February 8, 2023

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Hot Oldies, But Goodies in Collector Car Market for 2023: Hagerty

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Classic car buyers in 2023 will want a diverse range of vehicles, including microcars, muscle cars, sport cars, and even exotics, according to specialty insurance provider, Hagerty.

Hagerty released its 2023 U.S. Bull Market list, an annual collection of enthusiast cars and vehicles with the best potential to hold or increase in value in the coming year. In its 6th year, the list is compiled using data from public and private sales, insurance valuations and historical trends.

The common factor is vehicle selection for Bull Market listing is timing, according to the firm. “Even against the current economic backdrop, we believe this group is poised to grow the most in value next year,” said Vice President of Automotive Intelligence Brian Rabold. “Buying a fun car while it’s on the way up means you can use and enjoy it while likely coming out ahead when it’s time to sell.”

The 2023 U.S. Bull Market list (excellent condition price range), according to Hagerty, includes:

1992–2006 AM General Hummer H1 ($105,000–$127,300): Gen Xers (the biggest fans of collectible SUVs) own over half of all H1s protected by Hagerty, but millennial quotes are up to almost a third, which has doubled since 2020. Meanwhile, appreciation since 2019 has lagged, with an increase of only 9.9%.

1968–1970 AMC AMX ($30,500–$40,600): An underdog in the pony car world of Camaros and Mustangs, the stylish two-seat AMX is an incredible value, Hagerty says. The AMX has appreciated 28.8% since 2019, which is behind the ’67–69 Camaro (up 40.5%). However, interest from next-generation enthusiasts has nearly tripled since 2019, from a share of 13% to 38% of insurance quotes, suggesting these will continue to hold or increase in value.

2008–2015 Audi R8 (Manual) ($154,000–$186,700): The R8 has always been a special car, Hagerty says. Part of that appeal lies in the examples that came equipped with a manual transmission sprouting from a metal gate — a nod to classic Ferraris and Lamborghinis that came before. Insurance policy growth ranks more than three times faster than the Hagerty average over the past five years. Lookups on Hagerty Valuation Tools have doubled in the past 12 months, and they lead lookups for the similar Lamborghini Gallardo. R8 values are up 37% since 2019.

2001–2004 Chevrolet Corvette Z06 ($31,400–$39,300): A supercar in disguise, the C5 Z06 is a trackday monster that is also easy to live with on a daily basis. Lookups for the C5 Z06 on Hagerty Valuation Tools have more than tripled since 2021. In addition, an equal share of insurance quotes come from boomers, Gen X, and millennials, showing that demand is spread evenly throughout the market.

1936–1947 Harley-Davidson Knucklehead ($90,300–$115,000): Knucklehead owners are nearly three times more likely than Indian Chief owners to be under 45 years old. And those younger enthusiasts are insuring Knuckleheads for 15% more than boomers. As far as motorcycles go, the Knucklehead has a bright future with the next generation taking up the torch.

2001–2010 Lamborghini Murciélago ($302,700–$342,700): With a 632-horsepower V-12, values for the Murciélago are up 48% since 2019 but have lagged behind cars like the Porsche Carrera GT, which doubled in value over the same period. As next-generation enthusiasts are a growing share of owners (approaching 2/3), values for the Murciélago appear poised for more appreciation.

2004–2010 Mercedes-Benz SLR McLaren ($329,300–$380,700): If ever there was an underappreciated hypercar, the SLR McLaren is it, according to Hagerty’s experts. While values for the Porsche Carrera GT have more than doubled since 2019, the SLR has increased a modest 37%. The SLR has long held a large premium over its successor, the SLS, but the value gap narrowed to only 7.4% in July 2022. In the third quarter of 2022, the SLR premium widened again, to 23%, with younger buyers fueling much of the demand.

2003–2008 Nissan 350Z ($37,500–$44,900): The 350Z arrived at the perfect time, giving Nissan a new performance car it could be proud of and enthusiasts a reason to fall in love with Z cars all over again. Average values for the 350Z have increased 78% since the start of 2021, the largest increase for any Z aside from the 1978–83 280ZX, which doubled in that time. Boomers still own the majority of 350Zs, but 19% of new policies added in 2022 were from buyers under 40.

1985–1993 Saab 900 Turbo ($22,200–$25,800): Increasingly owned by next-generation enthusiasts, the Saab 900 Turbo appears to be trending towards faster appreciation. Owners under the age of 40 have tripled since 2019 from a share of 7% to 22%.

1991–1998 Suzuki Cappuccino ($12,200–$16,700): Millennial and Gen Z enthusiasts submit over 80% of insurance quotes for the 63-horsepower Cappuccino. It’s nearly impossible to find a more interesting car for under $10,000, according to Hagerty.

1984–1988 Toyota Pickup 4×4 ($20,700–$26,700): The number of Toyota Pickups added to Hagerty policies has quadrupled since 2017, with younger collectors as the fastest-growing segment. Although boomers currently own 43% of them, collectors under 40 more than doubled their ownership share since 2019, from 7% to 16%.

Source: Hagerty

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