Hagerty Market Rating Continues Cooling

The Hagerty Market Rating has been on a consistent slide for the last few years, and the pandemic hasn’t helped. Initially, the virus shuttered live auctions and sales activity dropped from levels of the previous year. Over the summer, online auctions have slowly begun to come back and show some activity. Nonetheless, auction activity has fallen to levels not seen since 2010. Private market sales have slowed to their lowest levels since 2012.

High-end prices have suffered the most, with the Ferrari Index and the Blue Chip Index getting hit hardest. The Affordable Classics Index showed a gain and has been one of the bright spots in the classic car market over the last few years.

American Muscle cars from the 1960s have taken a hit over the last few years as well. Values have dropped roughly 17% since the highs of the index in 2018. Hagerty reported, “Muscle cars have been experiencing volatility since before the events of March 2020, and the ensuing crisis hasn’t helped confidence.”

The Ferrari Index is down nearly 15% since the highs in 2016. Not one car in the index showed a gain in value, while over half of them lost value. A 29% decrease in one of the most expensive vehicles in the index didn’t help matters, the 1958 250 GT California Spyder LWB. One of the bright spots, if you can call it that, was some Ferraris outside of the index were showing a rise in value.

The Blue Chip Index is down nearly 14% since it’s high in late 2018. This index is made up of the “25 most sought-after collectible automobiles of the post-war era.” Although the Blue Chip Index has been on the decline lately, it’s important to remember since 2013, this index has doubled in value.