uncertain if this is a one-time fall, or if the rapidly expanded market for the 300TD is coming back to reality. Time will tell.

2005–08 Porsche 911 Carrera S Coupe: -19%

In terms of water-cooled 911s, the 997-series is often looked at as a sweet spot in the 911 lineage. It is generally regarded as better looking than the 996 and is proportionally better-sized compared to the subsequent 991. A Goldilocks 911 if there ever was one. The 997 market is incredibly nuanced and impossible to unpack in this article, but the short of it is that 997s have experienced a bit of cooling. Of those slowing cars, the Carrera S has shown the most substantial drop, and more specifically, the 997.1 Carrera S.

While confirmed transactions have shown that these cars have softened an average of 19 percent, the broader view of the 911 market is that earlier water-cooled cars, like the 996 and 997, have all begun to cool a bit. It is important to remember that they are not alone, and few cars have proven themselves immune. Although there seems to be little indication of the bottom falling out anywhere, it is important to keep an eye on the 997 for further adjustments.

2010–15 Mercedes-Benz SLS AMG: -17%

Mercedes’ throwback to the venerable 300SL Gullwings has turned out to be one of the company’s best instant collector cars since its collaboration with McLaren to create the 2004 SLR. The 6.2-liter SLS sports cars came in both gullwing and convertible configurations, but most seem to prefer the distinctive coupe. From the very beginning, many of these cars were bought up and immediately tucked away into collections, especially the bonkers Black Series variants.

These SLS cars show up for sale on a regular basis and they regularly sell very well. The caveat is that most are extremely low-miles examples, which essentially skews the market for the ones that actually have been used. Fortunately for us, a number them that have some miles under their belts have come up for sale, and they’ve given everyone a better glimpse at the SLS market. These higher-mile cars have sold for lower-than-expected prices, causing a slight correction to SLS values. That said, it is unlikely that a 17 percent drop now is an indication of more big losses. It is more likely that we are witnessing the correction of a market dragged up by beyond-exceptional cars.