The Bull list — cars about to become classics

Riley Riley

Specialty insurance provider, Hagerty has revealed its 2023 US Bull Market list, an annual collection of enthusiast cars and vehicles with the best potential to hold or increase in value in the coming year.

In its 6th year, the list is compiled using data from public and private sales, insurance valuations and historical trends.

“Bull Market is a guide for enthusiasts of all types to find, buy and drive something they love  while also making a good investment,” Hagerty’s  Larry Webster said.

“Buying an enthusiast vehicle can be a big decision but the good news is that we’ve done the legwork for you by using the best valuation data and market insights analysed by our team of experts.”

“This year’s Bull Market list includes a diverse range of vehicles, including microcars, muscle cars, sports cars, exotics, a motorcycle and even a military-grade SUV.

“The common factor is timing — even against the current economic backdrop, we believe this group is poised to grow the most in value next year.”

“Buying a fun car while it’s on the way up means you can use and enjoy it while likely coming out ahead when it’s time to sell.”

The 2023 US Bull Market list. Prices in US dollars for vehicles in excellent condition:

Hummer H1

1992–2006 AM General Hummer H1 ($105,000–$127,300)

There’s something undeniably appealing about a utilitarian, no-frills off-roader, and they don’t get more rugged and ready for action than the Hummer H1. Gen Xers (the biggest fans of collectible SUVs) own over half of all H1s protected by Hagerty, but millennial quotes are up to almost a third, which has doubled since 2020. Meanwhile, appreciation since 2019 has lagged, with an increase of only 9.9 per cent. It seems the H1 may be overdue for a price increase.


1968–1970 AMC AMX ($30,500–$40,600)

An underdog in the pony car world of Camaros and Mustangs, the stylish two-seat AMX is an incredible value, but for how long? The AMX has appreciated 28.8 per cent since 2019, which is behind the ’67–69 Camaro (up 40.5 per cent). However, interest from next-generation enthusiasts has nearly tripled since 2019, from a share of 13 to 38 per cent of insurance quotes, suggesting these will continue to hold or increase in value.

top end

2008–2015 Audi R8 (Manual) ($154,000–$186,700)

The R8 has always been a special car, and a huge part of that appeal lies in the examples that came equipped with a manual transmission sprouting from a metal gate—a nod to classic Ferraris and Lamborghinis that came before. Insurance policy growth is more than three times faster than the Hagerty average over the past 5 years. Lookups on Hagerty Valuation Tools have doubled in the past 12 months, and they lead lookups for the similar Lamborghini Gallardo. R8 values are up 37 per cent since 2019 with plenty of room to continue climbing.

Chevrolet Corvette Z06

2001–2004 Chevrolet Corvette Z06 ($31,400–$39,300)

A supercar in disguise, the C5 Z06 is a trackday monster that is also easy to live with on a daily basis. Lookups for the C5 Z06 on Hagerty Valuation Tools have more than tripled since 2021 – a strong indicator of an impending climb. In addition, an equal share of insurance quotes come from boomers, Gen X, and millennials, showing that demand is spread evenly throughout the market.

1938 Harley Davidson Knucklehead

1936–1947 Harley-Davidson Knucklehead ($90,300–$115,000)

Throw a leg over this low and long cruiser and you’ll have some idea what freedom and rebellion meant in postwar America. Knucklehead owners are nearly three times more likely than Indian Chief owners to be under 45 years old. And those younger enthusiasts are insuring Knuckleheads for 15 per cent more than boomers. As far as motorcycles go, the Knucklehead has a bright future with the next generation taking up the torch.

Lamborghini Murcielago

2001–2010 Lamborghini Murciélago ($302,700–$342,700)

It’s hard to argue against a 470kW V-12 barking to 8500 rpm just over your shoulder. If that’s your thing, grab one of these wild Lambos now. Values for the Murciélago are up 48 per cent since 2019 but have lagged behind cars like the Porsche Carrera GT, which doubled in value over the same period. As next-generation enthusiasts are a growing share of owners (approaching two-thirds), values for the Murciélago appear poised for more appreciation.

Mercedes Benz SLR McLaren

2004–2010 Mercedes-Benz SLR McLaren ($329,300–$380,700)

If ever there was an underappreciated hypercar, the SLR McLaren is it. While values for the Porsche Carrera GT have more than doubled since 2019, the SLR has increased a modest 37 per cent. The SLR has long held a large premium over its spiritual successor, the SLS, but the value gap narrowed to only 7.4 per cent in July 2022. In the third quarter of 2022, the SLR premium widened again, to 23 per cent, with younger buyers fueling much of the demand.

Nissan 350Z

2003–2008 Nissan 350Z ($37,500–$44,900)

The 350Z arrived at the perfect time, giving Nissan a new performance car it could be proud of and enthusiasts a reason to fall in love with Z cars all over again. Average values for the 350Z have increased 78 per cent since the start of 2021—the largest increase for any Z aside from the 1978–83 280ZX, which doubled in that time. Boomers still own the majority of 350Zs, but 19 per cent of new policies added in 2022 were from buyers under 40.

Saab 900 Turbo

1985–1993 Saab 900 Turbo ($22,200–$25,800)

If quirky, practical performance appeals to you, the 900 Turbo is calling. Increasingly owned by next-generation enthusiasts, the Saab 900 Turbo appears to be trending towards faster appreciation. Owners under the age of 40 have tripled since 2019 from a share of 7 to 22 per cent.

Suzuki Cappuccino

1991–1998 Suzuki Cappuccino ($12,200–$16,700)

The 47kW Cappuccino won’t win any stoplight battles, but in the turns it’s a MX-5 on a diet and sure to surprise more than a few folks in your rearview. Millennial and Gen Z enthusiasts submit over 80 per cent of insurance quotes, which assures there will be a dedicated following for the Cappuccino in the future. It’s nearly impossible to find a more interesting car for under $10,000.

Toyota Pickup 4x4 1

1984–1988 Toyota Pickup 4×4 ($20,700–$26,700)

If you’re into vintage 4x4s but have been priced out of Land Cruisers and Broncos, consider Toyota’s robust, handsome second-generation pickup. The number of Toyota Pickups added to Hagerty policies has quadrupled since 2017, with younger collectors as the fastest-growing segment. Although boomers currently own 43 per cent of them, collectors under 40 more than doubled their ownership share since 2019, from 7 to 16 per cent, ensuring a healthy appreciation for the model in the future.

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