Although terms like "slowdown" and "leveling off" have been used to describe the market in…
Graph of the Week: Hagerty Price Guide 31’s biggest drops
The updated Hagerty Price Guide, number 31, has just been released. Validating trends that we’ve observed, some of the largest depreciations hit cars that had appreciated dramatically over the last couple of years. The Ford GT, for example, is a car that has been a staple at collector car auctions, with numerous low-mileage examples selling for well beyond their original purchase price. The most recent auction transactions have weakened, however. Either the market has become saturated or buyers are realizing that the Ford GT isn’t all that rare (4,000 built) and that low mileage examples aren’t all that unusual.
The Carrera GT is similar. Strong auction results last year and earlier this year prompted more examples to surface, but buyers have since thinned. Of the half dozen like-new Carrera GTs in Monterey this year, the ones that sold all brought prices well below even current #2 condition values.
The Toyota 2000GT, meanwhile, arguably signaled Japanese cars’ acceptance as serious collector cars back in 2013 and 2014 when two examples sold for over $1 million. That prompted other big transactions for the model, but recently the 2000GT market has cooled and sales have been far off from seven figures. For example, the exact same car that sold in 2014 for $1,045,000 sold for just $533,500 at Gooding’s Pebble Beach sale a few weeks ago.
As for big drops like the VW Thing and the Lamborghini Islero, those are typically cases where a few big transactions for perfect examples prompted an increase in value but were not followed by any similar, supporting results, so values were scaled back. In most cases, though, the biggest drops in value are previously hot cars that are starting to settle down.