Last week, we discussed vehicles that defied a cooling market and posted surprising gains in the July update of our price guide. Overall, though, the market does continue to cool, and as our Hagerty Market Rating continues to drop, it comes as no surprise that a number of cars saw value changes in the negative. While most losses were not as eyebrow-raising on a percentage level as the gainers, indicating a soft adjustment more than a crash, the cars trending downward are of note.
Many of the cars that became more affordable this past quarter are established favorites in the hobby, many of them within reach of the average enthusiast. Here are a few of the more noteworthy ones that just got a little bit cheaper, as measured by average value increase across all four condition ratings.
Have questions about how we arrived at these changes? You can read more about the methodology behind the Hagerty Price Guide here.
Average decrease: -18%
Introduced in 1965, the second-gen Corvair drew from the successes of the previous generation and greatly improve on both the styling and the mechanics. Yes, Ralph Nader’s book Unsafe at Any Speed did cause substantial harm to the reputation of the car, but many of the criticisms levied at the model were directed at flaws in the first-generation Corvair.
Despite the improvements, Chevrolet’s rear-engined, air-cooled oddball was short-lived. “These cars were too complicated and unique, with no meaningful parts interchangeability with other Chevy models,” says Kyle Smith, an Editor for Hagerty Media and owner of a Corvair Corsa. Eyeing the success of the Ford Mustang, meanwhile, GM put forward substantial effort into development of the Camaro and Firebird, which were ultimately more cost-effective to produce and arguably had a wider appeal. So it’s no surprise the Corvair was ultimately cancelled in 1969.
Today, Corvairs are relegated to a niche community of fans who typically appreciate the Corvair’s novelty and/or its interesting engineering, or would just like something resembling a Porsche 356 driving experience without the price tag. The niche ownership base combined with relatively high production numbers have kept Corvairs very affordable to purchase for a long time, and they’re more affordable now than they were few months ago. A 4-carb Corsa (a fan favorite) just dropped from the low teens to just over $10,000 for a #3 (“good”) condition car, following a string of good cars hitting the market and failing to sell. A word of caution though, while these cars are cheap, parts costs do not correlate well to the car’s price point and “it’s easy to get upside down on the car from maintenance costs” says Smith. Ultimately this is a car you buy for the love of it, not the investment, and a Corvair is a damn good option to scratch that collector car itch.
Average decrease: -12%
Moving from one affordably priced Chevy to another, the Chevy II/Nova was the exact opposite of the Corvair, where the focus was to build a similarly affordable car using the most conventional and cost-effective design possible, positioning it to directly compete with the highly successful Ford Falcon. For the inaugural 1962 model year, engine options included a 153cid four-cylinder or a 194cid six-cylinder, but the 1963 gained a Super Sport option (still equipped with that 194cid six) and the 1964 Nova finally got a 283cid V-8.
As the series progressed, Chevrolet wove more sportiness into the model as the horsepower wars of the mid-1960s began to heat up. The SS gained some real power by 1966 with the L79 code 327, making an impressive 350hp. These cars are among the rarest of the Novas and are therefore most sought after by fans.
The past three months saw a notable softening in the Chevy II/Nova market. Cars traded hands at lower than expected prices while cars for sale have been sitting unsold. It seems that we are transitioning into a buyer’s market with these cars. Overall, this resulted in a 12% average drop putting “good” condition Super Sports (non-L79) in the low $30,000 range and average small-block-powered models into the high teens. It’s hard to beat an American icon for a price like that. While popularity remains high, the urge to take the leap on a Nova may have just gotten a lot more tempting.
Average decrease: -10%
It wasn’t until the 1950s were halfway over that MG’s first real postwar design started hitting showrooms. Its popular but anachronistic T-Series had roots all the way back to the mid-1930s, so the MGA that replaced it was a massive leap forward. The Ponton styling was new and contemporary, with a sporty look accentuated by curvy lines and lower seating position. Power came from a 1.5-liter pushrod four-cylinder engine in the early days, which grew to 1.6 liters by mid-1959. A higher compression “Twin Cam” engine that boosted horsepower past the 100 hp mark was also available briefly, and has become the MGA to have amongst enthusiasts.
