Each year, global classic-car specialist Hagerty analyses values in detail. Its numbers for the UK market in 2024 show "correction, realignment, adjustment" according to the company, showing that not even prized classics are immune to tough economic times.
Hagerty is a company that aims to "save driving and car culture for future generations and its mission is to build a global business to fund that purpose". It offers a variety of membership products and programmes, as well as a "specialty insurance provider focused on the global automotive enthusiast market".
The UK numbers are of interest to New Zealand enthusiasts because it's culturally very close to Kiwi tastes and of course it's a right-hand drive market. And with the rapid rise of online auction services, buying and selling classics is often done across international borders anyway.
According to Hagerty, almost every area of the classic and collector-car market experienced reduced value in real terms on 2024, "moving back to sustainable levels after the post-Covid boom of 2021 to early 2023".
Forty-six per cent of models listed in Hagerty's UK price guide fell in price in 2024 and 46.3% remained static. The biggest drops were for cars from the 1960s and three decades stayed flat. The only decade to rise was for cars built in the 2000s.
The 1960s includes a number of very expensive Ferraris that Hagerty calls "global" cars - so special that a prospective buyer will look all around the world for their ideal vehicle. A relatively small adjustment in price has a big effect on overall totals.
The 1970s has fewer very expensive cars (NZ$2m-plus), but one standout rose in value in all its versions last year: the Lamborghini Miura. Lamborghinis from other decades also rose, including Countach and Diablo.
One decade is "on fire" for values says Hagerty: the 2000s. Many of these models combine "power and excitement with an analogue drivability that is sometimes lost in more modern cars".
Various versions of the Porsche 911 are in-demand, while the biggest rise came from the Maserati MC12, up 53% over last year.
Which brand fell most in 2024? That was Aston Martin, with the DB2/4, DB4, DB5 and DB6 all in the list of the top-10 models that dropped in value most.
The US remains the dominant classic-car market worldwide. Seven of the 10 top global sales worldwide were recorded there, the only exceptions being a 1960 Ferrari 250 GT SWB Competizione sold in Paris in February, a 1979 Ferrari 312 T4 sold in Monaco in May, and a 2014 Pagani Zonda LM, sold in December.