If there’s an affordable old car you’ve always wanted to buy, now is the time. In fact, stop what you’re doing and go buy it right now. Eventually, wealthy car enthusiasts will discover the vehicle you’ve always had your eye on, and by that point, you’ll no longer be able to afford one.
Before the glut of auction sites and restomod companies, you’d simply wait for the original owner to tire of their vehicular plaything, then they'd sell it and move on. Eventually, it would wind up on Craigslist or Autotrader, where the everyman could buy it for cheap, fix it up, and enjoy it.
Those days are long gone. Everyone today "knows what they got," and formerly cheap cars are priced into the stratosphere. This is more than just inflation—this is rich guys ruining cheap cars for the rest of us.
Granted, certain cars have always had inflated asking prices. Be it exotic Italian machinery, Mopar muscle, or some German sports cars, buyers of those vehicles know what to expect. Shopping for a used enthusiast special these days, however, feels different.
Case in point: I’ve been on the hunt for a first-generation Range Rover for years now. Back when I bought my 1991 Mitsubishi Montero, I was cross-shopping it against the Range Rover Classic. I wanted an FJ60 Land Cruiser, but was already priced out of decent examples, whereas both the Montero and Range Rover were well within my budget.
The Range Rover's maintenance proposition scared me away from a $2,500 example. I went with the Montero instead. Hindsight and Montero parts availability being what they are, I should’ve gone with my heart and snatched up that Range Rover.
Fast forward to today, and I am once again shopping for an old Range Rover. The problem here is that a handful of companies have started building resto-mod versions of the first-gen, which has sent prices soaring. Even non-running crusty examples have asking prices that make little sense. And if it’s a two-door model, forget about it.
The same thing happened when I was shopping for a first-generation Ford Mustang. You could always find an ugly but mechanically sound example for sale with an asking price that made perfect sense. Then out of nowhere, prices started to climb—and quickly.
Restomodded examples now sell for hundreds of thousands of dollars, which drives up the price of the junkers. You might find a coupe for a relatively reasonable asking price, but fastbacks have been untouchable for quite some time.
Chevrolet’s K5 Blazer is another vehicle where the price trend makes little sense. Not long ago, you could find a decent truck well under $5,000. Take a peek at Hagerty's classic car valuation tool, however, and today’s "Fair Condition" example averages near the $15,000 mark.
A good Blazer? Those are apparently now north of $40,000. If you were taking a sip of water while reading that and proceeded to spit on the screen—we get it.
This is more than just inflation—this is rich guys ruining cheap cars for the rest of us.
Using that same tool on the other models I discussed earlier, the rise in values is shocking. A 1967 Ford Mustang GT in Fair Condition (the lowest rating on Hagerty) is up 105 percent since 2007. That K5 Blazer? It’s risen by well over 400 percent. According to the Hagerty valuation tool, the price of a 1990 Range Rover in Fair Condition has risen by over 373 percent since 2011.
There was a time when even the more expensive machines were within reach. Take, for example, a 1988 Porsche 911 Targa. For years, pricing remained relatively flat, hovering around $10,000. There was a shift, and today, a model in Fair Condition averages $45,000. The price has jumped by nearly 330 percent.
My tone may come off as whining here. I get that. But the reality is that the enthusiast marketplace has long followed a familiar path. The original owners have their fun. Then these cars trade hands down a ladder of decreasing personal net worth, so that everyone has their turn. Those days appear behind us, and that’s a shame.
For my own peace of mind (and to make sure I’m not going totally crazy), I reached out to a friend of Motor1 who’s quite familiar with car values and restomods: Jonathan Ward. Ward is the founder and CEO of Icon 4x4, one of the earliest pioneers of the off-road restomod space.
"I think that culture today, on so many levels, is too monocular," Ward says. "A certain vehicle becomes trendy, and then everyone wants it. Certainly, companies like ours can add to the demand and the resulting spike in values. However, I encourage people to not follow the trend and perhaps be more individual when selecting their next project."
Ward adds, "Auction sites, and the resulting value charts that rely heavily on auction results, are not the honest indicators of value that should be referenced solely. No matter what, keeping the entire culture vibrant and active with younger generations might be the biggest challenge."
Ward's opinion holds weight in this conversation. He's been the man behind one of the most successful restomod companies to date. Jonathan has been able to find a "balance of cool" in any project he takes on, and he's also constantly paying close attention to movements in the classic-car market.
Today, the desire to "win that auction" or "discover the next desirable restomod candidate" appears more important than a potential buyer’s actual desire for a given car. These valuation jumps can’t be simply hand-waved away by using the term "inflation."
Speculators and resto-shops are snatching up everything that’s even remotely interesting to the average enthusiast. In turn, the hobby is now suffering from stratospheric price hikes that prevent everyday people from enjoying it.
That’s why I suggest that if there’s a specific car or truck you’ve always wanted and it’s currently affordable, you should buy it today. Eventually, the price will go up, and you may miss your shot to put one in your driveway.
