Never Stop Driving #125: Hagerty Bull Market List!
This is the week I fight the word “investment.” That’s because on Monday, we published our annual Bull Market List, a roundup of cars that we believe will rise in value. Notice I didn’t write that the cars on the list are “investment grade.”
This is the eighth year of the list, which we created for the sole purpose of showing folks how accessible classic-car ownership can be. When I arrived at Hagerty nearly nine years ago and saw the hordes of data and insights produced by the Hagerty Valuation team, I asked if they could predict the future. No one, they said, can predict the future, but they’d be happy to take a run.
I didn’t know it at the time, but we created what our CEO, McKeel Hagerty, calls an “on ramp” by highlighting cars that can be incredibly cheap to own and enjoy. We deliberately focused on a rich mixture of affordable cars. I love exotic and vintage million-dollar machines as much as anyone and we’ve included some low-six-figure cars over the years, but the Bull Market List was designed for everyone.
One of the many reasons I’m grateful for my Hagerty gig is because the company shares my belief that cars are good for us. They’re a necessary resisting force to the algorithm-powered platforms that not only monetize our attention but also allegedly suggest to kids that they off their parents over screen-time limits. Cars, or almost any hobby involving tangible things, pull us into the real world and connect us to the unplanned experiences and people that bring richness to our lives. We even wrote a book about it: Never Stop Driving, a Better Life Behind the Wheel, which you can also listen to via audiobook.
The Valuation team was started decades ago to provide another on ramp. McKeel Hagerty recognized that without a robust guide to track what cars are worth, those who were new to the hobby or uneducated about the marketplace were at risk of dishonest sellers. Hagerty is in a unique position because we not only analyze tens of thousands of public and private sales, but we also hear from insurance customers who often share transaction data with us. That’s the tapestry that now informs the Bull Market List. Hagerty Drivers Club members—join here—enjoy full access to the data.
You can hear an in-depth conversation about the data behind the Bull Market picks on this week’s Never Stop Driving podcast, which is free on Apple and Spotify. We also look back at previous Bull Market Lists to check our math, so to speak, and create a report card that we crafted into a rich infographic that we are publishing in the next issue of our bi-monthly magazine, another feature of Hagerty Drivers Club membership.
Back to that word “investment.” It makes me cringe because I often hear car folks brag about selling cars for more than what they paid. That’s great, but I sense a reach for community status in those money-making tales and don’t believe half of them. I’m sensitive here because I want more people in our community, not fewer, and I fear that any stigma about buying high and selling low—my modus operandi—could drive them away. Just own it. We’re here for fun and fun costs money.
Speaking of buying, there are a ton of fun cars for auction on Hagerty Marketplace this week, like this low-mileage 1987 Porsche 911 Turbo and a lightly used Honda S2000.
This has been a busy week. Last weekend, the Formula 1 season wrapped up with Max Verstappen taking the driver’s championship and McLaren winning its first constructors’ championship in over two decades. The race also marked the last time Lewis Hamilton will be in a Mercedes, since he joins Ferrari next year. Mercedes team principal Toto Wolff delivered this tear-jerking sendoff. Then over at Stellantis, the architect of the Dodge muscle-car mayhem, Tim Kuniskis, has rejoined the company following the departure last week of CEO Carlos Tavares. And finally, GM announced it will close its Cruise robotaxi operation after burning through billions.
Have a great weekend!
Larry
P.S.: Your feedback and comments are welcome.
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Those guys who are always bragging about the money they made on buying and selling classic cars are just fueling the ‘urban legends’. I’ve never made a dime on any car, and quite frankly the only vehicle I’ve ever broke even on was a Shelby Charger.
Some advice; you have to think “I only lose money when I sell” during classic car ownership. That way you can continue to enjoy the ride, invest in upgrades to your liking, and sleep well at night knowing that your car is bringing you joy.
I enjoy your thoughtful articles, Larry. I so agree with your paragraph about tangible hobbies that can help reduce screen time for kids. I have a ’62 Willys Jeep wagon that I have woodgrained into a tin woodie that I take to car shows to promote my work. I also picked up a kiddie ride-on car (Escalade) that I woodgrained to match that I take with me to display. I invite kids to sit in the kiddie car and crawl through my jeep. I have to urge parents that it is ok, there’s nothing the kids can hurt (and give a disclaimer that, that is not true for other cars in the show). It so delights me as a grandfather to see the delight and happiness it brings to the kids AND their parents. One father as he was thanking me said you’ve just made a car guy out of my son! YES!!
There is the Monterey concours crowd. And then- on the other side of the spectrum- there is the Saturday night gathering at the local drive-in, boulevard cruise, and the small-town car show. These are entirely different and accessible to completely different groups of people and wallet size. Looking at the ads for older cars lately, it seem that there is some kind of effort to meld them, at least from the absurd 5 and even 6 figure prices being asked for even the lowliest of old family cars from the era of carbs, points, and whitewalls. Interesting! Do people actually PAY these prices???? Maybe they have become like Bitcoins?
Sometimes you may need to use the word investment in order to justify the outflow of cash to anyone who may also have access to your bank account.
It’s guys and attitudes like Larry Webster who are pricing us buyers and keepers who are being priced out of an opportunity to relive our childhood memories now that we have money to spend. Hagerty seems to focus on higher end collectible cars that could cost them more. Like stated above even sedans are getting out of reach now.