Classic Car Auction Market: What Changed from 2018 to 2024

Have you ever thought of how many classic cars are auctioned off every year? There has been a significant transformation in the classic car auction industry between 2018 and 2024.

People are shopping for cars online more than ever before, prices are up and down, and the auction houses are selling more cars than ever.

You might be a first-time buyer of a classic car or be a veteran collector; however, understanding what these figures indicate can guide you toward making better buying decisions. We’ll examine the actual statistics and find out what is happening in the classic car market.

KEY TAKEAWAYS

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  Classic car sales on the internet went viral between 2018 and 2024, and by 2024, platforms such as Bring a Trailer had reached one and a half billion in sales each year.
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  In 2024, 80,000+ classic cars were auctioned off across the US, which reflects well on the market despite a correction in prices by 3% compared to 2023.
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  Purchasing behaviors have changed due to the pandemic, and many younger collectors and enthusiasts prefer online classic car auctions over face-to-face live auctions.

Total Classic Cars Sold at US Auctions (2018-2024)

Classic car sales in auctions have significantly increased in the last seven years. This increase occurred not only at traditional live auctions where individuals assemble in actual places but also at online classic car auctions where individuals place their bids from the comfort of their homes on their PC.

The Big Picture Numbers

Statista data shows that almost 70,000 classic vehicles were auctioned all over the world in 2023. The largest segment of this market is the United States.

 Since time immemorial, America has been the biggest market in the world for classic cars, and the industry is estimated to be worth between 14 and 15 billion dollars in 2020.

Experts estimate that this market will expand to approximately $18.77 billion by the year 2024. In 2024, the total sales value of the classic car auctions held across the globe exceeded four billion dollars, and this is what demonstrates the healthiness of this market.

Year-by-Year Breakdown

The classic car auction market experienced consistent growth between 2018 and 2021. This happened during the pandemic years 2020 and 2021. Increased purchases of old cars occurred due to the increased time at home, and partly due to the fact that old cars were perceived to be good investments.

People could buy online through auction platforms, and this made it extremely easy to be able to buy without stepping outside their homes. Approximately 39,300 vehicles were sold in online auctions in the year 2022 alone. That number jumped to 42,500 in 2023.

Adding the sales of live auctions to the online ones, the experts estimate that over 80,000 classic cars had new owners in 2024 in the United States alone.

The Rise of Online Classic Car Auctions

The online classic car sales have totally transformed the way individuals purchase and sell older cars. Prior to the internet revolution in car shopping, one needed to travel to major auction shows to purchase a vintage car in cities such as Scottsdale or Monterey. 

You can now simply place bids on cars anytime in the world with a single tap on your phone or computer.

Online Auction Growth Statistics

These figures are the most incredible narrative of online growth. In 2022, online auctions sold 39,300 cars. The figure only increased to 42,500 vehicles just a year later in 2023. 

This gradual rise indicates that an increasing number of buyers are now more comfortable spending huge sums of money on cars whose touch and drive they have never experienced before purchasing.

Online auctions brought the highest sales value at classic car auctions in the world in 2024. Online sites sold off billions of dollars of vehicles and outperformed the renowned Monterey live auctions that attracted approximately $396 million in sales.

The Success Story of Bring A Trailer

Bring a Trailer is one company that has been at the forefront of selling classic cars online. Their growth statistics are quite impressive. In 2020, they sold $398 million of cars. The following year, in 2021, they sold $828 million. 

This is an increment of 108% in a year alone. By 2023, the total sales of Bring a Trailer amounted to $1.4 billion by selling over 30,000 cars. They continued to expand and hit $1.5 billion in 2024, having approximately 45,000 auctions closed.

Why Online Classic Car Sales Boomed

There are a number of reasons why a large number of people are currently purchasing classic cars online. These include:

A Lot Easier and Simpler

Shopping is a lot simpler. You do not have to go anywhere to see hundreds of cars.

More Options

Consumers have many more options. Rather than viewing the 100 or 200 vehicles at a local auction, online platforms display thousands of cars in the entire country.

Pandemic “Buy Online” Effect

The 2020 pandemic changed the way everybody shops. Human beings became accustomed to purchasing high-priced products online and were more assured of doing it.

The World of Digital Generation

Younger consumers who were brought up with the internet enjoy online shopping. They prefer reading descriptions, looking at multiple pictures, and asking questions via messages instead of in a congested tent at the auction.

Read also: Classic Car Insurance Market Insights

Major Live Auction Houses and Their Sales

Although online auctions are increasing rapidly, traditional live auctions continue to fetch massive sums of money. These large-scale events generate a buzz that cannot be found on a computer screen. The anticipation of placing a bid in person and access to a close look at rare cars is enjoyed by people.

Mecum Auctions Performance

Mecum Auctions organizes numerous large sales annually in America. Their biggest event is the one that is held in Kissimmee, Florida, every January. The Kissimmee sale made $275 million selling 4,383 vehicles in January 2024.

In September later in the year, their Dallas sale brought in $47 million on 1,656 lots. Mecum sold 1,023 vehicles in Houston in April 2024 for a total of $29.4 million. Mecum tours various cities all year round, and this offers customers a lot of opportunities to view cars physically.

Other Top Auction Houses

There are other well-known auction firms that conduct big sales.

In 2024, RM Sotheby's saw a sales figure of over $887 million in their aggregate sales of all their events including live auctions, online sales, and deals. They had 41 total auctions and sold 126 cars worth over one million dollars apiece.

In January 2024, 2016 car lots at Barrett-Jackson in Scottsdale sold for $200.9 million with a 100% sell-through.

Other notable auctions that are hosted by Bonhams and Gooding & Company also appeal to serious collectors.

