2022 Bugatti Chiron Pur Sport.
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According to the CEO, bring your trailer, an online classic car marketplace last year, despite the continuing prices of classic cars.
The company held 45,000 auctions in 2024, split between cars, trucks, motorcycles, memorabilias and parts, with over 1.3 million bidders.
“We had a good speed as the stock market went up and money was flowing,” said Randy Nonnenberg, co-founder and president of Bring A Trailer, part of Hurst Auto. .
The strong results of BAT were countered to the broader slowdown of the classic car market. Higher interest rates make classic cars less attractive as investments, as collectors can earn 4% or 5%, the equivalent of risk-free cash. According to Hagerty, a classic auto insurance and auction company, total sales at Live Classic Car auctions fell 11% last year to $2.18 billion.
At the same time, baby boomers, which had been on the collector’s market for decades, are now aging. Many people sell their collections, and the oversupply of vehicles in the 1950s and 1960s is unattractive to a new generation of collectors.
The old truck and off-road boom have also made them feel bad, according to Nonnenberg.
“Many of that is considered a COVID bubble and it’s cooled down,” he said.
According to classic car experts, the new generation of collectors like modern supercars and sports cars, especially models from 2005 onwards.
Nonnenberg said today’s young collectors, including members of the Gen Xers, Millennials and Gen Z, “can drive by turning the key just like a used car.
The top of the market with seven- or eight-digit cars remains weak too. Collectors are more interested in expensive cars that can be driven and enjoyed today than buying museum quality artifacts found in valuable garage displays.
“This market is extremely powerful for high-end sports cars, ranging from $200,000 to $500,000,” Nonnenberg said. “A car over $2 million has had a difficult time,” added Non-Nenberg.
The most expensive car sold in a bat last year was the 2022 Bugatticironpur Sports, which earned $4.1 million. Additionally, the 2018 Bugatticilon sold for $3.1 million, while the 2022 Lamborghini Counterhan LPI 800-4 sold for $2.5 million.
The most popular auctions depict the most popular bidders, comments and opinions, and were selling the 1991 BMW 850i six-speed. Selling price: $109,000.
Nonnenberg said he saw a big jump in bidding and demand right after the election. This continued into December and January.
“I saw him buy a $250,000 Porsche on the day of election,” he said. “And we even saw some great things for sale on Christmas Eve.”
