January has come and gone in a flash, and while the month may have felt brief, it set the stage for the collector car world this year. The motoring events, economy, and classic car news have revealed what we can likely expect for the remainder of 2024.
The previous month certainly had exciting moments, such as historic sales at the Barrett Jackson Scottsdale auction, but, as you likely already know, inflation continues impacting classic motor enthusiasts and the collector car hobby in general.
Let’s take a look back at this month and see what we can learn as we navigate the increasingly complicated collector car world.
The Historic Barrett Jackson Scottsdale Auction 2024
As usual, the most exciting car news in January originates from this year’s Barrett Jackson auction in Scottsdale, Arizona. It’s not hard to understand why the auction dominates the collector car hobby in January — it features 2,000 cars selling at no reserve. There are thousands of collectibles on the block as well as hundreds of vendors throughout the 10-day auction. The auction is much like a sporting event, as it features large crowds of people and is even broadcast live on television.
While every year is exciting, this Barrett Jackson was especially thrilling and featured historic sales, like the million-dollar sale of a Chevrolet Restomod and an auction for a 1960s Cougar Oil sign. Ultimately, the auction totaled over 207 million dollars in sales, making it a record-breaking year.
$1.1 Million 1967 Corvette Restomod
Indiana native Jeff Hayes has made an impressive name for himself turning classic Corvettes into dreamy, powerful supercars. His name is synonymous with quality, and you truly cannot find a better Corvette Restomod on the market.
Considering his reputation, it’s not surprising that a Jeff Hayes 1967 Corvette Restomod sold for a whopping $1.1 million. This is the highest-selling Corvette Restomod of all time, and it’s incredibly well deserved.
Fortunately for us, we had the opportunity to interview Jeff Hayes and behold this 1967 Chevrolet Restomod before the auction. You can appreciate the car yourself by watching our interview, which also dives into Jeff’s background and his incredible restoration shop.
This record-breaking sale will likely open the public’s eyes to how impressive Restomods can be. It’s an exciting time for master builders who want to take on the challenge of constructing Restomods, and it may prove to be a highly rewarding endeavor. I think we will eventually see other 1960s muscle cars rake in seven figures, but Jeff Hayes will always be the first to hit that impressive number.
1960s Cougar Oil Sign
Normally, we don’t discuss the sale of classic car accouterments, but this year’s auction featured an ultra-rare and historic item: a Cougar Oil sign from the 1960s.
While rare, the auction attendees still all seemed surprised by the sign’s final selling price. The hammer fell at $155,250, perhaps a great sign — no pun intended — that the collectible market is as strong as ever for the best of the best. It also revealed that there are still plenty of collectors ready to invest who aren’t short on cash.
Here’s our main takeaway from Barrett Jackson this year: Invest in the best and leave the rest. Or at least invest in the best that you can afford, and you won’t go wrong.
Mecum Auctions 2024
While Barrett Jackson Scottsdale was the most popular auction this year, it certainly wasn’t the only one. Every January, Mecum Auctions features an iconic motorcycle auction in Las Vegas. If you haven’t already discovered the joys of classic motorcycles, this auction could be your window into appreciating these fine beauties.
This year, prices ranged from a few thousand to hundreds of thousands. The highest-selling motorcycle was a historic 1928 Indian Ace with a 77/30 hp inline 4-cylinder engine. The seller walked away with an impressive $225,000.
What I find exciting about classic motorcycles is they don’t take up much room, saving on storage costs. Plus, people discover these smaller collectibles around the country every day. You may even uncover your own barn find, and if you don’t have the garage space, you can put it in your living room. It’s a win-win.
Inflation Impacting Insurance Cars
While there’s already much to appreciate about the classic car world this year, inflation continues to cause difficulties in the hobby. Issues that many classic car owners now face are concerns regarding their insurance. With inflation, it can be challenging to ensure you have sufficient insurance to protect your investments.
For the longest time, getting insurance for your collector car was fairly straightforward. Here at Classic Auto Insurance, we have supported collectors like you for over 30 years, and we have never seen such a confusing insurance marketplace.
Here’s the bottom line you need to understand: Inflation impacts vehicle parts and the cost of labor, meaning you’ll face bloated repair costs in the event of an accident. Just like a Big Mac, eggs, or anything else, you need to anticipate insurance prices going up.
Additionally, certain vehicles are more prone to claims due to difficulty in driving, especially exotic cars. The combination of poor driveability and costly potential repairs results in expensive insurance. In some states, it’s nearly impossible to even get a collector car policy for certain classic and exotic cars.
Fortunately, this “hard” market will eventually shift, meaning lower insurance costs. Until then, it’s best to mitigate claims. Consider protecting your vehicle by locking it in your garage and driving with the utmost care. It may be tempting to rev your engine and show off your car’s sporty performance at Cars and Coffee events, but it’s best to prioritize your vehicle’s safety. Certainly display the car at events, but let the crowd imagine how it sounds and keep it secure. If we all do our part, getting high-quality and robust collector car insurance will never be a problem.
If you have any questions or are interested in discussing your current coverage, please contact us at 888-901-1338.
