The Collector Car Market Is Collapsing Rapidly
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After years of rapidly climbing values, the collector car market is collapsing rapidly as investors pull out. We see evidence all around us of this phenomenon, some shocking like NASCAR hero Don Tarr's '69 Dodge Charger Daytona failing to meet reserve at auction.But there's broad evidence values for both classic cars and modern collectables are imploding in a hurry. The Hagerty Market Rating is now in the high 50s after a brief stabilization in May. That's a big deal, because when the rating hit 60 back in April, it was the first time that happened in almost five years.
Strange things happened during the era of covid policies, including collector car values in general reaching incredible heights. Many declared it was a new era for the hobby, acting as if the lofty prices we saw both in public auctions and private sales would never come back down.
Now the party's over and it seems many investors are scrambling to unload their vehicle assets as quickly as they can, like a skater going across thin ice rapidly in hopes it doesn't collapse.
Even Hagerty is wondering just how low its Market Rating will sink before things stabilize again. Operating on a scale of 0 to 100, it gauges how active the collector car market is. Back in June 2022 it reached a pinnacle of 78.22.
But the bad thing was many enthusiasts who aren't multi-millionaires watched their dream rides become so expensive, they lamented they might never be able to own one. That was true for crowd pleasers like Porsche 911s and Dodge Vipers as well as more niche, more pedestrian rides like 60 Series Land Cruisers.
Nobody seems to know exactly what's next in this strange market. After a runup in values like never before it seems like the correction will involve a trough or low point like the collector car hobby has never witnessed.
If enthusiasts play their cards right, that might mean finally getting that dream ride. But with the ravages of inflation still felt on a daily basis, most of us have less money to play with.
Image via Kevin Saechao/Facebook Marketplace
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