Affordable British sports cars are always a tough spot in the market. They are intensely beloved by their fanbase, but as time has marched on and tastes have changed, interest and subsequently values have softened somewhat. Some of this likely can be chalked up to demographics. Hagerty overwhelmingly sees quotes for the MGA coming from older buyers, while younger ones for the most part have gravitated towards different things. Usability can be another factor, too. While fun to drive, the lower power output is not conducive to anything but back-road driving. Finally, since the introduction of the Miata, which essentially took the British sports car concept and modernized it, there has always been a more modern alternative available. Does this mean the MGA is doomed? Most definitely not, as there is still a strong enthusiast base and there will always be people who fall in love with the A’s looks and driving experience. However, sale prices appear to be softening. While #2 (“excellent”) condition roadsters are worth over 30 grand, most versions in #3 condition have dropped below 20.
Average decrease: -9%
Alongside the Jeep CJ and Ford Bronco, the original International Scout was one of the earliest in the Sport Utility Vehicle game when it debuted in 1961. Like the CJ and Bronco, it was a smaller, capable, go anywhere 4×4, but following the introduction of the Chevrolet Blazer in 1969, trends moved towards interchangeability with full-size truck lines. International made that transition in 1972 with the Scout II. These trucks became heavier than earlier Scouts but also added a number of V-8 options as well as two diesel engine options. Leaning into the “Sport” part of Sport Utility, International also offered an SSII, which came with soft doors, soft top, roll bar, and more. Unfortunately, International bowed out of the light-duty truck business by 1980, killing off the Scout II for good.
Like with its contemporaries, Scouts enjoyed a long run of rising values as the interest and demand for vintage trucks and SUVs from the 1970s expanded. Like the venerable Bronco, the Scout II topped our charts of notable value gainers more than once. With the market slowing on a broad front, it comes as no surprise that the Scout would eventually need to come down. This quarter, we saw just that. Plenty of good trucks came to market with lower than expected prices paid. Scouts were not the only ones to soften, as Blazers, Ramchargers and some Broncos also experienced difficulty bringing previously normal values. However, Scouts did lead the charge. If you’re thinking this may be your time to pick up a cheap, you might want to hold your horses. Vehicles with long history of value increases rarely if ever go back to the “good ole days” where they can be had for a song, but if you’ve been holding out for a better deal, now is a good time to revisit.
Average decrease: -8%
The car that kicked off the muscle car craze saw a complete update for the 1968 model year, along with the rest of GM’s A-Body line. The smoother Coke-bottle lines and bold graphics and colors gave the car a presence that matched the punch it packed under the hood. The famous 400 Pontiac would serve as the standard mill, producing a stout 350 horsepower; however, more powerful “Ram Air” 400s and the massive 455 also made their way into cars as the horsepower wars peaked. For 1969, Pontiac also introduced “The Judge” package, based on the popular skit from Rowan & Martin’s Laugh-In. The Judge was available with more eye-catching colors, graphics and the optional Ram Air engine from the base GTO was made standard. Like its predecessor, the second gen GTO was a smash hit, and its blend of great looks with top tier performance cemented the model among the all-time automotive greats.
Muscle cars started off this year strong at the auctions in Kissimmee and Scottsdale. Then, as the year has moved on, some of that optimism has been tempered. For GTO Judges and rarer configurations, the hit hasn’t come, but with standard GTOs, the ones on offer have seen sellers turn them loose at lower prices than before. Instead of the high $30,000 mark for a good condition GTO coupe, that price is now down to the low $30,000s. That’s a noticeable move and while it doesn’t make them technically cheap, it does put a GTO within buying range of more fans. The muscle car market is still finding its footing, but if the GTO is to be taken as an indicator, it would be wise to pay close attention to see if much of the market follows suit.
