Is the Classic Muscle Car Market Improving?

Is the Classic Muscle Car Market Improving?

Last Updated October 8, 2024

Classic cars hold a timeless appeal, attracting enthusiasts, collectors, and investors alike. But what makes these cars worth so much today? In this article, we'll break down sales from the 2023 Mecum Auto Auctions, analyzing why some models command high prices and what that says about the classic car market.

The Shelby GT350: A Market Indicator

One of the stars at Mecum last year was a 1965 Shelby GT350. Known for its performance and racing heritage, the GT350 has always been a collector's favorite. Recently, a Shelby GT350 sold for a whopping $522,000, largely due to its pristine condition and near-complete originality. With the original 289 HiPo engine, fiberglass hood, and iconic stripes, this car was a standout example of a well-preserved classic.

A side-profile shot of white Shelby GT350 in front of a brick building

To put this sale price into context, a similar 1965 GT350 sold at another auction in May 2023 for $319,000, which was $200,000 less than the Mecum sale. Even a highly regarded car sold on Bring A Trailer didn’t sell for as much as this Mecum sale. The takeaway? Buyers are showing confidence in the Shelby GT350, viewing it as a strong investment in today’s market. Originality and timing seem to be key factors driving prices up.

The Chevelle LS5: Restoration Gamble

The 1971 Chevelle Super Sport LS5 was another car with a strong following at Mecum. This specific example, originally a black-on-black car (a highly sought-after color combination), had undergone a tasteful restoration that included a more powerful 540 cubic-inch engine. Despite being resto-modded, the car retained many original design elements, from its dashboard to its interior styling.

A wide-angle shot of the rear end of a black Chevelle LS5 in a driveway

Interestingly, this Chevelle sold for $214,000, which is considerably more than a typical black-on-black LS5 that might fetch around $90,000. A stock version of the same Chevelle model sold for much less, around $82,500, at another auction. So, why did this resto-modded version command such a high price? It likely comes down to the rarity of the LS5 in black-on-black, coupled with the high-quality restoration that struck the perfect balance between preserving its classic charm and enhancing its performance.

The 1969 COPO Camaro RS: Color Matters

Another headliner was the 1969 COPO Camaro RS, which fetched $170,000 at the auction. This car was special due to its rarity—only about 58 RS COPO Camaros were made. In addition to its pedigree, this example boasted the famed 427 engine and was painted in a striking Fathom Green color. However, while green is a good color, it’s not as desirable as the brighter hues like yellow or red.

A wide-angle shot of the front end of a 1969 COPO Camaro RS

Comparing this sale to others, we see a trend: a similar COPO in Daytona Yellow sold for $178,000. Color, documentation, and restoration quality all play a major role in determining a car's final price. In this case, the Fathom Green likely held the car back from fetching an even higher bid, despite its rarity.

Ford Mustang GT500 Eleanor Clone: The Movie Star Effect

Iconic cars from pop culture tend to attract attention, and the 1968 Ford Mustang GT500 Eleanor Clone is no exception. This particular Eleanor, officially licensed and boasting a 427 engine, sold for $330,000. While it wasn’t a factory-original car, its ties to the movie Gone in 60 Seconds and its high-end restoration made it a valuable piece.

A side-angle shot of a Mustang GT500 Eleanor clone

In comparison, an unlicensed Eleanor clone with a smaller engine only fetched $165,000, showing the significant premium that comes with licensing and authenticity in the world of movie cars.

The 1963 Corvette Split Window: Originality vs. Resto-Mods

Finally, we examined a 1963 Corvette Split Window, one of the most sought-after models in the Corvette world. This black-on-red example, equipped with a fuel-injected 327 engine, was listed for $230,000 but didn’t sell. A similar car sold for $220,000 earlier this year, with some differences in restoration quality.

A wide-angle shot of a split window 1963 Corvette

What’s notable is the growing trend of resto-modded Corvettes commanding top dollar. Enthusiasts seem to appreciate modern conveniences packaged in the classic look of a mid-year Corvette, with some resto-mod versions selling for as much as $286,000. This signals a shift in the market, where the desire for modern performance in a classic shell is becoming increasingly popular.

Should You Buy a Classic Car Now?

From the sales at Mecum, it's clear that the classic car market is still strong, but trends are shifting. Originality, ownership documentation, and condition continue to be key factors for high sale prices, especially for iconic models like the Shelby GT350. However, resto-mods are also gaining ground, as collectors look for classic aesthetics paired with modern driving performance. If you're considering investing in classic cars, paying attention to market trends, restoration quality, and color preferences could be the key to finding a valuable piece of automotive history.

Thanks to our friends over at Backyard Barn Finds for providing us with the basis of the information in this article!

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