“The market has been so strong for so many years, many of the best examples have already come to market at the auctions,” he said. “Once all that frothiness chewed itself up in the auction market, many of them have gone to a private sale environment.”
The weakness at the top obscures a surge in demand and prices for lower-end cars and more recent models that give newer collectors an on-ramp into the market. Hagerty said a 2008 Lamborghini Murcielago, that sold new for around $300,000, is now worth around $225,000.
But based on interest from younger, new collectors, the value in 10 years “it will easily double,” he said.
“Lamborghinis have been hot for the past few years,” he said. “The Countachs, the ones from Cannonball Run and the Diablos, these were the first cars that had Italian style but German engineering.”
He said a 2002 Pontiac Trans Am would also appreciate significantly in value. They sold new for around $25,000. Now good condition, Trans Ams from the period are selling for as much as $35,000.
“Most cars depreciate to some level, and many of them just go down and disappear,” he said.