Hagerty Insurance seems to think vintage SUVs are going to be the next big trend in car collecting. The agency has already seen prices begin to tick upward at auction, with the number of classic SUVs insured by the company growing some 65 percent since 2008. That's about twice the pace of the overall market. All told, Toyota Land Cruisers have seen the largest jump with a swell of 202 percent, though 1970s and 1980s Jeep models are up by a more than respectable 93 percent as well. Like wise, Ford Bronco and International Scout SUVs are up by 86 and 85 percent, respectively.
Hagerty attributes the increase with the overall rise in the popularity of the SUV in general. As modern machines become more in vogue, so do their predecessors by extension. While these old bruisers haven't spent much time in the lime light at classic car auctions, Hagerty says recent events in Scottsdale featured 11 vintage Toyota Land Cruiser models, one of which sold for $88,000. That's quite a price for a 1981 FJ-40. You can read the full press release below.
VINTAGE SUV'S QUICKLY BECOMING HOT COMMODITY AMONG COLLECTORS
Hagerty Observes Significant Shift in Allure of Vintage Sport Utility Vehicles
TRAVERSE CITY, Mich. (April 11, 2013) – Once considered out of place at prominent classic vehicle auctions, vintage SUVs are rapidly gaining in popularity among collectors. During a series of collector car auctions in Scottsdale earlier this year, 11 vintage Toyota Land Cruisers sold, with the best example – a 1981 Mustard Yellow FJ-40 – selling for $88,000.
The recent public sales are not an outlier according to Hagerty Insurance, host to the largest database of classic cars in the world – this has been a growing trend for the past five years. Hagerty reports the niche segment of vintage SUVs has grown 65% since 2008, nearly twice the percentage rate of the company's overall book of business, which has risen 37% during the same period.
While vintage Toyota Land Cruisers (202%) appear to be the fastest rising choice among vintage SUVs, other models showing significant movement include 1970s and '80s Jeeps (93%), Ford Broncos (86%) and International Scouts (85%) from the 1960s and '70s.
"With so many young collectors opting for modern SUVs as their daily drivers, we're seeing a shift in perception of what makes a vehicle cool," says McKeel Hagerty, President and CEO of Hagerty, the world's leading provider of classic car insurance. "Broncos, Land Rovers and other similar vehicles from the '60s and '70s were, for the most part, once seen as utilitarian. But vintage SUVs are becoming more and more collectible, and it appears that trend will continue. This is a great time to get into this segment of the collector car market."
In addition to growth in Hagerty's database, sales analysis of more than 15 major auction houses, recently conducted by the Hagerty Institute, offers further evidence of a budding trend of increased SUV sales and values. Over the last five years, the number of vintage SUV's offered at auction is up 150 percent, and the value of these vehicles has risen 31 percent.
Based in Traverse City, Michigan, Hagerty is the world's leading insurance provider for classic vehicles and host to the largest network of classic car owners. Hagerty offers insurance for classic cars, trucks, motorcycles and motorcycle safety equipment, tractors, automotive tools and spare parts, and even "automobilia" (any historic or collectible item linked with motor vehicles). Hagerty also offers overseas shipping/touring insurance coverage, commercial coverage and club liability coverage. For more information, call (800) 922-4050 or visit www.hagerty.com.
Hagerty also provides online Valuation Tools and publishes Hagerty Price Guide, which are the premier price and value guides for post-war collectible automobiles. For more information please visit www.hagerty.com/valuationtools.
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