Hagerty Price Guide

Hagerty's collector car indexes point to a coasting market

by Greg Ingold
20 July 2023 5 min read

The Hagerty Price Guide Indexes are seven stock market-style indexes that average the values of notable segment movers, or “component” cars. They help provide a broad overview of how different segments of the collector car market are performing.

Halfway through 2023, nearly all indications point to the collector car market continuing to slow down. Hagerty’s seven collector car indexes have begun to reflect that as well: only one posted a gain, and three tracked small reductions. The remainder held steady.

This overall leveling off is consistent with movement in the latest Hagerty Market Rating, which shed some speed from June to July. Collectively, while enthusiasm in the collector car market is ebbing, prices are settling into a calmer place rather than undergoing an abrupt correction.

Blue Chip

Lamborghini Miura P400 SV. Lamborghini

The middle of the year is usually a quiet time for the very top of the market, due largely to the lull in auction activity between those that take place at Amelia Island in the spring and Monterey in August. At least for public sales, many of the prime movers in the Blue Chip market don't surface until Pebble Beach, resulting in less potential for change in this index during the early months of summer.

That's not to say nothing happened at all—in fact, a few of the vehicles that go into our Blue Chip Index showed some movement. Prominent cars that posted losses include the 1965 Shelby GT350 (down eight percent), 1953 Chevrolet Corvette (down five percent) Lamborghini Miura SV (also down five percent) and the Aston Martin DB5 (-2%). This was all tempered by a four percent increase to the 1967 Corvette 427/435 and a two percent gain by the Ferrari 275 GTB/4. The net result was a small step back for the Blue Chip Index, but not enough to even register a percent change.


Gooding & Company

After a short, level period at the beginning of the year, Hagerty's British Index took another one percent step back. This segment remains one of the more economically diverse indexes within the market, with price points from the downright cheap to the exclusive.

The more affordable cars we track for this index put up some slight gains. Triumph's TR6 and TR3A gained two and three percent respectively, while the MGA pitched in with a three percent increase. Losses posted by the more valuable cars in this index wiped out any gains by the entry-level cars, however: the Austin-Healey 3000 Mk III and Jaguar XK120 lost seven and eight percent, respectively. These reductions were enough to take a point off this index's value overall.



Here it is, the only index on the list to increase over the past three months. Hagerty's Ferrari Index gained another three percent over the past three months, which was the largest increase since October of last year. The 2022 bump was driven by healthy results of the Ferrari-heavy Pebble Beach auctions. This time around, gains were smaller, with cars like the 246 Dino and 250 GT SWB each climbing one percent. However, the big gainer was the 250 LM, courtesy of a fresh high-profile sale. While it may seem disappointing for a car to fail to sell at auction and then be quickly relisted and sold for an amount much lower than the earlier high bid, the end result of a $17.5 million price tag (before European VAT) for a car with no race history actually shows how high the market is for the many 250 LMs with more significant provenance. Consider this affirmation of collecting's golden rule: people are still willing to pay exceptional money for exceptional cars.

American Muscle


Last quarter, we discussed how the Muscle Car Index hit an all-time high. It turns out that record is going to stand for a little while longer. The two percent drop this time around marks the first time since September of 2020 that the index has turned downward. 2021 was a second coming of sorts for the Muscle Car market, with huge activity and top-tier cars putting up all-time high numbers.

The recent reversal of fortune can be attributed to a wave of decreasing value: nearly half of the cars we track for the index showed a reduction in value last quarter. The leaders were the 1965 Shelby GT350 and 1970 Oldsmobile 4-4-2 W-30, which lost eight percent and six percent respectively. Other noteworthy movers and shakers in this market saw a step back, with LS6 Chevelles losing five percent and the 1969 Boss 429 Mustang losing four percent. It's not a rout of the market, but rather a slow, broad softening from a very high point. The one bright spot was 1964 Chevy Impala SS 409 convertibles, which gained ten percent and tempered the overall index as a result. These results may suggest further gradual softening in the future.



Continuing with the trend of little appreciable movement, we come to the German Index. Heavily weighted with classic Porsches, that part of the market has been rock steady and has posted no change yet again. The single contributing car within the index that lost value was the the Mercedes-Benz 190SL, which slipped five percent. This was offset by a 14 percent increase to the Mercedes-Benz 600 and a six percent uptick for the BMW 3.0 CSL.

Overall, the German market has held steady after rapid growth the past couple years, suggesting that despite the expansion, the market remains very strong for these cars, from the least expensive car in the index (the BMW 2002), all the way up to the Mercedes-Benz 300SL.

1950s American


The one percent reduction to the 1950s American Index is the first bit of cooling we've seen to 50s American cars since January of 2021. Subsequent publications of the Hagerty Price Guide have shown healthy growth in this segment despite years of worry that interest in these cars was fading.

This period's loss can be attributed to softness in some of the headlining component cars, like the 1958 Cadillac Eldorado Brougham and 1959 Eldorado Biarritz, which saw a 12 and two percent reduction, respectively. The other notable downturn in value was for the 1954 Buick Skylark, with a ten percent slip since the previous quarter. These were softened somewhat by the ten percent gain to the Chrysler 300C and eight percent bump to the Packard Caribbean. The takeaway? Poster cars from this era are slowing down, while more accessible models from this era are holding their ground. As the overall market continues to cool, we will be watching to see if the softness remains at the top of the market for 1950s cars, or if it starts to trickle down to more affordable models.

