People buy classic cars because they are true enthusiasts or the car brings back memories of their younger years. With modern cars outperforming classics in every category, only those with a true sense of nostalgia and appreciation for automotive history spend big money on old cars. This has created a marketplace where classic cars in original or restored condition are valued at more than their modern counterpart most of the time.
However, a recent report in Automotive News reports that auction prices are declining while the number of classics sold has increased. This looks like the result of aging Americans downsizing to smaller homes, living on a lower fixed income or simply dying off. A New York Times report shows that by 2030, 20% of the population will be 65 or older. Seniors will have to decide what to do with family heirlooms including older cars. With newer generations showing less interest in classic cars and more interest in technology, we could see a vastly different classic car market in the near future as many of these cars will end up at auction houses further saturating the market.
Adding to the gradual decline in classic car value is the recent trend of classic SUVs and trucks. With millennials being the first generation to grow up in SUVs, we are seeing the price of trucks like the old Broncos and Jeep Wagoneers skyrocket.
There is no telling what the classic car market will look like in the years to come but if prices continue to fall this may be a good time to buy the classic car you’ve always dreamed of.
Related: Millennials refuse to pull Harley Davidson out of its death spiral