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Vintage car sales get ‘freezer burn’ as collectors value patience
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Some buyers value ultra-low-mileage cars with extreme rarity and big-ego specs over vintage cars.
ST PHOTO: LIM YAOHUI
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NEW YORK – Amid high interest rates, uncertain global economic climates, the US presidential vote and a glut of vehicles available, vintage car collectors downshifted their spending in Monterey, California, at auctions that ended on Aug 17.
Week-long totals when auctions closed hit US$371 million (S$484 million), down 8 per cent from 2023, according to data provided by Hagerty, well below the bonanza days of US$469 million sold in 2022. Half of the vehicles sold failed to realise their low price estimate, a Hagerty spokesperson confirmed.
