Classic Car Prices
 

While watching the 2024 Mecum auction for the past several hours, it appears that the classic car prices are not bringing the enormous amount of a few months ago. There are some that demand the high prices, but nothing absorbent. I'm hearing that in an election year, used car prices are declining. Have this affected classic car prices too? There's a few Pontiacs coming up for auction Saturday, July 27th, I'm interested in.

my knee-jerk guess;
The economy is hurting people to the point that not as many "buyers" are attending...

Covid car craze is slowing down I suspect and the market was flooded so this seems normal.

Still looking good but the real question is when the Gen X crew is too old to drive and need to sell, will the Gen Y and Z even care enough to keep prices jacked? I think we're in the golden age of classic car prices and things might slip big about 20 years from now.

Gen Y and Z don't usually care to sit on a car and watch it collect dust. Simple as that. Want to own a cool car they can drive. Only so many out there will pay today's high prices and baby it and not drive it save for a few times a month.

Message to all: No matter how nice or restored you classic is -- GET OUT AND DRIVE IT!! Or sell it.

I remember the guy I bought my GTO from back in ‘07 saying “ If I was you, I’d store this thing away and not drive it”. Ha! Hold my beer!

I think the Roadkill mentality has affected peoples car buying choices. We were previously driven by magazine cars, which were usually high end builds.

More recently we have been driven by people having fun in beaters on the web shows.

On a middle class income I would rather have a rotating menagerie of cheap cars that I thrash, than spend 15 years trying to put together the concourse resto, or modern restomod of my dreams. I don't think Im alone there.

I just think tastes are changing, which is normal evolution. I don't think the muscle car era prices will ever really crash, they are too engrained in pop culture. But they may flatten out as 80s and 90s cars rise in price as the cars millennials put on a pedastal as kids.

Lesser cars are taking pretty big hits.
Real numbers cars in the 3/4 and full upper crust are leveling and dropping a little.

Put back together GTO's , clones and HotRoddy types are taking adjustments and I think its good overall. Let's more people inside that couldn't afford to get in before.

When you see anything sell on a Friday or Saturday at the auctions for a seemingly good deal , we usually find out why from observers who were present.

I just read a blip in Old Cars magazine with statistics from Hagerty that said collector car prices are have been in a steady decline since 2022 and trending to go even further south!

Many reasons I think, and quite a few listed already. If you own a duesenberg I think you will be fine.

Been said before, Baby boomers are aging out of the market.

Skewer me if you want, but unless your trying to sell one for an obscene profit, this is a good thing. People who love and appreciate these cars, may be able to get in the hobby and own their dream car without being a multi-millionaire. It also may drive the insane prices for some parts back into some sort of reality. JMO.

Practically a majority of the actually really nice #s type Pontiacs at both auctions this weekend went RNM.
Mecum in Harrisburg and GAA in Greensboro NC.

The non-reserve cars all seemed to go for sub par prices.

One exception was a loaded 66 Catalina 2dr Hardtop 1 owner low mileage
376hp 421 HO Tripower Automatic. Fontaine Blue / Blue Bench
80k
I thought that was really strong , but it is something you would rarely ever find.

Catalina and Loaded aren't usually in the same sentence.
Then the other plus factors mentioned.

The market has taken a sharp turn downward. Earlier this year I sold 3 cars for good money and they sold quickly. The 4 car (79 Z/28) that I sold a couple months ago. I struggled with and sold for less than I was expecting.

A couple months ago I tried sell my '95 Impala SS. All I got were very lowball offers from flippers and strokers that hadn't seen the car.... I'll be hanging on to it for now which I don't mind as it is a very nice car. I rarely struggle selling a car as I always price them fairly.

A friend of mine just recently sold a black '78 Trans Am. He struggled with that and sold for less than he was expecting.

Sub par prices or below expectations! The price and worth of the vehicle (or anything) is what someone is willing to pay. At an auction you have a captive audience and hopefully at least a couple of people that want to buy the car. What it sells for is exactly what its worth at that time.

With you 100%. My T/A is my dream car and I have no intention of selling it ever, so its value is meaningless to me, anyhow. I remember when late 2nd-gen Firebirds were a good entry-level collector car for your average guy - restorable due to an expansive repro market (which we thankfully still have) while also being pretty cheap. But that was back in 2005 or so lol

Hagerty released an article recently that the market is dipping down. That 2021-2022 spike wasn't meant to last forever, especially now with staggering inflation and cost-of-living expenses. People have a hard enough time just trying to get by as it is, and a collector car epitomizes a recreational expense.

I'd be glad to see these cars be attainable again, I'm sick of only hearing about their values and speculating prices when I discuss them with folks.

Also, I'm a millenial/Gen Y. Promise I'll keep the torch lit. ;)

Hagerty
 

Hagerty ….
@ https://www.hagerty.com/media/market...Ij38Gki6NMpRdQ

Jim

The hagerty article is interesting. They have made up their own matrix to keep an eye on the market. Their findings were that the sale of cars $250k and up are declining but those under the $250k are holding strong.