Classic muscle cars tumbled in value during the recession of 2008, but they are starting to grow in strength again, and have sold well at the first set of auctions in the U.S.
Muscle cars from the seventies and eighties in particular sold well.
“That was when Detroit and other automakers got back to building great cars,” said Mckeel Hagerty, president of Hagerty Insurance.
Hagerty refers to these cars as “Bandit-era” cars, the name being inspired from the smash-hit road trip movie Smokey and the Bandit.
Auctions in Arizona yielded significant sales, while the January auction in Kissimmee, Florida, saw sales that were up 30% on last years’ auction.
That represented an unexpected boom for the power collector’s market, as analysts had predicted poor sales due largely to the falling economy and currency fluctuations.
Those forecasts meant that a number of collectors kept their muscle cars indoors, with the general feeling being that they’d get more bang for their buck if they were waited another year or two.
Hagerty said: “Good solid muscle cars are selling at rational prices that are determined by the rarity of the vehicle.
Seventies Muscle Cars Are Hot
“Prices for cars from the seventies, eighties and nineties are showing the most growth, particularly limited edition performance cars. Cars from the 1950s and pre-WWII eras are down,” expanded Hagerty.
This means cars from TV shows such as Magnum P.I, The Rockford Files, Hawaii Five-O and Miami Vice are hot right now. So check your dads garage.
One of the reasons for that is that each subsequent generation has a tendency to buy and collect cars when they were young and hot, including inexpensive used cars that were affordable and easy to customise.
“Generation X is finally coming into some money. They’re interested in cars that were relevant to their youth.”
One word: Lada.
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