Hagerty, a renowned insurer, has recently unveiled its eighth annual “Bull Market” list of classic cars that are poised for appreciation in the upcoming year. These selected vehicles have nearly reached the bottom of their depreciation curve, making them relatively affordable investments. At the same time, they are expected to garner increasing interest from collectors, solidifying their status as sound investments. If you’re considering adding a collectible car to your garage in the coming year, here are Hagerty’s top 10 recommendations for 2024:
1. 2010 BMW M3 GTS (2008-2013 BMW M3)
- The fourth-generation BMW M3, featuring a 4.0-liter V-8 engine and various body styles including coupe, convertible, and sedan, is gaining recognition as a modern classic. Average values have surged by 34%, with excellent examples fetching between $51,600 and $65,800.
2. 1965-1970 Chevrolet Impala SS
- The fourth-generation Chevrolet Impala, introduced in 1965, particularly stands out in the SS (Super Sport) version. The 1969 Impala SS boasts a 427-cubic-inch LS1 V-8 engine. Despite its muscle car heritage, prices for these iconic vehicles range from $30,100 to $44,500 for excellent specimens.
3. 1946-1950 Chrysler Town & Country
- This classic Chrysler Town & Country, produced in the postwar era, melds wood framing seen in contemporary wagons with convertible, sedan, and pillar-less coupe body styles. Its limited production run and distinctive design contribute to an average price range of $81,400 to $144,000 for the finest examples.
4. 2011-2016 Ferrari FF
- Ferrari ventured beyond tradition with the FF, offering a four-seater with a shooting brake body style and the brand’s first all-wheel drive system, all powered by a 6.3-liter V-12 engine. Good examples of the FF now command values between $143,000 and $177,000.
5. 1964-1966 Ford Thunderbird
- The Thunderbird, known for its various iterations over the years, sees the fourth-generation model appealing to younger generations. Prices for prime examples range from $41,300 to $56,400, making it a reasonably attainable classic.
6. 2000-2006 Jaguar XKR
- The 2000 XKR, a sportier version of the XK8, remains a compelling option for buyers under 40. Although it may require more extensive maintenance, it is generally reliable and has an average value of $26,700 to $38,900 for the best specimens.
7. 1981-1986 Jeep CJ-8 Scrambler
- The CJ-8 Scrambler, an elongated version of the CJ-7 with a small pickup bed, is experiencing faster appreciation compared to its predecessor, the CJ-7. It commands an average price range of $41,400 to $52,600 for the finest examples.
8. 1989 Lamborghini Countach 25th Anniversary
- Lamborghini’s Countach, in production since 1971, celebrated its 25th anniversary in 1989 with a special edition featuring additional spoilers and air vents designed by Horacio Pagani. With only 658 units produced, good examples now carry values between $612,500 and $770,000.
9. 1997-1999 Mitsubishi Pajero Evolution
- Initially unavailable in the U.S., the Pajero Evo is now importable under the 25-year rule, with prices averaging between $50,000 and $70,000. This rally-inspired version of the Pajero SUV is a tribute to Mitsubishi’s Paris-Dakar Rally successes.
10. 1997-2002 Plymouth Prowler
– A 1990s reinterpretation of a 1950s hot rod, the Plymouth Prowler offers a unique experience. While not universally appealing, it has found favor among members of Gen X. Prices for well-preserved Prowlers now average between $34,800 and $45,500.
These classic cars represent a diverse range of eras and styles, offering investment opportunities for enthusiasts and collectors in 2024. Be sure to conduct thorough research and consider factors such as condition, rarity, and historical significance when making your investment decisions.
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Frequently Asked Questions (FAQs) about classic car investments
What is Hagerty’s “Bull Market” list?
Hagerty’s “Bull Market” list is an annual compilation of classic cars that the insurer predicts will appreciate in value in the upcoming year. These are vehicles that have reached the bottom of their depreciation curve, making them relatively affordable to buy, while also expected to gain interest from collectors, thus making them sound investment choices.
How are the classic cars on this list selected?
The cars on Hagerty’s “Bull Market” list are carefully chosen based on a combination of factors such as historical significance, rarity, condition, and market trends. These vehicles represent a diverse range of makes and models from different eras, appealing to a variety of collectors and enthusiasts.
What is the criteria for a car to be considered for this list?
To be considered for the “Bull Market” list, a classic car should have reached a point where its depreciation has slowed significantly, making it an attractive investment. It should also have qualities that make it likely to appreciate in value in the near future, such as historical significance, limited production numbers, or a strong collector following.
Are these cars suitable for investment for everyone?
While these classic cars offer investment potential, it’s important to note that the classic car market can be complex and competitive. Potential buyers should thoroughly research each vehicle, consider factors like maintenance costs, storage, and insurance, and have a genuine interest in classic cars to make informed investment decisions.
Can I find these cars for sale easily?
The availability of these classic cars for sale can vary depending on your location and the specific model. Some may be relatively easy to find, while others could be more challenging to locate. Utilizing specialized classic car marketplaces and working with reputable dealers or collectors can help in the search for these vehicles.