High-End Classic Cars Outperformed the Stock Market Until 2024, According to Hagerty

High-end classic cars historically outperformed the stock market, but in 2024, the trend reversed as the S&P 500 surged ahead.

For years, high-end classic cars have been seen as not just a passion project but also a surprisingly lucrative investment. According to Hagerty’s Blue Chip index, which tracks 25 of the most sought-after postwar collectible cars, these vehicles have historically delivered better returns than the S&P 500 stock index. However, in 2024, this trend has reversed for the first time in nearly two decades, as the stock market surged ahead while the top-tier collector car market saw a dip.

Hagerty’s Blue Chip index includes iconic cars such as the Aston Martin DB5, Ferrari 250 California Spider, Lamborghini Miura, and Mercedes-Benz 300SL—vehicles that have long been coveted by collectors. From the 2007 launch of Hagerty's Price Guide, classic cars largely weathered the economic storm of the Great Recession better than many other investments, including the S&P 500. In fact, their post-recession recovery in the early 2010s was stronger, with values climbing sharply, outperforming the stock market for years.

Despite the allure of classic cars as investments, Hagerty emphasizes that cars should first and foremost be bought for enjoyment. While financial gains from a sale are a nice bonus, owning and driving a cherished vehicle is where the true value lies. Classic cars also come with expenses not associated with traditional investments, such as maintenance, insurance, and storage costs.

While the S&P 500 reached record highs in 2024, classic car values struggled, particularly in the Blue Chip category. This marks a notable shift, as for the first time in 17 years, a stock market investment from 2007 would now yield a higher return than an investment in high-end classic cars. The reversal highlights the changing landscape of investments and reminds car enthusiasts that, while cars can appreciate in value, they aren’t the most straightforward path to financial gain.