Hagerty releases interesting North American collector car data trends

1962-1964 Ferrari 250 GTO (Gran Turismo Omologato), considered by many to be the best and most beautiful sports car in the world.

Tom Cochrane said it best: “Life is a highway, I want to ride it all night long.”

More that ever, these lyrics are ringing as Canadians rediscover the love, and passion of the drive amid COVID-19 restrictions lifting.
During these unprecedented times, the driving experience has transformed from commuting to being a source of freedom, escape and entertainment, with cars playing a heartwarming role in birthday, wedding and graduation celebrations.
With the advent of summer, it comes as no surprise that 1 in 3 North Americans are planning on taking road trips this year for their vacation or getaway adventure.
There is no doubt, that nothing resonates more with the nostalgia of road trips than classic/collector cars. This is why, leading up to Collector Car Appreciation Day (July 10th), Hagerty Insurance has released interesting data regarding collector cars and a massive shift in the market showcasing the new trend.
Highlights of Hagerty’s insights include:
  • Millennials are the fastest-growing demographic of car collectors with a 76% increase in market share over the past five years.
  • 57% of collectible car owners are baby boomers (1946-1965)
  • 78% of collectible car owners live on the East Coast (ON, QB, NL, NS, PE) and 20% live on the West Coast (BC, AB)
  • The most popular collectible car is the 1965-1966 Ford Mustang
  • The most expensive collectible car is the 1962-1963 Ferrari 250 GTO SI with a Hagerty Price Guide condition 1 value of $66,000,000 as of May 2020
  • Through the years: the most popular collectible cars over the last five decades include:
    • 1920s Ford Model T
    • 1930s Ford Model A
    • 1940s Ford Deluxe
    • 1950s 1955-1957 Chevrolet Bel Air
    • 1960s 1965-1966 Ford Mustang
    • 1970s Chevrolet Corvette (C3)
    • 1980s Chevrolet Corvette (C4)
    • 1990s Ford Mustang (Fourth Generation SN-95)
    • 2000s Chevrolet Corvette (C5)
    • 2010s Dodge Challenger
  • Currently, the most sought-after and also most popular collectible car of all time is the 1965-1966 Ford Mustang.
  • The most expensive collectible car is the 1962-1963 Ferrari 250 GTO SI, with a Hagerty Price Guide condition 1 value of $66-million US as of May 2020.
  • 79% of collectible cars are U.S.-made, 21% are foreign.
  • 9.3% of today’s cars are becoming new classics (or about 490,000 per year in North America).
    • Future classics will be vehicles that resonate with theirs owners in some way and stand-out from indistinct vehicles simply designed to get people from A to B.