Every December, Hagerty releases a Bull Market List that uses insurance data, sales statistics, and historical trends to select a batch of collector cars most likely to increase in value in the coming year. Past Bull Market List selections typically beat overall market appreciation by an average of 14.5 percent per year and out of 51 total, fully 24 have appreciated more than 50 percent since being picked.
Hagerty senior VP of media and editorial Larry Webster came up with the idea to first employ the company’s far-reaching datasets back in 2018. “My goal was always to establish that you you can enjoy this hobby without losing a lot of money,” Webster told Men’s Journal. “You buy the car and you sell it later for about or a little bit more than you paid, but you got to enjoy it for three years. So that’s all it was, an onramp to the hobby.“
Amid rising inflation and high gas prices this fall, not to mention the fact that many new enthusiasts might feel priced out of a skyrocketing market lately, the process of selecting this year’s Bull Market List entries seems a bit more fastidious. And vice president of automotive intelligence Brian Rabold acknowledges that the coming year may produce a plateau, or even a drop, in values across the industry. “The last few years, the market has just been on fire,” he said. “As that slows down, these are the cars that we’re confident are gonna continue to increase.”
Of course, a make or model selected for Hagerty’s Bull Market List immediately benefits from a bit of market manipulation, so now is the time to keep an eye out for this year’s vehicles, which range from microscopic JDM kei cars to rad pickups, beefy SUVs, and modern manual supercars.
1. 2008–2017 Audi R8 (Manual): $154,000–186,700
One of the greatest automotive designs of this century, Audi’s R8 originally paired that timeless style with mid-mounted engines and Quattro all-wheel-drive traction. Hagerty recommends an early R8 equipped with a classic gated manual, which will always contribute to collector appeal. Even if sticking with the V8 sounds a little less fun than the V10, the shared Volkswagen Group parts might help with reliability—despite sacrificing the appeal of the two models Hagerty compares to the R8: its Lamborghini Gallardo sibling and the Porsche Carrera GT. “The market has really come on strong for the C GT,” Rabold said. “So you can look at that and say, ‘OK, there’s a ton of interest in this type of package.’ The R8 is significantly more affordable, produced in higher numbers over a longer production run. But it does have that manual experience.” A 2009 R8 coupe in manual currently sits at $49,000 on Cars and Bids, with three days left in an auction that might sneak in well below Hagerty’s price range for excellent examples. Courtesy Image
2. 2003–08 Nissan 350Z: $37,500–44,900
Nissan released a new Z this year that harkens back to the model’s Datsun roots. But Z-car fans may want to take a second look at the 350Z from the early-2000s, which Hagerty believes should only continue to appreciate despite a stunning 78 percent increase in value since 2021. Hagerty lists Bull Market List price ranges for excellent examples, and finding one stock without boy-racer modifications undoubtedly remains a challenge, but this 45,500-mile 350Z on Hemmings at an ask of $16,750 sounds like a pretty good bet. Courtesy Image
3. 1991–98 Suzuki Cappuccino: $12,200–16,700
As the 25-year federal importation rule continues to roll on, more and more fun cars from abroad will arrive in the USA. The often-overlooked Cappuccino kei car from Suzuki combines peppy fun in a lightweight body that Hagerty notes came better equipped than perhaps the more popular Honda Beat.
