Industry experts weigh in on the 2024 collector car market trends, highlighting renewed activity, changing preferences, and 2025 expectations.
The 2024 collector car market has been a year of shifts and renewed activity, marked by a return to rationality after the pandemic-era surge. As the year draws to a close, as compiled and shared by Hagerty, industry professionals reflect on the market's evolution and share their insights on what lies ahead in 2025.
A Tale of Two Halves
The first half of 2024 saw a cautious market with subdued activity, attributed to economic uncertainty and the U.S. election. Mark Hyman of Hyman Ltd. noted a “wait-and-see” approach among buyers during this period, with many enthusiasts pausing their purchases out of apprehension. However, since September, the market has gained momentum. John Temerian of Curated observed a renewed optimism, while Broad Arrow’s Barney Ruprecht pointed out a significant uptick in activity compared to 12 months ago.
Modern Collectibles Gain Ground
A key trend in 2024 has been the growing demand for modern collectibles. Cars from the 1980s to early 2000s, such as Ferrari Enzos, Lamborghini Diablos, and Porsche Carrera GTs, have gained significant traction. Ruprecht highlighted the increasing presence of these vehicles at major auctions, while Temerian pointed to the rising popularity of manual Lamborghinis, citing the record-breaking $578,000 sale of a Gallardo 6-Speed Manual Performante.
While modern cars are surging, interest in traditional classics from the 1960s and 1970s has softened, particularly for lesser examples. As restoration costs soar, buyers increasingly prefer pristine, fully sorted cars with no stories. Hyman emphasized that cars with mismatched engines or damage history are less desirable than ever, reflecting a shift toward quality over quantity in the market.
Evolving Buyer Demographics
The collector car buyer demographic is changing, with more enthusiasts purchasing vehicles for specific purposes, such as participating in events like the Colorado Grand or Copperstate 1000. Hyman noted a shift toward less technically knowledgeable buyers, who prioritize ready-to-drive cars over restoration projects. This trend aligns with the rising popularity of online auctions, where twice as many vehicles were sold in 2024 compared to live auctions, underscoring a growing comfort with remote purchasing.
Looking Ahead to 2025
Industry professionals remain optimistic for 2025. Dave Kinney of the Hagerty Price Guide expects a strong start to the year, bolstered by major auctions in Kissimmee and Scottsdale. Temerian and Broad Arrow aim to focus on curating exceptional examples and expanding their reach. However, Kinney cautioned that the broader economy might face challenges in 2025 and 2026, potentially influencing the collector car market.
For enthusiasts, the message remains clear: “Buy what you love.” Whether you’re chasing modern exotics or classic muscle cars, the collector car market continues to thrive as a space fueled by passion and the pursuit of automotive history.