5 collectible vehicles losing steam in 2023


The collector car market’s rapid expansion from summer 2020 through autumn 2022 was a rising tide that lifted almost all boats. When we noted which vehicles posted losses during that time, most value changes were isolated incidents; they didn’t reflect broader market forces. The first part of 2023, however, told a different story.

Results have been more mixed in the last few months than they have been in years. While a variety of vehicles are still gaining in value, an equally varied set of vehicles—including many mainstream favorites—are losing steam.

No, the sky isn’t falling, but the message is clear: The collector car market is evolving. While investment purposes shouldn’t be the primary reason to buy a car, there are some lessons to be gained by observing market trends and considering what they could mean for the future.

With that, let’s take a look at the five most notable value decreases from the latest Hagerty Price Guide.

1961–73 Volvo 1800 -25 percent


Volvo’s iconic 1800 is one of those models that nailed a design in a way few cars do. Its fantastic looks were penned by Pelle Petterson, son of Volvo consultant Helmer Petterson, while he studying under legendary designer Pietro Frua. The car flaunts an Italian flair while maintaining the sturdiness that Swedish cars embody. As if to prove that point, the record for the world’s highest-mileage car is held by an 1800 that clocked over three million miles.

Volvo 1800 values have historically held steady and affordable, with the occasional headline-grabbing sale spiking prices for a short time. Early in the pandemic, 1800s saw some real positive growth, but by the end of 2022 and into 2023, they began to change hands at pre-pandemic levels again. Moving forward, it is hard to say whether small downward adjustments will occur while the 1800 market finds its footing, but it is safe to say that 1800s won’t stay down forever.

Jeep CJ-5/CJ-7 -15 percent


The Jeep CJ-5 and CJ-7 seemed to mind time and corporate changes no more than pebbles on a trail. Between the two variants, they spanned over 30 years, and the CJ-5 survived through three management companies: Willys, Kaiser and AMC. Replacing the CJ-3 in 1955, the CJ-5 incorporated updates from military Jeeps after the Korean War. In 1976, the CJ-7’s introduction offered further options and comforts from the CJ-5. The two would continue to be produced side by side through the early ’80s, and the CJ-7 would continue through 1986.

Simply put, these Jeeps built the foundation for how we view the Jeep brand and the flagship Wrangler today.

While their appreciation has been gradual, time adds up: A CJ is now worth on average over three times more than it was in our founding (2006) Hagerty Price Guide. That result is undoubtedly spurred on by the enormous enthusiast following Jeeps have cultivated.

Despite that, CJ values have softened 15 percent since the beginning of this year. Much of the observed drop was related to weaker values of #3 (Good) condition examples, while values of pristine examples remained healthy. This points to the fact that buyers are less willing to drop money on driver-quality vehicles, a trend we’ve started observing across the broader market.

This decrease is nothing to panic over, however. The CJ is too big of a name in the truck market to erase all the value gains it made over the past couple decades, and typically, a gradual increase in value makes for a softer landing when the market changes direction.

1961–4 Facel Vega Facel II -14 percent


There’s a good chance that a large number of readers have never heard of a Facel Vega, so here’s a bit of context. The Paris, France–based company originally created stampings and bodywork for the French auto industry but became its own car-manufacturing marque in 1954. Specializing in luxury grand tourers, Facel Vega sourced big-displacement American V-8s to stuff under its beautiful bodywork. Its engine of choice? Chrysler’s 383. The company’s fortunes would be short-lived, however. It went into receivership in 1964, limiting the Facel II’s production to fewer than 200.

These cars rarely come up for sale, especially at public American auctions. After their values grew wildly in 2014, these cars have held steady, even while values of other six-figure automobiles dipped when the market cooled in 2015. That said, time may have caught up the Facel II. With offerings in Europe softer than before and with a collection of fair-grade cars on offer at Amelia Island 2023, it’s all too obvious that the market has softened, especially for any car not in top condition.

The important takeaway here is that buyers are becoming pickier than before: Nothing but the very best will do, and the rest must come at a price that makes sense. The Facel II’s trajectory appears to be yet another sign that reason has crept back into the market.

1964–7 Pontiac GTO -14 percent


Here it is, the muscle car that started it all. The product of John Z. DeLorean and his team of maverick engineers stuffing a large engine into a mid-size car and offering it to the public as a special-option package in 1964, the GTO’s stature in history is secure.

The resulting horsepower arms race lasted until 1972 (or later depending on which cars you choose to include as muscle cars) and is now fondly looked upon as one of the greatest eras in automobiling. Good looks, power, and significance have earned the 1964–7 GTO a place in the hearts of automotive enthusiasts, and while it may not be the most expensive or most powerful muscle car of all time, it is one you must experience to be called a true enthusiast of the segment.

