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February 3, 2024

Driving into a good investment: 8 classic cars set to rise in value

A pre-war Alvis, a Daimler cruiser, a classic 80s Ford hot hatch and an Austin J40 make Hagerty's fourth annual Bull Market list of classic cars likely to rise in value

By Suzanne Elliott

A Porsche 911, a pre-war Alvis and a J40 pedal car are among the eight hot classic cars poised to rise in value as investments in 2024, according to classic car insurance specialist Hagerty.

The year-ending Bull Market report includes practical workhorses, powerhouse modern classics and stately old luxury models, with something for the serious car collector to those looking to drive and enjoy a classic today.

While the Hagerty 2024 UK Bull Market highlights investment opportunities, the models are chosen for their ‘fun factor’ as much as for any potential financial gain. Whether a more affordable modern classic or a rare investment model, the vehicles are chosen for their great driving experience – any profit is an upside when the ride is over.

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[See also: Driven by design: how car galleries have become the new motoring status symbol]

The list was compiled using public and private sale results, Hagerty insurance quotes, and patterns that have emerged in the Hagerty Price Guide.

These are the eight vehicles classic car investors and enthusiasts should take a look at in 2024.

The most promising classic car investments

1932-1940 Alvis Speed 20 and 25

Price range, Fair to Concours: £52,000–£99,400

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A classic Alvis Speed 20/25 in a showroom
Alvis was a Coventry-based car company which went out of business in 1969 / Image: Rich Pearce

Coventry-based Alvis made 1165 Speed 20s between 1932 and 1936, and fewer than 200 Speed 25s from 1937 to 1940.

The Alvis Speed 20/25 models are the epitome of classic British pre-war sports cars, but values have softened a little over the last year. As a result, Alvis offers good value compared with similar cars of the era. 

Typical of the period, the models were built in several body styles, including two- and four-door sports saloons plus a drophead coupé in the 20, and as a four-door sports saloon for the 25. Various coachbuilders also rebodied them in racier formats, such as open two-seaters.

[See also: Classic car collectors still spend on top models despite sluggish market, as ‘most expensive Ferrari’ proves]

Speed 20s and Speed 25s cannot be considered cheap cars, but they were quality items in-period and represent excellent value today, Hagerty's Valuation Team say.

1949–71 Austin J40

Price range, Fair to Concours: £1500–£10,800

Blue Austin J40

The J40 is an unusual pick, as it could be considered a toy / Image: Rich Pearce

The Goodwood Revival renewed interest in the ultimate pedal car, the Austin J40. In total, 32,098 were produced in the post-war period, but half a century on, survivors are relatively rare.

The Austin J40's rarity and uniqueness has enabled it to go from toy to serious collectable with prices from around £1500 rising to £10,000 for one in prime condition. One ripe for restoration is around £4,000 while ex-Settrington Cup J40s, with their race-history, command a premium.

Originality, provenance, and restoration quality in particular make the J40 a prized collectable and investment. Just don't call it a toy.

1994-1997 Daimler Six (X300 XJ)

Price range, Fair to Concours: £1600–£12,500

1995 Daimler Six
The Daimler Six are the perfect examples of a car that doesn’t need an endowment to afford / Image: Rich Pearce

A practical, stylish car, there's something of the family heirloom about the grand X300, particularly the Daimler Six. But its grand dame status belies its place as the most affordable car on this year's Hagerty UK Bull Market.

Car enthusiasts can find out just how well the cars drive for five figures at the lower end, even the best examples in the world, in #1 (Concours) condition with superb spec, are worth just over £10,000 with driving examples available for under £2,000. Collectors are advised to hunt for the most highly specified examples rather than buy on spec; as it has dropped to the bottom of the market over the last decade, there are plenty of poor examples of X300s to be aware of.

With many being scrapped each year, the model is becoming ever rarer, and as the earliest cars reach 30 years old, the model is on course to be a true classic.

[See also: BMW M3 Touring: A cult classic in waiting]

1985–91 Ford Escort RS Turbo

Price range, Fair to Concours: £8200–£35,800

White Ford Escort RS Turbo in a showroom
The Ford Escort RS Turbo captured the zeitgeist of 1980s Britain / Image: Rich Pearce

An aspirational version of a what was a hugely popular mainstream model, the Ford Escort RS Turbo perfectly captured the zeitgeist of 1980s Britain. It is now something of a 'dark horse', Hagerty say, having shot back into the limelight in recent years thanks to a few high-profile auction results.

