April 2023’s Market Rating shows a stable, if soft, market

Gooding & Company

After six months of consecutive decreases, the Market Rating has corrected its tailspin with a 0.17-point increase this month. This losing streak was the longest in Market Rating history since 2017.



Although the classic car market as a whole is still softening, the Market Rating was given momentary relief thanks to the strong Amelia Island auctions. The Auction Median Sale Price saw its first bump in six months, as more than 44 cars sold for at least $1 million in Amelia, with the top sale of the weekend, a 1962 Ferrari 250 GT SWB California Spider, at over $18-million. While many cars sold well, bidding wasn’t frenzied like in recent years, nor were sellers desperate to sell. Overall, the event slightly improved optimism among our industry experts, however they still believe this is a “flat market”.

In similar fashion, the Hagerty Blue Chip Index rose slightly, which is comprised of the average #2 condition value of 25 seven-figure cars. It wasn’t just the ultra-high end vehicles that had a good month. After a new Hagerty Price Guide update was released at the start of the month, the Hagerty Hundred, a weighted average value for the 100 most popular Year/Make/Models insured by Hagerty, increased nearly five points, slightly rebounding from its free-fall.



Despite bumps in both of the Hagerty Price Guide Indices used in the Market Rating, the overall average and median value of all cars in the price guide fell slightly this month. It appears that there is currently little uniform direction in the market, as similar cars are heading in opposite directions. This is described by our Price Guide Editors as “a market in turmoil.”

Although the Market Rating moved up this month, half of the metrics used in the calculation were down. Private Sales Activity is at its lowest point since October 2021. The ratio of insured value increases over decreases for both High End and Broad Market vehicles are at their lowest points in a year. As most metrics continue to decrease, it is likely that the rating will decrease again next month.



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    Meanwhile the fun to drive index on my classic cars was up 12.7% compared to last year. Most important.

    Collectors are waiting for the recession shoe to drop and worrying about their values.
    Drivers are driving their cars because the sun still shines, and that’s what cars are made for. Driving.

    The “Service Manual Index” says we are heading into a recession. We sell factory automotive service manuals at EthylsGarage.com and we see an uptick in sales every time the economy tends towards recession. Our theory is that folks have less disposable income heading into a recession and to save money they work more on their cars themselves instead of going to a shop. The trend is currently upwards.

    A soft market is better tan a dead market. Just means more careful buyers than the free for all market.

    Car and bike prices are stupidly high for both new and used vehicles. Thanks Biden. I’ve solved the problem: don’t buy anything. That’s a shocker and sends a message to the Orks who set these prices. The auction houses also cause retarded prices, sometimes for boring, dumb cars that used to be scrap.

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