Exactly a year ago, values for early GTOs exploded after a long stint of inactivity, gaining a total of 35 percent between April and July. As 2022 wound on and many of the good examples were snatched up, prices quickly began to settle back down. The 2023 January sales at Scottsdale and Kissimmee made clear that the market for GTOs has reassumed the level it held prior to January 2022. In contrast to the Jeeps above, the GOAT is a good example of a rapidly appreciating vehicle whose values are cooling as fast as they heated.

1990–6 Nissan 300ZX Twin Turbo -13 percent


As the market for Japanese sports cars began to heat up in the late 2010s, the Z32-series Nissan 300ZX experienced a surge of interest from collectors looking to enter the market. Though to a much lesser degree than its Toyota rival, the Supra, the Z also benefited from its cult status amongst kids who grew up in the ’90s and early 2000s. In twin-turbo V-6 form, the Z32 sports a potent 300 horsepower, and handling is assisted by Nissan’s HICAS four-wheel steering.

Following a prolonged hot streak, we’ve observed values of Z32 twin turbos decreasing—the recent 13 percent drop is the largest hit they’ve taken since peaking in the middle of 2022. One of the potential reasons behind the drop is that exceptional cars haven’t been hitting the market like they were before.

Another factor may be coming in shipping containers from Japan: With each passing year, more ’90s-era Skyline GT-Rs have become legal to import, and Nissan’s flagship is now in the U.S. in large quantities. For the same money as an excellent Z32 twin turbo, you can pick up a good R32- or R33-gen GT-R, and those cars carry more clout in JDM circles.

Regardless of the reason, values for this car are settling, not collapsing; don’t expect the Z32 300ZX to drop back to previously low prices.




Check out the Hagerty Media homepage so you don’t miss a single story, or better yet, bookmark it. To get our best stories delivered right to your inbox, subscribe to our newsletters.

Via Hagerty Insider

Read next Up next: Bugatti’s wildest monster nears, Land Rover splits, Hyundai aims for moon


    My first car was a “69” GTO and I adored that car! It was so fast, so pretty and so cool. I had a cooler car than all the guys! Mom bought it when I was 15 & spent a year having it fixed up for my 16th birthday, wish I still had that car.

    Do people think the “collector car” market is immune from the old “Pump and Dump” routine used in the stock market?

    Maybe I’m in the minority, but while an occasional article about classic car values is fine – I’m really getting tired of Hagerty’s apparent obsession with articles that treat our classic cars as if they are investment commodities. Most of us own them due to memories or passion – NOT because we view them as part of our investment portfolio.

    Of course, but I dont expect or want the collectors magazine they promote as a benefit to buying their insurance to focus so much on treating a hobby like an investment strategy. I’m simply not enjoying their magazine like I used to.

    100% agree with you Dave. I have commented on this prior… the conflict of interest having Hagerty pump their opinion of values all over the place meanwhile offering insurance based on the value of the vehicle they are pumping. It is a bad look for Hagerty and frankly makes me uncomfortable with the current state of the hobby. What was once a passionate, fun thing to be apart of has become an obnoxious industry with companies angling to manipulate us. I hate the feeling of being manipulated. Grrrr….

    Do you insure a $60K car that sold for $4000 new? There has to be statistics to go with this. That is what Hagerty is about, statistics. There is always Hemmings.

    Interest rates off zero will make things more expensive to own even if you are not borrowing there is still the opportunity cost where you could make some interest on your money. Houses too and any asset for that matter.

    The 875 Billion SBA PPP forgiveness $$ is still driving the upper end of the market , but our lower priced inventory is all being financed now & much harder to move. there was 6,2 trillion in the Cares act of May 2020. 6 times more than the TARP bail out of 2008 (which was all paid back) the 1.2 trillion the SBA put out went to firms that had no financial need, just a hand out that has really inflated everything. I know I contracted there during the beginning of COVID.

    No. Pandemic money for ‘regular joes’ was and its insufficient to explain the collector car bump. A couple thousand just ain’t it once you have to pay the rent and feed your bairns. OTOH, those at the top of the pyramid who were financed by the payoffs were already rich.

    Ah yes, the mysterious multiple-trillion dollars of “excess savings”. I think the problem is that most of us just cannot fathom how much money was actually given away (with very little control or safeguards) and how much was printed to finance the giveaway.

    Here is a great idea, “invest” in something that needs constant care, is continually deteriorating, and can be completely destroyed by you or someone else just by using it, not to mention could possibly kill you. These are objects of enjoyment, not investments. Buy stock if you want to invest. To be clear, wine isn’t an investment either.

