Despite a general decline in classic car prices, Bring a Trailer (BaT), an online classic car marketplace, managed to sell a record $1.5 billion worth of cars in 2024. The company conducted 45,000 auctions split among cars, trucks, motorcycles, memorabilia, and parts, attracting over 1.3 million bidders. This success defied the broader slowdown in the classic car market, which saw a decrease in total sales at live classic car auctions the previous year.
Factors contributing to this success include the current state of the stock market, with money flowing freely, as well as the changing preferences of the new generation of collectors. Younger collectors are more interested in modern supercars and sports cars, particularly those from 2005 onwards. They prefer cars that they can use and drive rather than collectible artifacts that sit in garages.
The market for older trucks and off-roaders, which experienced a boom during the pandemic, has since cooled off. Additionally, baby boomers, who were previously the driving force behind the collector market, are now selling off their collections, leading to an oversupply of vehicles from the 1950s and 1960s.
While the market for high-end sports cars in the $200,000 to $500,000 range remains strong, cars priced over $2 million are facing challenges. BaT’s most expensive car sold was a 2022 Bugatti Chiron Pur Sport for $4.1 million. A 2018 Bugatti Chiron and a 2022 Lamborghini Countach LPI 800-4 also sold for millions.
Overall, the shift in collector preferences and demographic changes are reshaping the classic car market, with BaT experiencing significant success in the face of these shifting trends.
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