Classic car values and trends

Hagerty UK's price guide data, published in a series of market reviews by its price guide editor John Mayhead, shows older cars losing ground year after year.

• 2023. Hagerty reported that older cars lost value on average, with Bristol, HRG, Frazer Nash and Allard among the names that fell most (reported by Insurance Edge, 25 December 2023).
• 2024. In September 2024, Hagerty UK said all its UK indices had fallen since the previous December, with its Classic and Best of British indices the biggest fallers, and that older classics had tended to lose value or stay static "unless they are very special".
• 2025. In December 2025, Hagerty UK reported that its Best of British index was at its lowest level since it was created in 2018, that both the Classic and Best of British indices were down, and that Jaguar values fell by 21.4% on average, the most of any brand. Magneto magazine, reporting the same data on 19 December 2025, noted that British brands took nine of the ten places for the largest average reductions.
• 2026. Hagerty UK's 2026 Bull Market list, published in January 2026, recorded five-year falls of about 20% for the Riley Nine Imp, 10.7% for the MG MGA 1600 coupé and 23.2% for the Vauxhall Viva HC, and said that "values of pre-war cars have dropped significantly in recent years".

These figures are averages across groups of cars. Individual cars can buck the trend in either direction.

The generational, or nostalgia, cycle

The most common explanation is that many people buy the cars they knew when they were young, once they have the money and time to do so. As each generation reaches the age at which it buys classics, the cars of its youth rise in demand; as it ages and leaves the hobby, demand for those cars eases.

Hagerty's data supports a version of this. Its January 2026 Bull Market list showed about 76% of Riley Nine Imp owners and around 65% of MG MGA owners were born before 1965, while most owners of the Toyota Supra A80 and the youngest owners on the list, those of the Volkswagen Golf GTI Mk2, were from later generations. Forbes reported in December 2025 that, according to Hagerty, the average model year of cars selling for over $1 million at auction had moved from 1972 to 1984 in about five years.

The picture is not simple. Hagerty's own analysis of insurance quotes found that the oldest enthusiasts tend to look at cars about 41 years younger than they are, and the youngest at cars about 24 years older, so buyers do not only chase the cars they wanted as children.

An ageing and shrinking buyer base for the oldest cars

The FBHVC's National Historic Vehicle Survey 2025 found that the average age of a UK historic vehicle owner had risen to 66. Hagerty UK found in January 2022 that 83% of the owners of pre-war cars it insured were born before 1966, against 65% for all vehicles, and that only 0.2% of pre-war cars were owned by millennials.

Some in the pre-war world share the concern. Matt Coles, publicity officer of the Austin Ten Drivers' Club, wrote for Prewarcar that he worries people leaving the hobby will outnumber newcomers, leaving some cars "without a custodian" (Prewarcar, undated online article).

Estates and collections coming to market

As owners age, cars and whole collections come to auction, sometimes without reserve. RM Sotheby's Cliveden sale on 8 July 2025, for example, a sale with a strong pre-war emphasis, included 18 cars from the late Jim Boland's collection, all offered at no reserve (Magneto preview, 13 May 2025). More cars for sale and fewer buyers would be expected to soften prices, but we found no published UK figure that measures this effect.

Usability

Pre-war and early post-war cars are slower, harder to drive and less comfortable than later classics. Coles notes that a weekend-only pre-war car is hard to justify for younger people saving for a home, while post-war classics can serve as everyday cars. Event eligibility also matters: Hagerty UK's review of 2023 linked demand for older cars to eligibility for major events such as the Mille Miglia (reported by Insurance Edge, 25 December 2023).

A counter-trend

Hagerty UK noted in 2022 that millennial owners of pre-war cars it insured had grown 65% between 2019 and 2021, from a very low base, and the VSCC reports a growing number of young competitors. The FBHVC survey found that under-35s now show the most significant interest in historic vehicles.

While older cars drifted, newer ones rose.

• Indices. Hagerty UK's Hot Hatch index (mainly 1980s and newer performance hatchbacks) and RADwood index (1980s and 1990s cars) were the only two of its UK indices showing meaningful growth from December 2024 to December 2025.
• Auction results. At the Bonhams Goodwood Festival of Speed sale on 11 July 2025, a 1992 Mazda RX-7 FD Veilside Fortune coupé, a car known from a film, sold for £911,000, well above its estimate, after a three-way bidding battle (Bonhams press release via Racecar.com). Iconic Auctioneers sold Colin McRae's 1998 Subaru Impreza 22B for £480,500 at its Silverstone Festival sale on 26 August 2023.
• 2026. At Iconic Auctioneers' Race Retro sale in February 2026, a 1987 Renault 5 Turbo competition car sold for £331,875, above its estimate, and a Subaru Impreza 22B made £187,875, also above its estimate (Magneto, 24 February 2026).
• Wider data. Knight Frank's Wealth Report 2026 said cars from the late 1980s to early 2000s were entering collectible territory and often outperforming traditional classics.

Even this part of the market is not one-way. Magneto reported in February 2026 that Lancia Delta Integrale prices had fallen from their 2023 peak, and Hagerty UK noted in January 2026 that Toyota Supra A80 values peaked in mid-2023 and have been relatively flat since.

Hagerty UK described a post-pandemic peak: in April 2023 it reported that "almost every type of car peaked in value after the lockdown lifted". Hagerty UK's later reviews, set out above, show that values have cooled since then.

Interest rates

Bank of England Bank Rate was 0.1% before December 2021 and reached 5.25% on 3 August 2023, its highest since 2008. It was cut to 5% on 1 August 2024 and, after further cuts, to 3.75% on 18 December 2025. The Bank held it at 3.75% on 17 September 2026, when CPI inflation was 3.1% (August 2026).

Commentators have linked rates to classic values in both directions. In September 2022, Hagerty UK said there was "a huge incentive for people with money or the ability to borrow at relatively low fixed rates to buy assets", and warned that if rates rose significantly, especially in the US and UK, "this may see the current surge in demand for these halo cars recede". In its review of 2023, Hagerty said buyers had become more cautious because they were no longer able to borrow at the ultra-low rates they were used to, and that the cost of living led some sellers to offload their least precious cars.

Falling averages hide strong prices for the best cars.

• Blue-chip pre-war cars with provenance. At Bonhams' Goodwood Festival of Speed sale in July 2024, a 1928 Mercedes-Benz 36/220 S-Type sold for £2,871,000, well above its estimate, and a 1932 Alfa Romeo 2300 Spider Corto made £608,600 (Octane, 16 July 2024).
• Veteran cars. Bonhams' Golden Age of Motoring sale in London on 31 October 2025, held before the London to Brighton run, was reported to have sold almost all its veteran cars, with many lots exceeding their estimates (Zwischengas; Old Cars Weekly, 6 November 2025). Reports of the sell-through rate differ, depending on whether automobilia lots are counted.
• Competition history. Hagerty's John Wiley said in December 2025 that racing pedigree "continues to play a decisive role in value". Hagerty UK reported in June 2021 that two pre-war MGs in racing form had sold above their estimates at Bonhams and H&H, though a third failed to sell.

Even the top of the market can fall. Hagerty UK reported in December 2025 that the mean value of the Jaguar XKSS in its guide fell by £3.6 million over the year, the largest downward movement in the guide.

A soft market for older cars means more choice and, often, less competition at auction. It also means that a car bought today may not be worth more tomorrow. If you do buy, check the car thoroughly (see inspecting a classic car) and budget for running it. Recent results are on our auction results page.