The classic car insurer, Hagerty had an article last week about five cars that have increased so much in value over the past half decade that we all should have had the prescience to have bought as many as we could five years back. Yeah, shoulda, coulda, woulda. The vehicles they discuss are the Jensen Interceptor, which only saw a 25% increase; the first-gen Ford Bronco, which we all know are crazy expensive these days; Porsche’s 944 which still looks like it’s doable; the E30 M3, which no longer looks that way; and the ’68-’83 Land Cruiser which apparently was discovered in the last couple of years to have been made from solid gold and uncut cocaine.
That’s an eclectic mix, and one that’s open to debate as to any future increases, but it got me thinking. There are a lot of cars out there that have inexorably climbed the supply/demand curve. Some of those, like Ferrari’s 308 series obviously were undervalued for years and are just adjusting for the present market’s appreciation. Others however, have started climbing the ladder without any obvious rationale. It’s those cars and trucks that we’re interested in today. What do you think are the cars and trucks that have seen the most unexpected – or unwarranted – increase in value?
Image: Hagerty
Hooniverse Asks: What's the Most Incongruous Old Car to Have Skyrocketed in Value?
By Robert Emslie
Jul 2, 2015
Jeff Glucker
For me it has to be the VW Type 2 Microbuses. It is hard to believe that some of those things can approach 6 figures in value. It wasn’t THAT long ago that the nicest ones couldn’t top $30k and drivers were well under $5k. I mean $55k for this?
http://images.craigslist.org/00u0u_9S8cQbGKWCc_600x450.jpg
$17K for even this?
http://images.craigslist.org/00l0l_8Fy7B6GiQbe_600x450.jpg
+1. These things are neat, but not that neat.
For something that looks like it could be knocked together in a weekend with a MIG, some sheet metal, cast-off glass from other vehicles, and the floorpan of a Type I, yeah — 6 figures is insane, unless you’re counting those figures to the right of a decimal point.
Not to mention the fact that they barely have enough power to get out of their own way. Most had less than 50hp, none had more than 70hp. Slow cars can be fun, but these things are painfully slow.
Surely these fancypants restos are done with uprated motors, though? How much power can one hog out of a Type 4 engine without resorting to FI and completely changing the nature of the beast?
I think they are restored to factory original, all of 40 some odd HP.
That’s just damned irresponsible!
1967 Type 2 $126,500 and 53 HP. http://www.goodingco.com/vehicle/1967-volkswagen-type-2-21-window-bus/
My biology teacher played football in college & a team mate of his was driving one of these when he was bumped from behind. He hit a guardrail ( above the bumper ) at about 10 mph. Broke his shins and pinned him for a while. No more football.
He told me in the 1980’s “do not ever get in on of these vans “
So what I glean from this is that a bunch of former hippies sold out and made megabucks, then upon retirement, decided to recapture a piece of their youth. But rather than buy a ratty example that more closely resembled that in which they crossed the land following their favorite band, they buy the most pristine example they can find. Pretty soon, pristine examples become harder to find, so sellers can command higher prices, and before long we have the insane prices we’re seeing now.
No stranger than $20K for this!
http://www.hemmings.com/classifieds/cars-for-sale/volkswagen/karmann-ghia/1750547.html
assets.hemmings.com/uimage/43640192-770-0.jpg
At least that is a pretty (although slow) convertible. That one looks nicely restore too. I can see $20k for a nicely restored classic convertible. Pretty much ANY old/classic restored convertible is worth $20k.
On the plus side, you can still get these in running condition for $5k. Kind of tempting.
Evidently, Renault R5 Turbo prices just exploded. Sure, cool car and all, but it’s not like it was just featured in a Hollywood blockbuster or something like that.
http://tanshanomi.com/temp/renault-r5turbo-values.jpg
I’ve noticed this trend for R5 Turbos as well, but I’m not sure how much of this necessarily translates back into the open (read: non-auction) market. Then again, it’s possible that they’re becoming one of the next popular models to be bought as ‘investments’, so this may well be the start of an across-the-board trend.
That said, early-’70s Alfa GTVs have also been on a climb over the last few years. Not as sharply as some, but enough that what used to be $3500 runners in serviceable condition are now being put out there as five-figure cars. Nice ones are hitting $30K and up more and more regularly.
When I read R5 and “open” in one sentence, my mind sort of connects that to “seeing the road where you shouldn’t”. I still think of R5’s as cool and lousy rust buckets. Proper sign of getting old, probably.