Affordable Classics

Broad Arrow

Hagerty's Affordable Classics Index showed no appreciable change over the last quarter. This comes after years of steady growth that took some formerly truly cheap cars in the market well out of "affordable" range for many buyers. This recent pause is consistent with the broader slowing in the market we've noted for much of the past year.

Previous looks at this index showed much more activity under the surface despite the lack of overall change in the index's performance. This time around, however, there was truly very little happening. Of the cars we track for the index, the Triumph TR6, Volkswagen Beetle and Karmann Ghia all gained a mere two percent, but an eight percent reduction to Studebaker Larks kept things in check. Of the nine other cars we track for the index, nothing of note happened.


  • pdmracing says:

    looks like the 815 billion $$ in forgiven SBA PPP money is finally drying up

  • John D. McGowan says:

    Would you please list or send me a link to prices and other info on pickup trucks. I have a 1951 Ford F2 and would love to keep up with currant prices. Thanks, JDM

  • Gary Bechtold says:

    No word on Japanese cars?

    The market is cooling, shocking in this “good economy” we are being told exists from our “leaders”.

    • Paul Ipolito says:

      Politics don’t pair well with the car hobby, in my opinion. And it appears you have failed to note the performance of the U.S. stock markets that are still waiting for the long-promised recession.

      • C. Coda says:

        While I agree that politics and cars don’t mix, the stock market isn’t the primary economic indicator for a recession; GDP is. And based on the long standing acceptance of the definition of a recession, we met that criteria when we had two consecutive quarters of negative growth back in early 2022. Additionally, our GDP has had no meaningful growth over the last 2+ years… and inflation was as high as 9% during that time.

    • James Sears says:

      I think the biggest threat is the availability and price of gas as electric cars begin to surge. I see men that look to be in their 70s and 80s bidding huge and I just wish I was their son who inherits all! I view classics now as works of art never to be made again so to park and maintain in a climate controlled garage the satisfaction has turned to just admiring than driving. I have noticed some drastic drops in value for some. At least you can visit and admire instead of #s on a screen of a stock market portfolio!

  • michael zimmerman says:

    Gary, a good economy, which is factual, has absolutely nothing to do with classic car prices.

  • Robert Schmidt says:

    I can tell you what hasn’t cooled off and that’s the kit car market. I just witnessed somone pay $55,500 for a Factory 5 Daytona Coupe of low build quality, no AC and an overcarbureted 302 engine. Am I missing something or has the world gone mad?

  • Jim Liberty says:

    I’ve been restoring Porsche 356s for decades. The prices paid for Speedsters is confounding. The cheapest car sold, and, the cheapest one to restore. They are still bringing record prices, while the coupes, and cabriolets are softening. The Monterey auctions will be very interesting to watch. One of my restorations will be on the block. …….Jim.

  • Buick supercharged says:

    As a contractor I will tell you that the big spenders who received a lot of free money are starting to cut back substantially. The economy may not tank, but is definitely slowing.

    • Patrick H Plankenhorn says:

      Hey there Buick super, shrewd observation. As a commercial general contractor here in in central Ohio, I’ve noticed that things are getting a little soft. I see a direct correlation between construction spending and almost all spending on big ticket items, including collector vehicles. That being said, I have observed that people and organizations with deep pockets, that really want to build, are bypassing traditional debt creation to do so and simply dipping into their cash reserves to fund a build. It’s a little scary and huge risk in an uncertain economy but perhaps the same will hold true with collector car purchases and keep our pursuit of the ultimate ride and the market alive and well. We’ll see……..

  • paul s murray says:

    These pissing matches between people who watch MSNBC or Fox News is an unwanted distraction. Some people will slant their data towards whatever end of the spectrum they choose to believe and their sources are most frequently the ones that agree with their opinion upfront,right or wrong. This a story I need not tell and feel poorly about having to, restating the obvious. I recall Tim Wilkerson ( when being hard pressed on what it would take to make the Funny Car countdown ) saying ” We’re drag racing, not curing cancer”. A bit of that light hearted, ‘the sky isn’t falling’ would be refreshing. Hagerty seems to do it’s best at overall trends but I’m they don’t claim to be end all and be all in what to invest in. And they don’t seem to me to be following the ” you make more money giving advise than following it” rule. If they tried to break it down into current ,regional but factoring i trends… we’d be receiving a hodge podge of information that would not only be practically illegible, but would make for some god-damned dry reading. How you are doing in the market (if invested) depends on what you’re invested in and. How well you’re currently being paid depends on what you do and. We are just talking about classic cars…remember that? I thought it was supposed to be about fun. If your biggest problem is that interest payment on the 454 SS Chevelle you want is out of your reach, cry me a river Mary Alice. God forbid you have any serious problems other than your ‘feel sorry for me they got more’ . Buy a clue..”were not curing cancer” . If you have a reliable working car the sun will come out tomorrow. And I’d bet a lot of people who are true collectors became so because at some point they had to break out the tool box and wrench on their ride to that end.

    • rosemarie m harvey says:

      agreed let the desire for a treasured car rule the day,,, not this said or that said… never let politics rule your heart,,life is too short not to have a toy in the drveway …

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