It’s been an interesting few years in the collector car market. The pandemic and subsequent lockdown threw a wrench into trends and trajectories. It was an ideal time for hobbies, and car collectors certainly made the most of it. Now that we’ve settled back into somewhat normal conditions, some North American data collected by our collector car partner Hagerty indicate that trends continue as predicted…while some seem a bit surprising.
SOLD…to the private buyer you’ve been negotiating with
There have been no dramatic shifts in how collector cars are sold, with slight dips and increases here and there. In 2023, the majority of transfers were dominated by private sales, with over 80% of vehicles trading hands. Live auctions have slightly dipped to 5% and online sales have quietly dropped below 10%.
The big tickets
Sure, the market has cooled over the past couple of years but there has been some big action on the auction block this past year. Here are a few of the bigger sales made:
- 1963 Ferrari 250 California SWB - $17,875,000
- 1903 Mercedes Simplex 60 HP - $12,105,000
- 1966 Ford GT40 Mk I Road - $6,930,000
- 2022 Bugatti Chiron Super Sport - $5,175,000
- 1972 Lamborghini Miura P400 SV - $4,900,000
All figures are in USD.
My generation
The big surprises are the generational shifts in the market. According to Hagerty Insurance policy quotes by generation, Gen-X car collectors have overtaken the Boomers. Gen-X now represents approximately 35% of the market, whereas the Boomers are landing around 32%. It’s interesting when you consider that Boomers make up 25% percent of the population and Gen X only 20%. Another surprise is the percentage of Millennials and Gen-Z collectors in the market. They’re hovering just below 30%. It’s clear, the face of the car collector is changing.
What the gens are into
Here are the top three model decades of interest for the different generations:
| Boomers | Gen-X | Millenials | Gen-Z |
1960s – 22% 1970s – 18% 2000s – 14% |
1960s – 20% 1970s – 20% 1990s – 16% |
1990s – 21% 1970s – 18% 1980s – 16% |
1990s – 26% 1980s – 20% 1970s – 18% |
The past is cruising into the future
There’s no dust collecting on collector cars. Sales have settled since the pandemic but remain active. Plus, we’re seeing Boomers passing the torch to Gen-X collectors…and the Millennials and Gen-Z collector activists who are nipping at their heels.
