Despite a continued slump in classic car prices and a slowdown in the broader classic car market, online marketplace Bring a Trailer had a record year in 2024, selling $1.5 billion worth of cars. The company held 45,000 auctions and attracted over 1.3 million bidders, with strong results that defied the market trends. The decline in interest rates has made classic cars less attractive as investments, with baby boomers, who were a major driving force in the collector market, now aging out and selling their collections.
The new generation of collectors, including Gen Xers, millennials, and Gen Z, prefer modern supercars and sports cars from 2005 onwards that they can use and drive. This shift has led to a decline in interest in older trucks and off-roaders. The market for high-end sports cars in the $200,000 to $500,000 range remains strong, while cars priced over $2 million have faced challenges.
Bring a Trailer’s top-selling cars in 2024 included a 2022 Bugatti Chiron Pur Sport for $4.1 million, a 2018 Bugatti Chiron for $3.1 million, and a 2022 Lamborghini Countach LPI 800-4 for $2.5 million. The most popular auction was a 1991 BMW 850i 6-speed that was once owned by Michael Jordan and sold for $109,000.
The CEO of Bring a Trailer noted a significant increase in bidding and demand after the election, which continued through slow months like December and January. The market has seen a shift towards collectors looking for cars they can drive and enjoy, rather than museum-quality artifacts.
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