What Has the Collector Car Market in 2022 Taught Us?

The collector car market in 2022 has turned out to be an industry barn-burner thus far.?What I believe we are witnessing is the “COVID effect:” we struggled to adapt as a nation though a great pause, as COVID suddenly upended practically every aspect of our lives.?We have been reminded we have an expiration date, and now is the time for re-prioritizing and refocusing our lives.

That 1969 Camaro you’ve always lusted after? ?It seems that now is the time to indulge.?What some thought was going to be a sluggish economic return has been fast, furious, and – in many sectors, such as real estate, RVs, and camping/offroading - there appears to be a surge in neophytes within many hobbies, especially collector vehicles.

For these younger generations in their peak earning years entering the market, resto-mods have proven especially hot as indicative of recent auction sales, as have newer classics.?The “old-school-look-with-late-model-driveability-and-reliability” has significant appeal.

It has been fascinating to see the market come to life in such a surge.?Despite in-person auctions plummeting in 2020-2021 having yet to return to pre-pandemic frequency, the private and online auction sector has spiked to offset these events. Per Hagerty’s State of the Market Report in December 2021, the private sector posted big growth, with an increase in enthusiasts born after 1964 joining the hobby. ?In fact, Hagerty reported the private sector saw 90 percent of transactions occur as evidenced by insurance inquiries and coverage changes.

I believe the 2022 has reminded us that the collector car hobby is in a perpetual state of change, can be fickle, and it ebbs and flows like the tide, and is indeed very healthy.