Kissimmee: The Biggest US Auction Event

The Mecum Kissimmee auction is one of the biggest car auctions in America. This event has sold more than $200 million in vehicles in three consecutive years. Kissimmee sold over 4,300 cars in 2024 alone.

The occasion takes place over several days in January and attracts thousands of individuals to Florida. The auction generates employment and attracts tourists in this region, which makes it significant to the local economy as well.

How Classic Car Auction Prices Changed (2018-2024)

Prices of classic cars took a wild ride between 2018 and 2024. Knowledge of these price fluctuations will enable buyers to determine whether they get a good price or pay too much.

Price Trends Over the Years

The prices increased steadily between 2018 and 2020. Then, in 2021 and 2022, the prices actually skyrocketed as more people desired classic cars due to the pandemic. The years were characterized by the highest average prices.

However, 2024 brought a change. The total prices decreased approximately by 3% in relation to 2023. One of the analyses established that the median price fell to about 27,400 in 2024 compared to about 30,500 in 2023. Inflation adjusted, the prices were in fact declining by approximately 14% in 2024.

This does not imply that the market is troubled, though. Analysts believe that the market is merely returning to its normalcy following the suspension of excitement during the pandemic.

What Affects Auction Prices

A lot of factors influence the price that a classic car gets at auction.

Rarity

Rarity matters a lot. The fewer the number of a particular model produced, the higher the price of the collectors.

Car Condition

The car condition is also of great importance. A car that appears to be in excellent condition and is in perfect shape will fetch significantly more than one that requires a lot of repairs.

Historical Value

Price increases are also fuelled by historical importance. Buyers will pay more if the car was owned by a famous person or if it has won major races.

Current Market Value

The market is dynamic, and the demand changes with time. The cars that were appealing five years ago may not be that appealing today, and other models may go hot overnight.

Understanding Classic Car Details Before Buying

Before buying a classic car and committing thousands of dollars, you need to know about the history of the vehicle. With Classic Car VIN Lookup tools, you can request a classic vehicle history report and a classic build sheet, which provide detailed information on the features, options, and history of pre-1981 vehicles.

What will the Classic Decoder Report Show You?

With such reports, you can learn the exact specifications of the vehicle, including the engine type and factory features.

Other records to expect include:

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  Title Brands: View past records with any title brands (salvage, junk etc) that could alert you of any past damages.
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  Lien and Loan Records: The report will reflect if there is an outstanding lien on the car, which helps avoid car repossession.
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  Theft Records: Be sure the vehicle is not stolen and is being sold by the real owner or seller.
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  Mileage Records: Detect any odometer rollback and establish the real value of the car.
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  Accident History: Know if the car has been in accident, and the extent of damage
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  Auction History and Sales Records: Know where the car was sold previously, the images, condition, and at what price. 

Get Classic Decoder Build Sheets for Classic Cars

Classic Decoder also provides classic car build sheets.  These special documents inform you of the following:

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  Engine specifications
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  Standard/optional equipment
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  Capacities
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  Original base price when it was new.
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  Paint color
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  Transmission, the dimensions
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  Wheels, rims, and tires specifications

Most Popular Classic Cars Sold at Auctions

Not every classic car sells well at auctions. There are certain brands and models that receive more attention and are priced higher compared to other brands and models.

Top Brands at Auction

Here are some of the top brands that have received the most bids and sales at auctions:

Ferrari

Ferrari controls the large luxury classic cars. Ferraris of the 1950s and 1960s are considered the most expensive cars sold in auctions.

American Muscle Cars

Classic cars like the Ford Mustang, Chevrolet Camaro, and Dodge Charger, have been very popular as well

Porsche

Porsche enjoys a great collector base, and cars such as the 911 and the 356 command premium prices.

Chevrolet

Chevrolet Corvettes have performed well in all generations, from the 1950s models to the 2000s models.

At least 277 cars in 2024 were sold at public auctions above one million dollars, and this fact demonstrates that customers are still willing to acquire the finest vehicles.

Read also: Classic Car Market Growth Insights

Price Ranges

Prices at classic car auctions range. Classics at the entry level that require a little bit of labor may fetch less than 40,000 dollars. These vehicles are suitable for individuals who are mere beginners in collecting or hobbyists who love to fix cars. Mid-range collectibles usually fetch a value of between 40,000 and one million dollars.

They are good cars in good condition that you can enjoy driving immediately. High-value classics with high prestige sell for above one million dollars. These are unique and exclusive cars that tend to be the attractions during major auctions and are usually sought after by rich collectors worldwide.

The Future of Classic Car Auctions

So what is to become of the classic car auctions in the years to come? The majority of analysts are of the view that the market will remain healthy despite the changes.

Classic car auctions online will continue to expand with the advancement in technology. In the near future, virtual reality may give buyers the impression of walking around a car even when they are sitting back at home.

Modern Classic Market Rise

The new younger buyers are still entering the market, bringing with them new vigor and new tastes. A large number of younger collectors seek cars of the 1990s and early 2000s, establishing a market in the so-called modern classics that older collectors may not comprehend.

Despite some price drops in 2024, the market found stability. The sell-through rate stayed at 68% in 2024, which means about two out of every three cars offered found buyers.

Research predicts the classic car market will keep growing through 2032, giving collectors confidence that their passion will remain strong for years to come.

Conclusion on Online Classic Car Sales

Classic car auctions in the United States sold tens of thousands of vehicles between 2018 and 2024. The market saw amazing growth, especially in online classic car auctions, where platforms like Bring a Trailer changed how people buy and sell.

 While 2024 brought some price corrections after the pandemic boom, the overall market remains healthy and active. Both online and live auctions serve important roles, giving buyers different ways to find their dream cars.

If you are thinking about buying a classic car at auction, remember to do careful research by running a classic car VIN lookup and getting a physical inspection.