While most don't quite make the £722,500 Princess Diana’s 1985 black RS Turbo did in 2022 at a Silverstone Auctions, their value is continuing to increase - Hagerty’s average values for all Ford RS/Cosworth models have risen from £29,886 to £42,225 over the past five years.

'A VW Golf GTI might be better built or a Peugeot 205 GTI more engaging to drive, but both are almost too obvious among 1980s hot hatchbacks. The RS Turbo somehow looks and feels more exotic, and despite a few high-profile sales, it is more of a dark horse,' Hagerty Valuation Team says.

1999–2010 Honda S2000

Price range, Fair to Concours: £11,500–£22,000

A white Honda S2000 in a showroom which has its double doors open
The S2000 arrived in 1999. Its centrepiece is a high-revving 2-litre four-cylinder petrol engine / Image: Rich Pearce

The S2000 has hit Hagerty’s radar this year, with the number of policies added globally in 2023 17 per cent higher than in 2022 - five times that of all vehicles.

The car appeals to younger drivers: 59 per cent of policyholders are aged 49 and under, with 17 per cent under 30 compared with the BMW Z4, where only six per cent of policyholders are under 30.

Values have been rising accordingly, too. An AP1 S2000 is now worth what an AP2 was valued at two years ago, and the later model has gained 20 per cent in value in the same time period.

Buyers are urged to be vigilant when buying an S2000 as they are prone to hard use and are becoming susceptible to corrosion.

1969–75 Maserati Indy

Price range, Fair to Concours: £39,000–£69,000 (4.7L)

A red Maserati Indy in a showroom
The Maserati Indy was picked because it represents great value for a car of its style, driving qualities, and heritage / Image: Rich Pearce

Conceived as a grand tourer, the Maserati Indy represents great value for a car of its style, driving qualities, and heritage, Hagerty says.

The name celebrates Maserati’s two victories at the Indy 500 in 1939 and 1940. Maserati built 1104 cars in total, marginally more of the 4200, then fewer of the 4700 and fewer still of the 4900.

Maserati Indy prices have dropped, making it, Hagerty believes, great value for money.

'Numerous no-sales at auction have affected the model’s attraction to some buyers, but fundamentally it remains a great classic,' the team says.

'Offering loads of power, even from versions with the smaller engines, the car is a proper grand tourer with loads of space inside. Compared with its Ferrari counterpart, the Daytona (which has also seen its value drop), it is now superb value.'

2011 Porsche 997.2 GT3 RS 4.0

Price range, Fair to Concours: £290,000–£560,000

A white 2011 Porsche 997.2 GT3 RS 4.0 with its spoiler facing the camera
Porsche made only 600 GT3 RS 4.0s during the 2011 production run / Image: Rich Pearce

The Porsche 997 GT3 RS 4.0 is often described one of the greatest 911s of all time and one of the greatest driver’s cars of all time -  Evo voted it the best car they’d ever tested, in the magazine’s 200th issue. It continues to command high prices thanks to its rarity and fine driving.

Despite only being added to the UK Hagerty Price Guide in 2022, Hagerty believes its last-of-the-line engine and analogue driving feel mark it out as a collectable.

The 4.0 was built in a run of 600 units in 2011 is worth from upwards of £250,000 to close to £560,000 - if you can find one for sale, that is.

1996–2003 TVR Cerbera

Price range, Fair to Concours: £27,100–£41,200

A silver TVR Cerbera in a showroom in front of a print of a Triumph
VR Cerbera was It launched in 1996 / Image: Rich Pearce

The TVR Cerbera was launched in 1996 and is another model Hagerty marks out as good value. After several years of flat prices, average values have started to creep up, increasing nearly three per cent in the past 18 months, from £25,513 to £26,181.

Top-of-the-range Red Rose models have increased even more, with the best having recently surpassed £40,000. That’s still not a lot of money for an extraordinary one that turns heads and has such an analogue driving experience, Hagerty says.

'As Hagerty has often written in the past, models with a rather poor reputation when new (think 996 Porsche 911, Jaguar XJ220, etc.) often outgrow this as the years progress and the original issues are overcome, leaving the car perceived in a new, more generous light. It may be time for the Cerbera to undergo this transition,' the team says.

More from Spear's: Expert classic car advisers

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