When Does An Old Car Become A "Classic" Car?

No, it’s not a classic - though I’m sure it’s more desirable than most comparable period cars.

As far as “tupperware cars” go, you might be well-advised to avoid thinking of them as bugs. A Honda Jazz weighs over 1,100 kg, or just a couple of hundred less than your car (assuming it’s the sedan.)

Modern cars are much safer than those from a generation ago. I’d rather be in the Jazz in a crash.

Not sure if many cars from today will be collectable since they have stopped evolving to become nothing but cynical money-makers for governments and manufacturers. Personal transport is all it may be in the future. Affording fuel for these massively inefficient designs of the early 21st century may also become a problem as oil prices continue to escalate faster.

However, the Delorean gained a lot of exposure from the Back to the Future movies, in fact it seems that people’s perception of the Delorean today is as a SF-ish car. I went to a car show a few weeks ago where there was a DMC and the owners played up the BttF association. They admitted that it was a crappy sports car in general.

Oh really, you heard that from some random guy in a parking lot, so it must be true right?

And for “the kids” it appears in the video for Thrift Shop, so another generation has been exposed to it. But it will now be associated with thrift store goers.

Link to video, NSFW language:

“Classic” cars are worth only as much as a collector is willing to pay for it, and only a few rare cars become truly valuable. Cars made back in the sixties and seventies were basically junk, but a few dedicated owners preserved theirs, and thus the cars have become classics. A modern, Japanese car built to last 10+ years is not going to be particularly rare anytime soon.

However, after about 20 years in most states, cars become eligible for antique/classic auto plates. Antique plates are necessary for your insurance company to cover the “collector’s value” of the vehicle, rather than the “blue-book value”. For instance, a car owned by Jay Leno may be worth a million dollars to another collector. To the insurance company, it would be a 40 year-old hunk of metal. To qualify for antique plate, the vehicle cannot be someone primary vehicle, and must be driven a limited number of miles driven each year to limit wear and risk of damage.

The value would have to be determined by an assessor to prevent fraud. Otherwise the owner could take out a million dollar policy on a clunker and then crash it in a month. The value would be based on average transaction prices on similar vehicles exchanged between collectors. The amount insured could also represent money invested in restoration, but this amount may be of negligible importance to other collectors.

My, but we are cynical, aren’t we? :smiley:

Yes, there will be classics - If Tesla folds, the limited numbers, plus the cachet of “1st gen electric” will cause them to be sought after - actually, there were electrics in the first gen of cars - see “Baker Electric”. Those are worth a bit nowadays.

Other than that, it is hard to pick - top of the line Mercedes, Rolls-Royce are reasonable sure bets. The super-exotic (the company which makes about 8 cars a year, at about $900,000 per) aren’t going to the junk yards anytime soon.
The opposite is also happening - there were about 5 million Model A Fords (1928 - 1931), yet they became collector’s items. The lowly VW Bug is doing nicely, and the last time I looked (10 years ago), the 13-window combi was about $60K for a mint, $20K if the glass was intact. These are probably more about old farts re-creating their youth (yes, I’m a Boomer, and I owned a Model A - my father’s youth).

OTOH:
Detroit is famous for saying “it will doom the private car” or “will add 50 zillion dollars to the price” every time a safety/mileage/environmental regulation was proposed.

In the case of roll-over safety, GM actually said that the 1972 Cadillac would be the last convertible they would ever produce. A few folks actually believed that and bought a car, took it home and put it up on blocks and preserved them, certain that they had a sure-fire classic.

GM has a very bad history of marketing and engineering.

Most Rolls-Royces don’t turn into classics. Old ones still have some value, but not because they’re inherently desirable. It’s just because they haven’t fully depreciated yet because they cost so fucking much to begin with.

2 very good points - esp the part about restoration costs.
Unless you buy a farm and find 10 old cars, 3 of which can serve as parts for another, you will generally never re-coup your restoration costs. USUALLY!!!
Yes, there are cars so rare that you can have 50% of the parts custom-machined (3-D printed?) and still make money.

AND - it costs the same to restore a sedan as it does to restore a convertible - save your nickels and dimes and buy the rarest body style you can find.

Compare a 1925 RR to a 1925 Dodge.

Most pre-1935 (when they started making cars for the masses) Packards do quite well, as do the V12 Cadillacs and Lincolns. Pierce-Arrow was an expensive car in it’s day. Even higher now.
If you want to pick a future classic, don’t bet on Joe Six-pack’s wheels, nor those of the CEO of is employer,

I watched a few episodes of one of those car restoration shows. They come across a beater classic car, fix it up, sell it at auction. They rarely made more than a couple hundred bucks and frequently lost money.

And these were people who knew where to find stuff, how to do a really great restoration job, etc. A DIYer would be losing big $ on these.

It’s amazing how a car I’d figure would be worth at least $40k would be lucky to sell for $20k.

(I figure no matter how long I keep my 87 Mazda 323 hatchback, it’s never going be worth than the scrap metal price. It’s officially an antique in my state. No more emission tests!)

I think you will see a few 80’s classics increase in value, some already have. I doubt however that you will see many besides exotics command prices that you see with the muscle cars of the 60’s and 70’s. But of course, there was a time when you couldn’t give a used muscle car away and not many back then predicted the high prices you see now.

Some of the eighties classics are already increasing in value. I own a 1984 Mazda RX7 GSL-SE and currently it is worth considerably more than the blue book value. Blue Book puts the value around $2500 or so, but it is quite common to see good examples selling for $6-$8k. The third generation RX7 is another, it’s common to see these going for $15-$20k. However, these prices can be attributed to the “cult” following of these vehicles.

What seems to drive prices is the desirability of the car when it was new. For those of us who wanted one as young men now is the time we can afford them. Nothing is as expensive in this world as trying to relive one’s youth.