Wednesday, November 30, 2022
News Here are the 10 Collector Cars That will go Up in Value...

Here are the 10 Collector Cars That will go Up in Value Next Year, According to Haggerty

These cars are about to become much more expensive due to a new interest from collectors

  • This list is compiled by looking at trends among the key buying demographics and the latest value increases

  • Vehicles range from the Ferrari Dino to the Suzuki Samurai

  • The arrival of millennial and post millennial buyers is operating a shift in the collector car market

Haggerty, a classic car insurer, published its list of collector cars that are set to gain a lot of value in the next year, and some of the entries might surprise you.

Indeed, the vehicles range from a predictable Ferrari Dino to a much more surprising Suzuki Samurai, among other vehicles that would have been laughed off the list only a few years ago.

This change is due to the arrival of more and more millennial and post millennial buyers on the collector car market and the retiring of many pre-boomers.

According to Haggerty, the younger buyers are more interested by practicality and “cool factor” rather than sheer style or performance, which attract older enthusiasts.

The first vehicle on the list is the 1969 – 1974 Ferrari 246 Dino, a car that is very important in the history of its maker because it was its first model that features a mid mounted engine behind the driver, a configuration that is still found in many Ferrari models. Despite prices exploding over a decade ago, a slump in the mid 2010s mean the prices are about to back up again, with values increasing 5% between 2020 and 2021, reaching around $366,000 to $402,500. The main buyer demographic is boomers, since they have the money to invest into a Dino.

Next is the 1966-1967 Pontiac GTO, one of the very first American muscle cars and the most popular generation of the model. The GTO was introduced in 1964, when Pontiac crammed its largest engine into its midsize car, but the model really came into its own two years later, when it was spun off of the regular Tempest, for which it had been an option package before. Despite values remaining the same between 2020 and 2021, at around $100,000 to $129,000, Haggerty predicts the values will increase in the future, with more and more millennials taking an interest in the model.

Next is the 1992 – 1995 Porsche 968, the final evolution of the 924 and 944 that came in the 80s as a more affordable model for Porsche. The 968 was regarded at the time as one of the best handling cars in production. 2015 saw an appreciation in value for every Porsche model and 968 values have risen 139% since 2016, and this trend doesn’t seem close to stopping, with an additional 8% from last year. Boomers and Gen X are the two groups pushing values up.

The 1983 – 1997 Land Rover Defender is next. This is one of the more surprising vehicles on the list, simply because utility vehicles and off-road trucks had never been popular among collectors until a few years ago, when the Defender began to skyrocket. Demand is being pushed heavily by Gen Xers that are the leading market group by far. The Defender was only briefly sold in North America, so prices for these models are off the charts and imports from Europe are very frequent, with values that range from $61,500 to $77,500.

Next is the 1979 – 1985 Mazda RX-7. The first generation of the RX-7 market the return of the rotary engine to America, after Mazda had abandoned it due to the oil crisis. The RX-7 still offers a driving experience that is very distinctive thanks to the rarity of this type of engine. Despite some well know issues and a seemingly insatiable thirst for fuel and oil, the RX-7 is very appealing to younger buyers, with the highest proportion of millennial and post millennial buyers on the list. Values have also climbed 26% over the last year, with prices now resting between $17,550 – $27,000.

The 1963 – 1967 Mercedes 230 SL is not a surprising entry however, because it seems a given that any coupe wearing the three-pointed star is bound to gain value in the future. This generation of the 230 SL replaced both the sporty 300 SL and the more luxurious 190 SL, so it combined both attributes to usher in the new era of luxury sport coupes that the SL still carries to this day. Boomers are still the most important clientele for the SL, despite a drop of 20% in quotes over the last year in favor of younger buyers. As a whole, values have increased 35% to reach $80,500 – $108,500.

The 1975 – 1993 Volvo 245 is also a surprising newcomer to this list, with interest being driven up by millennials, who are interested in the huge practicality such a wagon offers. The popularity of the 240 series was so high that Volvo made these cars for close to 20 years with very little change. This means that for many people, a beige 240 wagon is still the image they think about when they hear “Volvo”, but this isn’t necessarily a bad thing considering more and more people are interested by this boxy but good car, as a line in the 1990 movie Crazy people qualified it. Values have increased 5% over the last year and you will now need between $15,500 and $21,500 to purchase a good example.

Next is the 1965 – 1970 Cadillac DeVille, a very large luxury car that has been curiously overlooked by collectors, who tended to prefer the more extravagant 50s Cadillacs. This generation of the most expensive cars from General Motors were surprisingly restrained, following the years of excess that had taken place from 1957-1960, with ever higher fins and seemingly more chrome than paint. The 60s Cadillacs featured clean lines and an understated elegance that made them less of a fashion statement, but more of a driver’s car. Today, Gen Xers are starting to show some love to this model, with values increasing 14% over the last year and settling at $28,500 – $38,500.

The 1985 – 1995 Suzuki Samurai is definitely the most incongruous entry into this list. This tiny off-roader was designed the be a very cheap vehicle to beat around trail, definitely not to keep hidden in a garage in the hopes of seeing values reach for the stars. Nevertheless, this is what is happening, with younger buyers being interested in this vehicle, so much so that imports from around the world are increasing every year due to the rarity of American market Samurais in good condition. Values have increased 5% to $10,000 – $14,500.

Finally, the 2008 – 2012 Tesla Roadster Sport is the most modern car to be included in this list, due to its appeal to Gen X and millennial buyers. The Tesla Roadster was the first model produced by the now famous electric vehicle manufacturer. In order to make it, Tesla installed its battery technology in the shell of a Lotus Elise, a car known to be among the most fun to drive and best handling vehicles ever made. This combination created a great enthusiast car, but it also allowed Tesla to develop its own models and become the most valuable car maker in the world less than ten years later. This last reason is probably what will boost values even higher than the 8% they have gained this year to reach $97,000 – $115,000.

Source: Haggerty

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