Apparently EVERYBODY wants to be The Bandit
https://www.hagerty.com/valuationtools/HVT/VehicleSearch/Report?vbe=103582
$26k for a condition 4 (rough driver) 1978 Tans Am Special Edition.
I just saw one of these the other day, license plate: BT JUSTICE.
Air cooled Porsches.
Yes, they’re wonderful cars, but the prices that rusted out hulks in need of everything get are just offensive. Nevermind that 356s are well on their way to six figure cars…for what’s essentially a Sport Package Bug.
It seems like the 240Z has gone up 50% in value lately (Within the last year). The ones I expect to be around $10k are all $15k now. The really nice ones are breaking into the $20-30k range.
https://www.hagerty.com/valuationtools/HVT/VehicleSearch/Report?vbe=76464
A 240Z basically is a desirable car, tho. It’s pretty, it’s fun to drive, and it’s still useful in modern conditions (unlike, for example, a Volkswagen T1 van, which is none of those things).
The only thing a 240Z lacks is a convertible top, which is very nice on a hobby car–esp on hobby cars w/o AC.
The NSX. Although I understand why they’ve appreciated lately, the magnitude and ongoing rate of said appreciation is staggering. Automatic, 100k mile examples are now in the mid-$40ks and manuals are $50k and up.
A 2001-2003 Boxster S, which is almost identical on paper and, in my opinion, is better to drive, is worth $9-15k.
But the Boxster isn’t the “Ultimate Ricer Ferrari”. Also, the NSX was a true showpiece for Honda, almost like their version of the McLaren F1. They did lots of crazy expensive things on it, like titanium connecting rods.
I agree that the NSX is an engineering showcase, and in most respects a very desirable car. I just don’t see it as 50 grand desirable. Other things at that price point: New Alfa 4c (once the dealer markups decline), new Cayman, new C7, used V8 Vantage, used Exige S 260, used Radical SR3 with truck and trailer, etc.
The problem, in my mind, is that the NSX is no longer the ultimate option for daily driveable performance at its price point (and it was always a mediocre track car).
I agree with you 100%, but I’m not a Honda Fanboi either.
Around here, it’s 4Runners. Currently there’s no corelation between condition (rough with a zillion miles) and price, they’re all priced very high. So, next they’ll eclipse their original purchase price.
I second that, with the addition of 4×4 Toyota trucks. Yes, they are probably more durable/capable than the S10 Blazer/S10, Bronco II/Ranger, and Durango/Dakota, but are ones in comparable condition/year/spec really worth that much more?
Somehow Mercedes 560SLs doubled in price since January of this year!
https://www.hagerty.com/valuationtools/HVT/VehicleSearch/Report?vbe=42250
It’s hard to put a finger on trends for new-ish cars, given the financial downturn hurt all collector vehicles. That said, for a while I was considering a Honda S2000. They found their low end a couple years back, dipping down to around $10-12k for a decent lower mileage 1st gen (2000-2003) AP1 example. Now it’s looking more like $13-17k. I think these are still a decent investment you can enjoy and sell on later without taking a depreciation hit.
Of course, all the cars on that graph are cars I aspire to own (except the Bronco). It’s been that way ever since I was a kid. Charger, Trans Am, Ur-Quattro, Supra, 240Z, Skyline, Ferrari 308, etc. Must be too far ahead of my time… LOL
Mercedes-Benz 190SL. Yeah, even at $150k they’re still way cheaper than their 300SL big brothers and look kinda cool, but they’re also a lot less rare and, in terms of driving experience, they’re so flaccid no amount of little blue pills can help ’em.
https://telitik.files.wordpress.com/2012/01/190sl-front-left.jpg
Looking at that red curve, I’m sure the 944 will skyrocket soon! Look at that potential! So much space above it!
I keep hearing this since years, but in the neither regions of car value, even a substantial increase of the value will hardly compensate for proper repairs and maintenance over the years (list of ridiculous prices for 944 spares and repair jobs on request).
McLaren F1. They have seemingly never depreciated at all. From very expensive new to ‘How much!’ now.
$10.5 million for an ordinary one with no special history. https://www.google.co.nz/?gws_rd=ssl#q=mclaren+f1+price
http://i.kinja-img.com/gawker-media/image/upload/s–pdLOM3wi–/c_fit,fl_progressive,q_80,w_636/racvmtc0ah53f7rerszo.png