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