Jay Leno's garage isn't worth what it used to be - But it might be a good time to start building up yours if you're into cars:
Bottom Line: The collector car market had been red hot from the end of the Great Recession until the fall of 2015. According to the Hagerty Market Index (gold standard in the collector car market) we've had a slow but steady decline in collector car prices since September of 2015:
- Prices are 16% off of peak levels
- There's been a 14% decline within the past year
No one wants to "catch the falling knife" and that's why the latest Hagerty report might be especially instructive. Quoting it: prices have started to normalize. They also had this: a split in the market between entry-level vehicles and the top of the market, where more affordable cars are showing strength as the top end is contracting...
So that not only indicates that the trend but might on the verge of breaking but also that the market might be best for those just getting started with collector cars. It might just be a coincidence but we're also seeing the most strength in housing on the more affordable (sub $400k) side as well.