A question we frequently get asked at Treasured Cars is, "has the classic car market reached rock bottom”. We have done some research and the facts show signs of growth and resilience. Here are some key trends for 2024:

1.     Market Growth: The global classic car market is projected to grow from approximately $30.9 billion in 2020 to around $43.4 billion in 20241. This indicates a steady increase in value and interest.

2.     Online Auctions: Online auctions are becoming increasingly popular and are expected to continue growing. It’s anticipated that an online sale could break the $4 million mark in 20242.

3.     New Classics: There’s a growing interest in newer classic cars and affordable enthusiast vehicles. These segments are expected to see continued growth2.

4.     Valuable Models: Certain models are predicted to rise significantly in value. For example, Hagerty’s Bull Market Report identifies specific cars that are likely to appreciate in the next 12 months3.

5.     Complex Market: Buying and selling classic cars is becoming more complex, with both live and online auctions playing significant roles2.

In the UK, online auctions have seen significant growth compared to traditional in-person auctions. Here are some key trends:

1. Increased Popularity; Online auctions have become increasingly popular, especially since the pandemic. For instance, major auction houses like Bonhams and Sotheby's reported that 91% of all auction bids were placed online³.

2. Higher Sales Volume; The volume of sales through online auctions has surged. Many auction houses have noted that a substantial portion of their lots are now sold through online channels³.

3. Accessibility and Convenience; Online auctions offer greater accessibility and convenience, allowing bidders from around the world to participate without the need to travel. This has broadened the market and increased competition for items².

4. Technological Advancements; The use of advanced technology, such as virtual previews and real-time bidding platforms, has enhanced the online auction experience, making it more interactive and engaging².

5. Sustainability; Online auctions are also seen as a more sustainable option, reducing the need for physical travel and printed materials³.

Basically, while traditional auctions still hold their charm and appeal, the trend is clearly shifting towards online platforms due to their numerous advantages. Are you considering participating in an auction soon?

Overall, the market is dynamic and evolving, with various factors influencing trends and values. Are you considering buying or selling a classic car?