7 Cars That Prove Horsepower Doesn’t Influence Classic Car Values as Much as You Think
This story first appeared in the September/October 2024 issue of Hagerty Drivers Club magazine. Join the club to receive our award-winning magazine and enjoy insider access to automotive events, discounts, roadside assistance, and more.
High horsepower and a low price are the stuff teen (and teen-at-heart) dreams are made of. Given inflation and massive gains in the collector car market, however, this dream can seem out of reach these days. A well-preserved Fox-body Mustang, for instance, can now easily cost more than $30,000.
But there are still classics out there that offer a lot of bang for the buck. To find the best deals, we dug through the entire Hagerty Price Guide, looking at horsepower ratings relative to values.
Before we get to our picks, it’s worth stating the actual big-picture takeaway: There is no correlation between horsepower and value. To be clear, we’re not saying horsepower doesn’t matter. It often matters quite a lot—ask anyone who has paid seven figures for a Hemi Mopar—but there are lots of other factors that play into what a car is worth (rarity, historical significance, racing pedigree), and they tend to mix unpredictably. Which is why a 2004 Pontiac GTO, with 350 horsepower, is worth barely half as much as a 1964 Pontiac GTO rated at 325 horsepower—and why both put together amount to less than 1 percent of the value of a 300-hp 1964 Ferrari 250 GTO.
Because of all these other factors, a purely mathematical analysis of which cars offer the most power per dollar turns out some, shall we say, unintuitive choices (V-6 Cadillac Cimarron, anyone?). However, when we apply enthusiast filters to our lengthy spreadsheets—at least 300 horsepower, two-doors only, $15K or less—the cream rises to the top. Here are our favorites:
2005 Ford Mustang GT
Power: 300 HP
Average value*: $11,700
The first of the “retro” Mustangs has a lot going for it, including its styling, its polished driving dynamics, and a vibrant aftermarket. It also happens to be one of the most accessible ways into 300-plus horsepower.
1971 Pontiac LeMans
Power: 300-335 HP
Average value*: $13,300
The 1971 model year was the second-to-last for Pontiac’s mid-size LeMans line. Muscle car enthusiasts pay a lot more attention to the similar GTO, the lower-spec LeMans still packed plenty of punch with the right options. Engines for the 1971 LeMans included six-cylinders and lower-output V-8s, but coupe models were also available with a 400 cid/300hp V-8 or a 455 cid V-8 rated at either 325 hp or 335 hp.
1968 Oldsmobile Delta 88 Holiday Coupe
Power: 310 HP
Average value: $11,300
The 88 may not be as coveted as other names of full-size ’60s performance—Chevrolet’s Impala SS, Ford’s Galaxie—but the ’68 year in particular is one of the best deals for a handsome, powerful muscle car, with a 455-cubic-inch mill and 310 hp.
1998 Mercedes-Benz SL500 Roadster
Power: 315 HP
Average Value*: $14,200
This luxurious, overengineered German roadster hails from the cost-is-no-object era of Mercedes-Benz product development. Elaborate and stout, this 315-hp, V-8–powered droptop is a ton of car for $14,100.
1968-69 Mercury Comet
Power: 320-390 HP
Average value: $9500
The Comet lasted through five generations from 1960-77. By 1968 it was in its fourth iteration. The mid-size Mercury was only available as a two-door hardtop, and engines in the lower range started with a 200 cid/115hp six-cylinder. Lower output 302s and 351s were also available, but getting into the big horsepower group meant springing for the 390/320hp, 390/335hp, or 427/390hp.
1992-96 Chevrolet Corvette Coupe
Power: 300-330 HP
Average value*: $10,900
For the 1992 model year, America’s sports car ditched its old L98 (245 hp) for the new LT1 engine, which brought a great leap in grunt that put the Corvette back into the 300 hp club. An available LT4 engine for the C4 (1984-96) Corvette’s final model year came with 330 hp. C4s have always been one of the most affordable ways to get a V-8-powered, rear-drive two-seater, and they still are.
1965 Avanti II
Power: 300 HP
Average Value*: $13,200
Designed by Studebaker and available in a wild array of colors, both inside and out, an Avanti II is one of the most distinctive cars you can find for less than $15K. The fact that it can be had with a 327-cubic-inch Chevrolet V-8 is a pleasant bonus.
*Hagerty Price Guide value, average #3 (“good”) condition
While not a 300hp car as delivered, the 1st Gen Audi S3 is close at 292hp and can be found for less than twenty grand. It’s launch control, (relative) light weight, and AWD enable it to embarrass much more expensive (and powerful) cars, and a $300 piggyback ECU will get you up and (well) over the magic 300hp mark.
