Hagerty on Wednesday released its seventh annual “Bull Market” list of classic cars the insurer believes will appreciate in value over the coming year.
These are not new cars destined to become future classics, or old cars that have already reached their maximum value. Rather, they are somewhere in the middle. These are older cars that are close to bottoming out on the depreciation curve – making them affordable now – but which should continue to attract more interest from collectors in the future and are therefore considered solid investments.
So if you’re looking to add a collector car to your garage, keep this in mind. These are the 10 best Hagerty classic cars (plus a motorcycle) to buy in 2023.
Hummer H1 (Photo via Hagerty)
1996-2006 Hummer H1
The original Hummer H1 is a one-of-a-kind vehicle engraved in pop culture thanks to Operation Desert Storm and Arnold Schwarzenegger. The GMC Hummer EV is a testament to the staying power of the Hummer name, but now the vehicle that launched the brand is getting old enough to be considered a classic. Rising interest from younger millennial shoppers and falling appreciation means now could be a good time to buy, says Hagerty.
AMC AMX (Photo via Hagerty)
1968-1970 AMC AMX
The original AMC AMX was a two-seat alternative to the Ford Mustang, Chevrolet Camaro/Pontiac Firebird and Dodge Challenger/Plymouth Barracuda that never rivaled the Detroit Three Pony Cars in popularity. However, the AMX’s time as a collectible might be here. According to Hagerty, interest from “next-gen” enthusiasts has nearly tripled since 2019, from a 13% share of insurance listings to 38%, while appreciation still lags behind more popular muscle cars like the first-gen Camaro of 1967-69 stays behind.
Audi R8 (Photo via Hagerty)
2008-2015 Audi R8 (Manual Transmission)
With Audi set to retire the R8 V10, it’s worth appreciating the first incarnation of the automaker’s supercar. The first generation R8 started with a V-8 engine (later the V-10 was added), but also with a 6-speed manual gearbox with a European-style metal flap. Manual supercars are almost gone, making the manual R8 special. Collectors seem to be aware of this, as purchases and offers for insurance policies have increased significantly in recent years, Hagerty notes.
Chevrolet Corvette Z06 (Photo via Hagerty)
2001-2004 Chevrolet Corvette Z06
The C5 Corvette Z06 was designed as a hardcore trackday special and formed the template for the more extreme C6, C7 and C8 Z06 models that followed. The C5 Z06’s 385hp (later upgraded to 405hp) might not seem like much compared to the 670hp 2023 Corvette Z06, but it was considered a supercar killer in its day. Insurance searches have more than tripled since 2021, with an equal share of insurance listings from Baby Boomers, Gen X and Gen Y Millennials, according to Hagerty, laying a solid foundation for collectibility.
Harley-Davidson Knucklehead (Photo via Hagerty)
1936-1947 Harley Davidson Knucklehead
Named for the distinctive look of its V-twin engine’s cylinder heads, the Knucklehead is a motorcycle icon. In contrast to many other classics, it also arouses the interest of younger collectors. Knucklehead owners are nearly three times more likely to be under the age of 45 than owners of its then-rival, the Indian Chief, Hagerty says.
Lamborghini Murciélago (Photo via Hagerty)
2001-2010 Lamborghini Murcielago
The Murciélago was Lamborghini’s supercar for the early 2000s, occupying the space between the Diablo and the Aventador in the automaker’s timeline. Murciélago’s figures are up 48% since 2019 but still lag behind modern supercars like the Porsche Carrera GT, according to Hagerty. While they’re not cheap (Hagerty puts the low-end average at around $300,000), they could still appreciate in value.
Mercedes-Benz SLR McLaren (Photo via Hagerty)
2004-2010 Mercedes Benz SLR McLaren
The SLR McLaren is like no other modern supercar. A by-product of the Formula One racing partnership between Mercedes-Benz and McLaren (before the latter became a full-fledged road car manufacturer), the SLR eschewed mid-engine orthodoxy for a front-engine design that paid tribute to the 300 SLR racers of the 1950s. Today, the SLR has added value over its successor, the gullwing SLS AMG, but it still has room to grow, predicts Hagerty.
Nissan 350Z (Photo via Hagerty)
2003-2008 Nissan 350Z
The Z33-generation 350Z ended a brief hiatus for the Nissan Z car in the US with fresh styling and naturally aspirated V6 power. While traces of its DNA can still be found in the 2023 Nissan Z, the 350Z is now old enough to be considered a classic-in-waiting. According to Hagerty, values are rising and more buyers under 40 are diluting Boomer majority ownership.
Saab 900 Turbo (Photo via Hagerty)
1985-1993 Saab 900 Turbo
The first generation Saab 900 Turbo is one of the cars that established the Swedish automaker’s reputation and was also one of the last to be developed entirely in-house before Saab was acquired by General Motors. Its supercharged engine (a novelty at the time) and distinctive shape are pure Saab. According to Hagerty, the 900 Turbo is now trending toward faster appreciation and a younger buyer demographic, with the proportion of owners under the age of 40 having tripled since 2019.
Suzuki Cappuccino (Photo via Hagerty)
1991-1998 Suzuki Cappuccino
One of the few cars that can make a Miata look overweight, the Suzuki Cappuccino wasn’t sold new in the US, but it’s now legal to import under the 25-year exemption. According to Hagerty, a kei car with just 63 horsepower can be had for under $10,000. A large contingent of Millennials and Gen Z owners means there will be a dedicated following in the future, the insurer predicts.
Toyota Pickup (Photo via Hagerty)
1984-1988 Toyota Pickup 4×4
Hagerty suggests the second-generation Toyota pickup as a good choice for buyers who want a vintage off-roader but have outpriced Land Cruisers and Ford Broncos. The Toyota pickup is simple and sturdy, but has never attracted the same attention from collectors as the Land Cruiser, which keeps prices low. Hagerty says the number of Toyota pickups added to its policies has quadrupled since 2017, so many enthusiasts seem to have already realized that.