Trucks and SUVs aren't just popular new cars -- they're in demand as classics too
Older utility vehicles from automakers such as Ford, Chevy and Jeep are becoming incredibly sought after.
SUVs like this Grand Wagoneer fetch big money today.
It's much harder that it used to be to find a new family sedan simply because, well, some automakers don't build them anymore. Instead, pickup trucks and the rise of SUVs have flooded the market with utility vehicles. But this trend isn't just for new vehicles.
Hagerty supplied new data on Monday that shows pickup trucks and SUVs are also some of the brightest shining stars on the classic vehicle market. The classic car insurer found 77% of trucks and SUVs sold at auction so far this year have sold at or above Hagerty Price Guide figures. The insurer also said this aligns with greater quote activity for trucks and SUVs compared to cars.
While 77% of these utility vehicles are matching or exceeding Hagerty values, which are widely respected, the sheer amount of how much some are going over is jaw-dropping.
Take a 1989 Jeep Grand Wagoneer that sold at Barrett-Jackson just a week ago. The hammer price was $110,000, or 200% more than the appropriate Hagerty value. The specific Grand Wagoneer also happened to set a new record for the most expensive of its kind to sell at auction by $40,000.
Another good example is a 1954 Dodge Power Wagon, which also sold for $110,000 at Barrett-Jackson. It didn't only outdo the appropriate value, it outdid the top-tier No. 1 value category by 80%. For reference, cars Hagerty declares No. 1 tier are the crème de la crème -- the stuff concours shows are made of.
While those are certainly older, more vintage examples, modern trucks aren't excluded. A 2001 Ford SVT Lightning left the auction block with a $42,900 sale price, or 80% more than Hagerty's appropriate value. And it's not only American utility vehicles, either. Take a 1980 Toyota FJ40 Land Cruiser, which sold for $61,600, or 51% higher than the insurer's appropriate value.
None of this is to say the classic car market has halted. Hagerty also pointed out that 58% of cars sold at auction matched or exceeded the insurer's values, though that slips pretty far behind trucks and SUVs at 77%. The classic vehicle market may have cooled down in general over the past few years, but it's clear that it may have something to do with a minor shift in preference.
