Twelve months ago, I wrote that the UK classic and collector car market had experienced the “reset” it had needed, and I looked forward to a positive 2024. I may have been a little premature.
Since then, there’s been a new UK government, the first change in 14 years. But there have been even more increases in the cost of living and a collector car market that has flatlined. Fewer than 8 per cent of models in the UK Hagerty Price Guide rose in value in the 12 months prior to December 2024. Nearly half of them fell. Split down into decades of first manufacture, all but one category fell in average (mean) value.
But, as I always try to explain, the UK collector car world is a nuanced place, just as it is elsewhere. Here are my main points that dig into those nuances a bit . . .
2000s Models Are Up…
The only decade that showed an upward trend in value this year – the 2000s – is also one that is currently on fire. So many of the cars first built in this decade are the cars to have at the moment, combining power and excitement with an analogue drivability that is sometimes lost in more modern cars. Various iterations of the Porsche 911 were still forging ahead in value terms, especially performance models of the 996 and 997 series. The Maserati MC12 rose most, gaining £900,000, up 53 per cent year-on-year. I believe this will continue. As the transition to EVs and the digitization of modern cars continues, 2000s sports cars have to be seen as sort of last-of-breed in that they combine true driving exhilaration with old-school design and handling. Watch this space.
... But Some ’80s and ’90s Cars Flew, Too
Just one of Hagerty’s UK Collector Car Indices rose in 2024. The RADwood Index, which tracks cars of the 1980s and ’90s, is up by 2 per cent. The Hot Hatch Index, which mainly tracks cars of the same era, dipped slightly overall but eight cars in this category rose, including the Peugeot 205 GTi, which increased a strong 13 per cent.
Older British Classics Struggled...
Hagerty’s Best of British Index fell the most of any of the indices, dropping 16 points since December 2023. That’s not altogether unexpected when you look at a chart of how average values per manufacturer changed over the year. The list of those brands that fell the most is almost a who’s who of old British car manufacturers, most of which no longer have a regular presence on our roads: Jensen, Sunbeam, Talbot, Triumph, Healey, Gordon-Keeble, and Allard, to name just a few. These are cars that Hagerty knows tend to have older owners on average.
... And Aston Martin Fell the Furthest
A very much alive and kicking brand was the biggest faller of the year, though. Although Aston Martin has certainly had its challenges in 2024, its older models lost serious value this year in the UK car market, with four models – the DB2/4, DB4, DB5, and DB6 – among the highest decreases of the year in percentage terms. In addition, the DB4 GT Zagato lost £1.1M this year, down from £8M to £6.9M for a #2 ("excellent") condition example. Floods of lower-quality Aston Martins have dented the auction market in recent years, but even high-quality cars haven’t achieved the same result as would have been expected a few years ago.
Auctions Remained Popular
This year, Hagerty tracked over 20,000 live and online auction results from the UK and Europe. Nearly 17,000 of these were from the UK, showing that its network of smaller, live auctions and booming online sales platforms like Car & Classic and Collecting Cars remains very active.
Compared with the US, the top echelon of the UK’s live auction market didn’t make much noise in 2024. Top sale was a 1933 Bugatti Type 43A roadster, sold by Gooding & Co. for £2.981M in London back in September. It could have been a different story: Five no-sale lots at UK auctions were estimated at over £2M this year, including a 1957 Jaguar XKSS, offered by RM Sotheby’s in its November London sale and estimated at between £9M and £11M. Online, it was much of the same story. This year, none of the top 10 sales took place on British shores, and looking slightly further afield toward Europe, there seemed to be a trend of high-value modern classic no-sales. Of the 20 most valuable cars that failed to sell in the UK/EU this year at live auction, 12 were built since the year 2002.
Events Thrived
Outside the auction space, British events thrived yet again, undoubtedly led by Goodwood, where three truly world-class experiences are subtly altered, improved, and expanded every year. The year past will be remembered for the torrential rain that hit the Goodwood Revival in September, generating some of the most enthralling racing seen at the circuit for years. British concours continue to thrive, too, with exceptional major competitions at Blenheim Palace (Salon Privé), Hampton Court Palace (Concours of Elegance) and Heveningham Hall.
Smaller but high-profile London events also drew huge attention, including the Concours on Savile Row, back for its third year. Salon Privé drew the most headlines this year, launching its MotorAvia party at London Oxford Airport, and with the appointment in September of Filip Bourgoo as CEO, previously head of the Zoute Grand Prix. Announcements of Salon Privé tours to link up with the 2025 event followed swiftly. Hagerty UK celebrated the tenth anniversary of its own concours, the Festival of the Unexceptional, an event now firmly established as one of the most loved events on the calendar.
Forecast for 2025
“It definitely feels as if price drops are flattening out now, and the market is excited to grab a bargain compared to where values were 18 months ago,” says Car & Classic head Tom Wood. The data supports this view: The last few live auctions of 2025 have seen strong bidding for high-quality "enthusiast" lots under about £50,000, especially when they are considered to be priced fairly. The new government in the UK has set its financial policies and many of the rumoured challenges to older cars, especially pay-per-mile road taxes and an imposition of capital gains tax on historic car sales, didn’t happen. That said, the UK’s economy is far from its strongest and in many cases, belts are still tight. Next year will probably continue to be a time of care. Some will sell if they have to. Others will keep the cars they have. But many may see this period as an opportunity to purchase a great car at a relatively low price.