    You are correct sir! You have to think of it as an investment in enjoyment. And that’s ok. If you are trying to grow income, buy stock.

    On the other hand, invest all your money into the market giving it to someone you don’t know or cares. They will probably loose some of it or all of it and if you’re lucky to hang on to some of the money you have to jump through hoops and convince them you need it. All while they enjoy your money and all you do is worry about it all your life and more than likely never get to see it or use it. Automobiles are really no worse an investment then the market

    I agree 100%.
    I would much rather have something to play with, and drive around town. I just lost all my money in the stock market.

    Exactly! The Donald screwed the stock market for retail investors. Took a chance and sold off a bunch of losing stock to buy a 64 year old car in questionable condition over the internet. Better odds it seems. Alpine #627 Shines Brightly now. Purchase, $5,500, restored value, $20,000+++. All in, I am way up after costs.*Bonus, It may be the oldest on the road Series 1 Sunbeam Alpine Globally! I leave the investing for Our specialist at Our bank now. So with lessons learned, I will stick to what I am good at, Cars, not stocks. Have a Great Day!

    Well… $20,000 when you SELL it – if it goes for that price. Right now it’s just a bunch of sunk costs so enjoy owning it.

    It’s getting pretty sad when you are blaming Trump for your bad investment or car-buying decisions.

    If a person stayed in bed all day and no exercise he or she would deteriate much the same as the cars. If you want to enjoy life or stay in bed all day is they will make. Life is short, live it to it’s fullest. Just my humble opinion.

    Don’t just “buy stocks”, if you wish to invest find great dividend stocks. But if you really want the potential to make money, learn how to trade options. Esp. during earnings. I won’t say what my returns are,as they will be scoffed at anyways

    Yes, silly me…. I bought a Cuda AAR, two Superbirds, a Daytona and a 70 GTO over the years. I’ve sold them all as time went by, but all began to appreciate after the initial ‘used car’ period.

    Lol. What is this nonsense? I’ve made exorbitant amounts of money investing in collectible cars, art, wine, whiskey, and firearms… Returns that have far eclipsed what the market returns on average. You have to have good instincts and be buttoned up but there is huge opportunity with these assets. You sound like a very, very unsuccessful human with little idea what you speak of.

    Bblhd has it right..it’s a scam. Don’t fall for it..”regular” people can let it go…

    Ahh, the Facel-Vega. When I delivered papers in the ’60s there was one in the garage at an apartment building on my route (next to the ’30s Cadillac). When I bought my first house, it would appear at my neighbor’s house across the street. Their son in-law owned it. He bought it at the auction in the same garage where I saw it years before. Only 2 buyers showed up for the auction. Brian wanted the Facel-Vega and the other guy the Cadillac. They each got their cars for the $500 starting bid.

    You can’t compare, as $500 in the ’60’s is worth about $5k nowadays.
    Early- mid ’60’s Cads cost about $5k when new.

    Always kinda sorta wanted an HK-500 with Pont-A-Mousson, AC, and dual quads.
    Growing up there was one in a local Gulf station but would not talk to me about it atol.
    Later saw it at Auburn (distinctive crack in vent window) but was not to be.
    Always thought it would be a great GT/touring car but suppose my CTS Coupe is
    better & probably faster.

    Thank you for this. I read these articles to learn about the market, not to argue with it. It never listens to me anyway.

    If investment is what you are looking for, you will never enjoy your classic car. I can’t say I’ve ever “enjoyed” owning stock either. But if you buy something you like, buy it smart, drive it and take care of it, not only will you enjoy it but you might just break even when you sell it.

    I love how comparisons are made with vastly different market presence. I mean there are a few zillion CJs that have a gamut of good/bad/thrashed vs the minuscule data points offered by actual Facel sales. An article is just a word-salad of opinions without showing the data. Some uneducated audience members might make serious financial decisions based on this article, and in tech and finance, it’s imperative to “Show your work”.
    If that “14%” is based on one or 2 sales, that’s not real data.

    Hear hear! These numbers have a huge error band and low confidence. It’s no more than infotainment.

    It’s a short article meant to entertain. If someone goes and buys a 250K car based on this article they aren’t the sharpest knife in the drawer anyway. Would you have them write a thesis on the value of collector cars instead. There is the option of not reading the articles you know 🙂

    Yeah of course, but it’s clickbaity for a service that touts its “Valuation tools” for paid subscribers, not a meme-ish side content. Hagerty is putting itself out there as a resource. It should be a little more than just entertaining

    Agreed. I can see the CJ being used as an example of a trend in other “old” suvs losing value, so it made it into the article. Or the GTO. The other cars may well be meaningless filler. But we clicked on the article, eh?

Leave a Reply

Your email address will not be published. Required fields are marked *