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
I say, anyone who would pay seven figures for a Hemi Cuda is more of a commodities trader than a car guy. But Hey, there is room for all of us in this arena.
There is a lot more going on than HP = value. A 60 HP Porsche 356 is valued higher than a 174 HP 911. A 356 is not extremely rare. A 911S is not extremely rare. HP appears to be irrelevant, except within the actual model. The 356 model offered 60, 75, 90 or 110 HP. The value goes up as the HP goes up. Although the value of the 110 HP model is due mostly to rarity. The value of the 911 also goes up with HP. The question then is: What makes one model more valuable than another from the the same brand? The three lower HP 356s are simple, basic machines, the 911 is much more innovative and complicated. I take my 356 to cruise ins and car shows. The two comments I hear the most are: The car is beautiful and I’ve never seen one of these before, is it real? Since the 356 is not particularly rare I can only surmise that most of them are garage queens. It becomes a matter of availability. If Ford made a million cars and only made a thousand available then one out of a million certainly does not qualify as rare, however, because because only a fraction are available then they become desirable and gain value.
Come on people use a bit of common sense.
The Mercedes was $100,000 when new, remember that was BEFORE the days of $60,000 Mustangs and $1000,000 pickups…back when $100k was a lot of money for a car.
So, it stands to reason that they’ll be expensive to maintain.
Duh?
As the former owner of an Avanti (Studebaker 289 with R-1 tune), the problem with an Avanti II with a Chevy 327 is it still has the original 1953 Studebaker frame and suspension.
Yes, it might have 300 hp, but it still drives like a 53 Stude sedan or 60 Lark or Daytona.
Again, thanks for nothing about Corvairs ! They are out there, you know. Apparently you don’t care 👎🏼
Yeah, most Corvairs don’t have 300 HP or more, as this article was about – in case you did not notice. ;<)
I have a 2024 Toyota Camry XSE V6 with 301 HP. 8 YEAR 80Kmi. warranty with a terrific slate of safety features and over 30 mpg on the highway. paid 38,200 for this car brand new and it is quick as most of the 1960’s era muscle cars and way more comfortable and fuel efficient. I still the old cars but this mid level econo box will run circles around most of those old cars, and I have a great dealer network nationwide to service it for me. Just saying there are many great new cars being produced for fair money for what you get.
Although it’s not yet “classic” the V6 Toyota Camry is very quick and the final 2017-24 generation had a genuine 300 HP engine. Pre 73 cars have 300 gross HP with a stripped engine which is normally 250 net with a fully dressed engine. Of course insurance rates meant some high performance engines were made a lot more horsepower in real life than their spec sheet.
Whenever someone tells me about a cheap Aston Martin, Bentley, Maserati, or Mercedes, I always chuckle. Those cars are cheap for a reason, that being that they will drive you to the poor house with maintenance and repairs. German cars are particularly egregious, with all their boasting about “superior German engineering.” As a mechanical engineer, I find such claims ludicrous. Superior engineering should produce superior reliability and low maintenance costs, neither of which I experienced in the German cars I have owned.
Precision and tighter tolerances not meant for your general hammer mechanic.
Had 74 grandam 455 & 73 lemans gt with I think a 400. Love looks of both cars. Unfortunately both automatics.
Memories…
My father had a early 70s pontiac 4 door pontiac Lemans that had either a 140 or 160 mph speedometer in it . I was very young so i don’t remember exactly, but i know for sure it was more than the usual 120mph speedometer. I have no idea what engine it had . Can anybody confirm this or give me some info on this . I do remember it being very fast but like I said i was very young at the time, maybe 13 or 14yrs old. I was just wondering what this car was and if you could have ordered one with gto options. Thank you for all replies.
i’ve seen tons of late 90s 320sl/500sl for well under 10K. . . same goes with the vettes in this article. the avanti is an interesting car but i never could get past the ugly nose on them.
in the 90s there was a gas station with a turquoise 64 lemans that was for sale that i really wanted – i think it was like 2500 or something – not mint of course, but certainly decent for its age. was for sale for a long time but i never was able to get it.
I have to add the 4th Gen GM F Body LS1 cars to the list. You can still get a decent one for 15K.
I doubt that going to find an FE Comet for $9k.
I bought a 2005 Jaguar S type (294 HP close enough) in #2 condition for $4000! I lot better car than the crap S class Merc I’ve own,
Extra horsepower sure comes in handy when you have a need to brag about how much horsepower you have.
1974 Buick Century Stage 1 455 GS Tuxedo Edition Suncoupe…. Goes like bat, Very Rare…. The 455 is only 50 pounds heavier than a small block ….