April is here, bringing with it a fresh quarterly update to the Hagerty Price Guide. After a lull in auction activity at the end of every year, major sales in Scottsdale and Kissimmee in January as well as Amelia Island in March fill the first quarter with anticipation. After the last car rolled across the block, we dug through the resulting heaps of data with interest: that spurt of activity often sets the tone for the market for the first half of the year. So, what can you expect to find in our latest update?
Frankly, it is one of mixed results and a less-defined direction than the past three years. There was still plenty of positive movement, but it was not in as broad a spectrum as what we’ve come to expect. Stay tuned—my usual lists of winners and losers are coming—but the market’s movement dictated an explanation before hopping into the weeds of individual car trends.
Separation within segments
The muscle car market is a poster child for a split that’s emerging between top-tier cars and the rest of the market. While that segment appeared to be softening toward the end of last year, a number of cars have performed incredibly well since then. Most visibly, Boss 429 Mustangs, first generation Z/28 Camaros and LS6 Chevelles reversed some of the losses posted the past few months. Plymouth Superbirds continued to rise despite a market that risks oversaturation. On the other hand, 1964-67 Pontiac GTOs continued to lose ground and are approximately back to a point where they started in 2022. Value losses are more prevalent among lower-tier trims and less popular drivetrain options. The result is a less buoyant segment than the headline-grabbing cars suggest.
Nuanced developments emerging
While muscle cars have long been a staple collector segment, the Japanese collector market is still developing. White hot though it was during the pandemic, it’s now showing a few signs of change, and trends appear to be more specific and model-centric than before.
Titans like Mk IV Toyota Supras and US-legal R34 GT-Rs remained steady, but other staples have cooled off a bit. Long-term growth of cars like the 300ZX Twin Turbo has been tempered after losing 13 percent this quarter, and FD-series RX-7s have similarly cooled by ten percent. Even darlings like the 240Z, which has had a longer collector trajectory, continue to soften. The Mitsubishi 3000GT, a car that’s been something of an afterthought for collectors until recently, gained ground, posting 14 to 25 percent increases. Amelia showed that big prices can be had for front-wheel drive cars, too, with a world record sale of a low-mile Acura Integra Type-R at $151,200. The Japanese market is clearly gaining complexity.
Trends continue up top, but in more measured form
The most consistent performer, however, was the top of the market. Blue Chip automobiles had a strong showing in the beginning of the year and sale prices show that collectors are still willing to pay top dollar for exceptional cars. From Gullwing Mercedes and Ferrari Dinos to Duesenbergs, the high six- to seven-figure market is still going strong. That said, some notable no-sales at Amelia have demonstrated that even for elite cars, buyers and sellers are transacting with more rationality and less exuberance. We expect this to continue, though our next big opportunity to glimpse top-market buying trends is in Pebble Beach this August.
The biggest takeaway from the beginning of the year is that the collector car market might not be as predictable as before, but it is by no means screeching to a halt. Buyers are clearly becoming more discerning with regard to quality and model choices, resulting in a far more nuanced market than we have seen in a long time. Till these behaviors show a consistent trend, the direction of the broader market may remain elusive to pin down.
I was never party to the collector car “tulip craze”. I have a few uncool automobile step children that make no sense financially, but are fun to me.
Exotic “bragging rights” impractical blue chip ego puffers bore me to tears. Sorry, I’m a down to earth, skinned knuckle, pick your part frequenting real car hobby guy.
Who bought (and still buys) most of his cars at their nadir as “old used cars”.
Haven’t seen much talk about C1 corvette’s lately is there a reason for that ?
Why haven’t heard much about C1s? They are terrible cars and those who grew up with them are dying. Before the flames start, I’ve owned 5 Corvettes (3 C2s/ 2 C3s) and my all-time favorite since I was 12 is a 1959 Corvette. I’m a huge fan of the C1 body style but the ride, performance, and most importantly – handling – just isn’t there (speaking from personal experience). When I went to drive my first 1959, it was so disappointing. I ended up with a ’65.
The C1 is the perfect candidate for resto-modding and I’m not a fan of resto-modding!! But… the car deserves the handling and performance that styling evokes! Crap, I think I just talked myself into building a ’59 resto… :-0
I like that 3000GT VR-4 myself.
If you find what you want and can afford it than that’s what it’s worth. When time comes around to selling and what the next person pays than that’s what it worth now.What goes around comes around. Stay away from junk..
My 1968 SS427 Impala is one of the forgotten cars when put up against 440 powered full size Mopars, even though in full street trim the 385 hp turbo 400 was just as fast, and was a real street sleeper that most people were not expecting to be as quick. I bought it new and still have it. Still enjoy driving it.
I’m finally over my commitment to “vintage” and not because I don’t love them. I’ve had a C1, a C2, 4 C3’s and finally, now have a C8. My C1 was a stunning ’56 and my C2 was a spectacular ’66 Coupe. I venerate those cars but, driving the C8 is so much . . . . . more. More acceleration, more comfort, more modern conveniences, and more likely to definitely make it where I’m headed and then back home.