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The classic car market

The classic car market: what moves values

By Jon Cosson · Last checked

Classic cars are bought with the heart, but they are priced by a market, and that market moves. This section explains what pushes values up and down, how to read the indices and auction reports that track them, and what published data says about pre-war cars, recent trends and the cars commentators expect to be wanted next.

In a hurry?

  • Buyers' ages drive demand, and the buyer base for the oldest cars is ageing.
  • Condition and originality matter more than the badge.
  • Provenance adds value, from documented history to competition results.
  • Money matters. Commentators linked the cooling of classic values to dearer borrowing after 2022.
  • Supply moves prices too, for example when collections come to market.
  • Read indices with care, checking what each one measures.
  • Values can fall as well as rise.

What moves classic car values

Who is buying. Hagerty's insurance data in January 2022 found that 83% of owners of pre-war cars it insured were born before 1966, against 65% across all vehicles. The Federation of British Historic Vehicle Clubs (FBHVC) reported in October 2025 that the average historic vehicle owner is now 66.

Nostalgia cycles. Many buyers want the cars they knew when young. Hagerty reported in December 2025 that the average model year of cars selling for over $1 million at auction had moved from 1972 to 1984 in five years. Hagerty's own quote data also shows many enthusiasts look at cars older than they are, so nostalgia is a tendency, not a rule.

Condition and originality. Hagerty's price guides value cars by condition, and its 2025 Bull Market list noted that the "fair" value of one model was 61% below its concours value.

Provenance. A car's history, from first owner to race results, can set it apart. Hagerty's John Wiley said in December 2025 that racing pedigree "continues to play a decisive role in value".

Interest rates and the economy. UK Bank Rate, which had been 0.1% since March 2020, rose in steps from December 2021 to 5.25% in August 2023, according to the Bank of England. Hagerty UK said in its review of 2023 that buyers had become more cautious because they could no longer borrow at the ultra-low rates they were used to (reported by Insurance Edge, 25 December 2023). See values and trends for the 2022 to 2026 detail.

Supply. Numbers built, numbers surviving and the rate at which cars come to market all affect price.

How to read market reports and indices

  • Check what is being measured. Hagerty UK's indices each follow a set group of cars, such as its Hot Hatch or Best of British indices. The HAGI indices, published by the Historic Automobile Group, track high-value cars. The Knight Frank Luxury Investment Index includes classic cars in a basket of ten luxury assets.
  • Check the period. A 12-month change, a five-year change and a change since a peak tell different stories.
  • Separate asking prices from results. Adverts are not sale prices.
  • Look at sell-through rates, the share of cars that sell, as a sign of buyer confidence.
  • Remember the buyer's premium. Results are often quoted including it.
  • One sale is not a trend.

Pages in this section

  • Pre-war cars for today's owners: veteran, vintage and post-vintage thoroughbred defined, the pros and cons, and what to check when buying one at auction.
  • Values and trends: why many older cars have fallen in value, why 1980s and 1990s cars have risen, and the market from 2022 to 2026.
  • Future classics: how commentators pick them, what published lists currently name, and the risks.

For buying advice, see thinking of bidding? and buying a classic. For recent results, see auction results.

FAQs

What makes a classic car go up in value?
Published commentary points to demand from buyers who want a particular era, limited supply, condition, originality and provenance such as competition history. Wider conditions, including interest rates, also affect how much buyers are willing to spend.
Are classic cars a good investment?
Values can fall as well as rise. Hagerty UK reported in December 2025 that nearly 80% of the values in its UK price guide had dropped or stayed static over the year. Buy a car because you want to own it.
What is a classic car index?
An index tracks the average value of a chosen group of cars over time. Hagerty UK publishes several, each covering a different type of car, and the Historic Automobile Group publishes the HAGI indices for high-value cars. Check what an index includes before using it.
Why do auction results matter more than adverts?
Auction results record what buyers actually paid, while adverts show what sellers hope to get. Results are usually quoted including the buyer's premium.

Sources

Checked 14 October 2026 against Hagerty UK, Hagerty (US), Forbes, the FBHVC National Historic Vehicle Survey 2025, the Bank of England, Insurance Edge, Knight Frank and the Historic Automobile Group.

An independent guide from Thornton-le-Dale. Not connected with Mathewsons or the programme.