“It’s got this cool configurable roof,” Rabold laughed, “It’s like, ‘What do you want, a coupe, convertible, or targa?’ You can do it all with it. It is the type of car that you can drive all-out and still be under the speed limit, but still feel like it’s a blast.” Courtesy Image
4. 2001–10 Lamborghini Murciélago: $302,700–342,700
“Mercy, mercy me, that Murciélago,” rapped Ye Who Must Not Be Named on the first cut of My Beautiful Dark Twisted Fantasy. And millennials who grew up listening to early Kanye West and now find themselves coming into a bit of money might agree, which helps to explains rising values for Lamborghini’s last manual V12-equipped flagship. Once again, Hagerty compares this supercar to the Carrera GT, noting that at approximately one-fifth the price, the Murciélago currently slots in as “a steal compared with comps.” Courtesy Image
5. 1992–06 AM General Hummer H1: $105,000–127,300
GM’s new Hummer EV turns the table on the original military-derived AM General Hummer H1, which Arnold Schwarzennegar helped to make famous by driving around West Los Angeles before eco-consciousness turned the Prius into a fashion statement. The Governator supposedly owned an H1 in every color and now, Gen Xers apparently make up more than half of all the H1s insured by Hagerty. “It was popular and then it tanked,” Webster said, not intentionally making a military pun. “Then I think people forgot how noisy and loud they are and now they think they’re cool.” RM Sotheby’s plans to auction off an H1 Alpha with the 6.6-liter Duramax diesel on December 10 in Miami, at no reserve but with bidding estimated to hit $125,00–175,000. Courtesy Image
6. 1984–88 Toyota Pickup 4×4: $20,700–26,700
On top of the so-called “Toyota tax” and a bit of rad-era awesomeness thanks to an appearance in Back to the Future, the original Toyota Pickup 4×4 still begs for attention thanks to simple styling, bulletproof drivetrains, and plenty of aftermarket support for parts and maintenance. But even the full list of pros still seems unable to explain why a nearly 40-year-old pickup might continue to rise in value next year—Hagerty believes that a large number being exported actually contributes counterintuitively to scarcity in the United States, despite the popularity of diesel Hiluxes for importation. Presumably, the trend is because old Toyota survivors here haven’t suffered from lifetimes of abuse with oil changes only every few decades. Courtesy Image
7. 2001–04 Chevrolet Corvette Z06: $31,400–39,300
Much like the Hummer H1 and Nissan 350Z, Corvette Z06 values might well skyrocket next year alongside the arrival of a new screaming Z06 package for the mid-engined C8 generation. Now, Hagerty believes the C5’s aluminum V8 pumping 405 horsepower to the rear wheels through—you guessed it—a six-speed manual transmission makes the aging ‘Vette a supercar in disguise and with popularity spread across baby boomers, Gen X, and millennials, the days of the Corvette being pigeonholed as an old dentist’s car may well be over. That means this C5 Z06 for sale on Hemmings out of Texas for $28,900 with 69,000 miles on the odometer should hopefully rise in value for a responsible new owner. Courtesy Image
8. 2004–10 Mercedes-Benz SLR McLaren: $329,300–380,700
Even more expensive than a stick-shift Lamborghini Murciélago, the Mercedes-Benz SLR McLaren also likely benefits from a uniquely pinpoint-able moment in pop culture: when Paris Hilton, Lindsay Lohan, and Britney Spears got caught by paparazzi crammed into the two-seater on a night out in Hollywood. Perhaps the iconic image explains why Hagerty sees millennials buying up SLR McLarens the fastest out of any ownership group, though a supercharged V8 lurking beneath one of the era’s most striking designs also helps to set this front-mid-engined supercar apart from Mercedes-Benz’s other staid luxury cruisers of the time. This auction of a 4,400-mile SLR McLaren live on Bring a Trailer looks set to land right in Hagerty’s range for an excellent example. Courtesy Image
9. 1985–93 Saab 900 Turbo: $22,200–25,800
Probably the Bull Market List entry that seems the furthest out from left field, the Saab 900 Turbo nonetheless sports some serious stats to support the selection. Forget about reliability concerns for borderline primitive turbochargers and vacuum lines—insurance quotes for this Scandinavian wedge have apparently increased by triple the average of any model at Hagerty. And collectors under the age of 40 especially love the 900 Turbo, jumping from only 7 percent of owners to 22 percent since 2019. Courtesy Image
10. 1968–70 AMC AMX: $30,500–40,600
With the modern muscle car era coming to a swifter close than many Dodge, Ford, or Chevrolet fans probably hoped, an impending malaise era may well approach similar to the period that followed the original icons of the 1960s and 70s. But forgotten amongst all the classic GTOs, Chargers, Mustangs, and Camaros, the AMC AMX still offers all that quintessential pony car fun at a price point well below its contemporaries. “A lot of these cars you could have guessed,” Webster said, “The AMX, I don’t think anybody would’ve guessed, but it’s one of those that we think is coming back into favor.”
Hagerty’s valuation team predicts that AMX values will continue to increase thanks to growing interest from younger collectors and a bunch of baby boomers who really face no serious incentive to sell, so this AMX available on Hemmings with a claimed 5,873 miles on the clock for only $34,900 might represent an excellent investment opportunity. Courtesy Image
11. 1936–47 Harley-Davidson Knucklehead: $90,300–115,000
Six figures for a classic motorcycle? Hagerty says, “Believe it,” and explains that while interest in the H-D Knuckleheads from owners under 45 years old outpaced the Indian Chief by almost three times, simultaneous demand from Europe and Japan contributed to increased exportation rates, which should only continue to ratchet up the supply-and-demand situation. Courtesy Image
