The Hot Classic Cars to Buy in 2023

The Hot Classic Cars to Buy in 2023

Hagerty says the 1992–2006 AM General Hummer H1 is overdue for appreciation. Photo credit: RM Sothebys.

When it comes to investments, few beat a collector car. For the most part, these investments hold their value or appreciate, even as they age. And unlike a stock or a mutual fund, it’s one that you can drive and enjoy.

For the sixth year, classic car insurer Hagerty Insurance has released its Bull Market list, cars that have the best chance for appreciation going forward. Hagerty bases its list using data from public and private sales, insurance valuations and historic trends.

“Even against the current economic backdrop, we believe this group is poised to grow the most in value next year,” said Vice President of Automotive Intelligence Brian Rabold. “Buying a fun car while it’s on the way up means you can use and enjoy it while likely coming out ahead when it’s time to sell.”

What makes them experts

Interest in the AMC AMX is rising. Photo credit: RM Sothebys.

Certainly, Hagerty is in a position to know. Hagerty insured 2.1 million vehicles in 2021, generating revenue growth of 24{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9}, while premiums grew 17{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} to $674.3 million.

The insurance company considers itself a lifestyle brand, and it’s hard to argue with that assessment. Hagerty started as a privately owned insurer based in Traverse City, Michigan. In recent years, the company has grown beyond its core business, adding a media department, and buying a number of car shows, including the Greenwich Concours, Amelia Island Concours, Detroit Concours and Radwood.

The company has also established its own collector car auction house, the Broad Arrow Group. Given their broad ownership of so many facts of the collector car market, it gives the insurer the ability to understand collector car valuations.

Hagerty’s 2023 Bull Market List

Here are the vehicles Hagerty expects to have the greatest growth potential in the 2023 collector car market.

1992–2006 AM General Hummer H1 

Valuation: $105,000–$127,300
Why it’s growing: Unsurprisingly, Gen Xers own more than half of all H1s that Hagerty insures. However, millennials shouldn’t be disregarded; their quotes have increased by almost a third. However, appreciation has been slow since 2019, growing at 9.9{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9}, suggesting that the H1 may be past time for greater appreciation.

1968–1970 AMC AMX

Valuation: $30,500–$40,600
Why it’s growing: With styling derived from the 1966 Vignale-designed AMX I show car, the elegant two-seat AMX remains underappreciated, but for how long? The ’67-’69 Camaro has increased by 40.5{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} since 2019; the AMX, 28.8 percent. However, interest has risen from a share of 13{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} to 38{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} of insurance quotes, indicating increasing value.

2008–2015 Audi R8 (Manual)

Interest in the Audi R8 is accelerating as fast as the car. Photo credit: RM Sothebys.

Valuation: $154,000–$186,700
Why it’s growing: Always unique, the R8’s manual transmission is a throwback to past Ferraris and Lamborghinis. During the previous five years, the number of R8 insurance policies has risen more than three times faster than the Hagerty average, with values have increasing 37{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} since 2019. And there is still plenty of room for growth.

2001–2004 Chevrolet Corvette Z06

Valuation: $31,400–$39,300
Why it’s growing: Buyers don’t think of the fifth-generation Corvette Z06 as a supercar, but it’s a track star that’s easy to live with every day. Interest is widespread among Boomers, Gen X, and millennials, with valuation searches tripling since 2021 — a strong indicator of an impending increase in demand and values.

1936–1947 Harley-Davidson Knucklehead

Valuation: $90,300–$115,000
Why it’s growing: Despite this vehicle’s age, owners of Knuckleheads are almost three times as likely to be less than 45 years old than owners of Indian Chiefs. The fact that the younger fans are paying 15{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} more for Knucklehead insurance than Baby Boomers suggests that the next generation are carrying on the tradition.

2001–2010 Lamborghini Murciélago

Valuation: $302,700–$342,700
Why it’s growing: This Lambo is hot, and we’re not talking about its 632-horsepower V12. Murciélago values are up 48{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} since 2019 but still lag vehicles like the Porsche Carrera GT, whose value have doubled in the same time. But nearly two-thirds of owners are younger, suggesting Murciélago’s values are headed higher.

2004–2010 Mercedes-Benz SLR McLaren

Interest in the Mercedes-Benz SLR McLaren has risen 37{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} in the past three years.

Valuation: $329,300–$380,700
Why it’s growing: While thought of in the same breath as the Porsche Carrera GT, Ferrari Enzo and Ford GT, which now fetch seven figures, the SLR doesn’t. With that’s personality is neither Mercedes nor McLaren, the undervalued SLR has grown by a modest 37{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} since 2019 with younger customers driving much of the demand.

2003–2008 Nissan 350Z

Valuation: $37,500–$44,900 
Why it’s growing: Previously overlooked, these fast cars are seeing fast appreciation. Since the new Z arrived in 2021, average values increased 78{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9}, the largest for any Z aside from the 1978–83 280ZX, which doubled. While most 350Zs are owned by Baby Boomers, 19{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} of new insurance in 2022 were from buyers under the age of 40.

1985–1993 Saab 900 Turbo

Valuation: $22,200–$25,800
Why it’s growing: And now for something different. The 135-hp 900 Turbo’s idiosyncrasies, practicality and performance are appreciated by those under 40, who have quadrupled their ownership from 7{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} to 22{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} since 2019, signifying a future of faster appreciation and no sob story for Saabs.

1991–1998 Suzuki Cappuccino

Valuation: $12,200–$16,700
Why it’s growing: This incredibly cute roadster is a Japanese market Kei car that competed with the Honda Beat, the Cappuccino is two feet shorter than a Miata and powered by the Samurai’s 3-cylinder engine. Millennial and Gen Z enthusiasts account for more than 80{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} of insurance quotes, assuring a future following.

1984–1988 Toyota Pickup 4×4

Valuation: $20,700–$26,700
Why it’s growing: In an era where workhorse Land Cruisers and Broncos fetch sky-high valuations, Toyota’s second-generation pickup has seen Hagerty policies quadruple since 2017. Yes, Baby Boomers own 43{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} of them, but collectors under 40 more than doubled their ownership share since 2019, from 7{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} to 16 percent.