There are no signs of a letdown in the frenzied demand for classic cars. New data shown to HotCars reveals that prices of some used cars rose by nearly 300% over the last decade. Factors such as the COVID pandemic and the recent chip shortages resulted in a spike in the value of many classic cars.
Some cars, such as the Volkswagen Mk1 Golf, were affordable for most people ten years ago. But now, these cars are worth exponentially more. Today we will look at ten cars that were affordable ten years ago, but then underwent massive spikes in demand and value.
10 Volvo P1800 (283% Price Increase)
The Volvo P1800 showcases early minimalist and Swedish artistic design. Functionality and aesthetic are always at the forefront of this Volvo masterstroke. Volvo's experimentation and innovation also ensured the car was highly reliable.
Volvo does not make many sports cars and often gets overlooked as a car manufacturer. But the P1800 has a classic elegance that is much sought-after, leading to its increase in price.
9 1981 Mazda RX-7 (239% Price Increase)
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If you were to describe the Mazda RX-7 in one word, it would have to be 'legendary.' Even years after the end of its production, only a few performance cars can claim such a cult-like following.
If you've been in the market looking for an RX-7, chances are you couldn't find decent examples for low prices. Even faulty pieces of junk can go for silly money without question. These vehicles are getting rarer, and laws of supply and demand dictate that the prices of these cars will only keep rising.
8 MK1 VW Golf GTI (200% Price Increase)
Buy now average prices for a Mark 1 Golf GTI are above $18K, up from about $6K just five years ago. This rise marks a bonkers 200% increment and shows you how hard it is to find one for cheap. It's not uncommon to find some of these cars at ridiculous prices of over $30K.
This icon was a hot hatch, and fans today cannot get enough of it. This little legend is the full package that offers good cornering and straight-line performance.
7 1972 Volkswagen Beetle (157% Price Increase)
This iconic daily driver is the choice of most gearheads looking for a perfect classic project car. By the late ‘60s, the increasing quality and popularity of Japanese imports jeopardized Volkswagen's dominance in the US small car market.
To keep the beetle competitive, VW saw the introduction of the Super Beetle in 1971, which came with some future-proof goodies, such as a new McPherson strut front suspension. These simple creatures are easy to work on, and there are no shortages of supplies, which drives their demand even more.
6 1968 Datsun 510 (132% Price Increase)
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Before Toyota garnered the same popularity as Fords or Chevys on American roads, and before JDM outdid American muscle, Japanese cars weren't largely successful in the US. But when Toyota introduced its small, economical, low-on-power, and highly reliable Toyota Crown in 1957, the narrative for Japanese cars in the US changed forever.
The Datsun 510 was a sporty and fun-to-drive car that was affordable and reliable and has not lost its appeal over the years. These cars are collectibles whose value is on a steady rise.
5 1983 Land Rover Defender (113% Price Increase)
Compared to its average prices in 2012, the Land Rover Defender added over $18,000 (113%) to its value. The demand and prices for this boxy vehicle remain as high as ever. Even the newest Defenders' prices are on the rise.
Notably, these appreciating assets' running costs could be a heavy blow to your bank account. Nonexistent aerodynamics, old engines, and heavy-duty transmission mean heavy fuel and tax bills. But despite these factors, there's no love lost for this off-road king.
4 BMW M3 Coupe - E30 (96% Price Increase)
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The E30 M3 is a motoring icon that revolutionized the sport sedan/coupe segment and set a benchmark for thoroughbred high-performance models. BMW designed the E30 to create a timeless design that remains unmistakable to date.
Engineers at BMW employed extensive weight-saving measures and optimized performance using a stiffer chassis and increased torsional rigidity. On top of that, M3 E30 proved to offer uncompromising daily practicality. These features make the M3 highly desirable and are the reason behind its price hike.
3 1968 Fiat 124 Spider (81% Price Increase)
Fiat 124 spiders are good-looking cars with a strong following. The market value rose to almost double in the last ten years. One of the reasons leading to the increased interest is the launch of the current Fiat Spider.
The front engine rear-wheel drive Italian masterpiece has the renowned Italian design firm Pininfarina to thank for its beloved swanky styling. Today, examples of these cars in good condition sell for over $15K, 81% more than a decade ago.
2 1976 Alfa Romeo GTV (80% Price Increase)
The Alfa Romeo GTV aged gracefully, thanks to its sharp lines that convey dynamism and speed. This car is a classic Alfa; everything is forgiven once you step on the gas. The 2-liter engine is sufficient and has a unique character.
The gear shift might be lazy and vague but enjoyable, as with many other classics. These cars are increasingly rare now but provide incredible memories of times gone by.
1 1968 Ford Mustang GT (67% Price Increase)
The '67 Mustang saw a new body style that was a lot larger and better looking than its predecessors. The '67-'68 fastback is among the most sought-after and best-looking classic Mustangs. The GT car will have the iconic stripe along the rocker panel and an emblem on the fenders.
The vented louvers on the back panel are one of the classic design features we'd love to see again. It's not surprising that the prices for these legendary cars keep rising.