Hagerty’s Market Rating hits lowest point since 2020, signaling end of the classic car boom driven by pandemic demand.
The collector car market has cooled significantly, with activity and momentum returning to levels not seen since before the pandemic-era surge, according to the latest data from Hagerty.
In its March update, the Hagerty Market Rating fell to 60.39, marking the lowest rating since November 2020. The rating, which gauges the overall "heat" of the market, as well as its strength and direction, dropped 0.33 points this month, following a 0.29-point dip in February. It now hovers just above the 60-point threshold—dangerously close to entering the 50s, a zone that would signify stagnation or contraction.
For perspective, the Market Rating peaked above 70 during the height of the collector car boom fueled by COVID-19 lockdowns, increased disposable income, and a rush of new buyers entering the space via online auctions. During that time, interest in vintage vehicles surged, along with prices for everything from air-cooled Porsches to American muscle cars.
Now, that momentum appears to be waning.
“The current Market Rating suggests we’ve hit a reset,” Hagerty analysts noted. “The factors that drove the pandemic-era boom—scarcity, demand from new buyers, and cheap money—have all changed dramatically.”
Economic uncertainty, higher interest rates, and a normalization of auction activity have cooled buyer enthusiasm. Despite record-setting prices for ultra-rare and historically significant models at blue-chip events like Monterey and Amelia Island, the broader market appears to be stabilizing at more conservative values.
While not a sign of collapse, the report suggests that buyers and sellers should temper expectations. Vehicles that surged in value over the past three years may no longer fetch peak prices—particularly if they fall outside the most desirable or investment-grade categories.
Still, Hagerty emphasizes that the market remains strong by historical standards, with solid fundamentals and ongoing interest in iconic cars.
"Enthusiasm hasn't evaporated," the report concludes. "But the frenzy is over."