Just for accuracy, the MB SL500 photo you used is for the m/y 1999+, not 1998. The 1998 had the M119 engine for 315hp, the 1999+ had the M113 with about 304hp. Finding one that was well cared for took me 2 years, but eventually I did find one and it only required the typical maintenance (fluids flushed, suspension replaced, etc.) to bring it back to spec. I got an excellent deal. I looked at over 20 examples and only test drove 2, so many were just neglected beyond reason.
C4 Corvette would be favorite of this bunch. The Mercury Comet and Pontiac Lemans would round out my top 3 from this list.
Great information. Makes me feel a lot better about my C4 LT4 collector series convertible & 2012 Mustang Club of America V-6 6 speed performance pack coupe. Both run strong. are fun to drive, cheap to own & are relatively bullet proof. Cheap thrills for us old guys. Not sure what to do about my 91 500SL money pit which fails the cheap to own part of the test. Maybe a CLK convertible is a better choice LOL.
I wouldn’t do the C4 Corvette with the LT1 again. The Optispark distributor is just too flaky and the aftermarket options don’t really improve on it (unless you do a coil on plug mod $$$). C5s are cheap, perform better, and are more reliable.
@Mike- Some folks may not be aware the Opti-Spark was redesigned for increased ventilation and reliability for the 1995 and 1996 model years.
Finally, my 68 Olds get the recognition it deserves. I bought her 48 years ago while in high school and she’s been with me through college, my AF career and day job, 40+ years of marriage and 3 children. She’s been a great car and my children have forbidden me from ever selling her!
I sold my 1966 Ford Galaxie 500 for $21,000 in July. It had the 390 with the Edelbrock performer series package, hooker super comp headers, and a C-6 tranny. It had over 300 H.P.
Studebaker 327 is not a Chevrolet engine
In the Avanti II it is the GM 327. After Stude moved to Canada, and subsequently shut down, Newman/Altman continued the Avanti and used GM running gear.
Studebaker stopped production of the Avanti in December of 1963. Avanti IIs were built by a private company and were powered by small block Chevy motors, up to a 400 in 1972 if I recall correctly.
don’t go “cheap”. Buy the MOST car you can afford. The parts and labor (if you don’t do it yourself) will eat you alive. Years ago, the YEAR ONE catalog had a chapter in the back of their parts book that told you about the cost of parts, add labor, and you will NEVER recover the money spent. You are better off buying a “turn key” car and enjoy it. The only exception being is that “you LIKE wrenching”
I have the “twin” to that 71 Lemans. I have a 71 Skylark. Did I tell you that you have to remove the right fender to get to the A/C? and a BIGGER problem is a LOT of restoration parts are made in china and are junk. I had 4 turn signal switches that lasted about 10 cycles each!
Good luck finding a Lemans for $13,000 that isn’t junk. Maybe a four door. Any of the midsize GM cars that had muscle car siblings are out of sight.
Pretty solid list, wouldn’t have ever added the Mercedes to this. The reason they are cheap is a lot different then everything else on the list
I have a 69 Lemans restored to original although a lot of guys wanted to buy it and turn it into a GTO for resale. When we did the interior found the build sheet inside the door panel , neat.
Heh, I guess there’s a subtle distinction between “boasting” 300 hp and producing 300 hp. If I’m not mistaken, the ‘60s American cars would have been measured to the old SAE Gross standard, i.e. no accessories installed on the engine, and not even a real radiator (you might be surprised how much power is freed up when the water pump receives a pressurized lab water supply and doesn’t do any actual work). And then probably rounded up a few (or ten or twenty) horses to go from hp measured at the crank to hp measured at the brochure, right?
Regarding the blurb for the Mercury Comets; “The mid-size Mercury was only available as a two-door hardtop” Have to disagree. When we were kids, my Mom had a Comet Station Wagon (FIVE doors, counting the tailgate). I was pretty young, maybe 8 or 10 years old, which would have made it a mid to late-60’s car. I recall once when I tried to help Dad out by washing the car. I went inside it with a bucket of soapy water and a hose and cleaned thoroughly. For some reason, Dad was less than grateful! I don’t remember which engine it had, probably the 6 cylinder or possibly a small 8 (certainly not 300 HP), but the car was a kind of blueish green color outside with a green vinyl interior. We had it for quite a few years and i remember it vividly.
We owned and put many miles on a 1969 HardTop Delta 88 Royale Olds, White Vinyl over a Light Metallic Green. The car sported the 455 Engine but this one had a small carb. It was a super-comfortable vehicle with a sound system to kill for. Alas–it consumed so much driveway space that I sold it so that I could park 2 very useful 1967 VW Beetles thereupon. This gave us twice as much driving ability and cars which I could maintain myself very inexpensively.