2022 Bugatti Chiron Pur Sport.
A version of this article first appeared in CNBC’s Inner Wealth Newsletter, Robert Frank is a weekly guide for high-net-worth investors and consumers. Sign up To receive future versions, go directly to your inbox.
Although classic car prices continue to fall, the trailer for bringing an online classic car market is the $1.5 billion car sold last year, according to its CEO.
The company held 45,000 auctions between cars, trucks, motorcycles, souvenirs and parts in 2024, and has more than 1.3 million bidders.
“With the stock market rising and currency flows, we’re at a good pace,” said Randy Nonnenberg, co-founder and president of Bring Trailer, part of Hearst Autos.
The strong results of the bats defied a larger slowdown in the classic car market. With investments, higher interest rates make the classic cars less attractive, as collectors can now earn 4% or 5% of risk-free cash equivalents. Total sales at live Classic Auto Auction fell 11% to $2.18 billion last year, according to data from classic car insurance and auction company Hagerty.
Meanwhile, the baby boomers who powered the collector market for decades are now aging. Many are selling their collections, leaving behind vehicles from the 1950s and 1960s that are less attractive to a new generation of collectors.
The boom of older trucks and off-road vehicles is also putting people in trouble, Nonnenberg said.
“A lot of them are seen as bubbles, which is cool,” he said.
this A new generation of collectors Classic car experts say they like modern supercars and sports cars, especially those from 2005 or later.
Today’s young collectors, including members of Xers, Millennials and Gen Z, “like cars they can use, they can turn the keys here and drive it. They have fewer enthusiasts.”
The top of the market (cars with seven or eight digits) are still weak. Collectors are more interested in the cheaper cars that can be driven and enjoyed today than buying museum-quality artifacts nestled in the display of precious garages.
“The market is very strong for high-end sports cars in the range of $200,000 to $500,000,” Nonnenberg said. “It’s difficult for cars to have more than $2 million.”
Last year, the most expensive car was the 2022 Bugatti Chiron Pur Sport, which costs $4.1 million. The 2018 Bugatti Chiron and the 2022 Lamborghini LPI 800-4 were also sold for $3.1 million, with a price of $2.5 million.
The most popular auction, which attracted the biggest bidders, comments and opinions, was the sale of the 1991 BMW 850i 6-speed, a new purchase that was once owned by Michael Jordan. Sales price: $109,000.
Nonenberg said he has seen a significant increase in bidding and demand after the election, which are usually December and January, usually slow months.
“We’ve seen people buy $250,000 Porsches on Election Day,” he said. “And we even saw something great on Christmas Eve.”
