The affordable classic car is rapidly becoming a relic of the past. For years, enthusiasts could find and restore vintage vehicles on a reasonable budget, but a new trend is pushing prices into the stratosphere: wealthy collectors and restomod companies are systematically inflating the market, making it increasingly inaccessible for average buyers.
The Disappearing Bargains
Previously, the classic car market operated on a simple cycle. Original owners would eventually sell, passing vehicles down through multiple owners at decreasing prices. This allowed enthusiasts with limited funds to acquire and enjoy these cars. Today, that system is broken. Demand is being artificially driven up by high-net-worth individuals, who often view these vehicles as investments or status symbols rather than projects to be driven and enjoyed.
The effect is visible across the board. A first-generation Range Rover that could once be found for $2,500 is now priced far beyond reach due to the rise of high-end restomod shops. First-gen Ford Mustangs, Chevrolet K5 Blazers, and even Porsche 911s are experiencing similar spikes. According to Hagerty’s valuation tool, a 1967 Ford Mustang GT has increased by 105% since 2007, while the K5 Blazer has risen by over 400%. A 1990 Range Rover in fair condition has seen a 373% increase since 2011.
The Restomod Effect
Restomod companies play a significant role in this trend. By converting classic vehicles into high-performance, modern machines, they create a new tier of desirability that drives up prices across the board. Even non-restored “junkers” benefit from this inflation, as speculators buy them up with the intention of flipping or modifying them later.
As Jonathan Ward, founder and CEO of Icon 4×4, notes: “A certain vehicle becomes trendy, and then everyone wants it.” He cautions against blindly following trends, but the reality is that auction sites and inflated valuation charts now dominate the market.
A Broken System
This isn’t merely inflation; it’s a fundamental shift in the classic car ecosystem. Speculators and restomod shops are aggressively acquiring even remotely desirable vehicles, leaving everyday enthusiasts priced out. The hobby is becoming exclusive, with affordability no longer a factor for many.
“Auction sites…are not the honest indicators of value that should be referenced solely. Keeping the entire culture vibrant and active with younger generations might be the biggest challenge.” – Jonathan Ward, Icon 4×4
The Bottom Line
If you have a classic car you’ve been eyeing and it’s currently within your budget, buy it now. The window of opportunity is closing rapidly. As the market continues to inflate, the dream of owning and enjoying a vintage vehicle will become increasingly unattainable for those who aren’t already wealthy.
