- Of the 1,143 cars up for sale at Monterey Car Week, only 821 sold — marking a 72% sell-through rate, according to classic-car insurance company Hagerty. Moreover, this stall in Monterey Classic Car Sales reflects broader trends in the automotive market.
- The average sale price was $476,965, down slightly from last year’s average of $477,866.
- That’s in part because a new generation of collectors is driving the market — mainly Gen Xers and millennials — who prefer cars from the 1980s, 1990s and 2000s.
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. #MontereyClassicCarSales
Auction sales during Monterey Car Week fell 3% from last year, as a shift from older to newer cars left a pileup of unsold classics from the 1950s and 1960s.
Total sales at this year’s five car auctioneers in Monterey — RM Sotheby’s, Broad Arrow, Gooding & Company, Mecum and Bonhams — fell to $391.6 million this year from $403 million in 2023, according to Hagerty, the classic-car insurance company. That followed a decline of 14% last year compared with the peak of 2022.
Of the 1,143 cars up for sale, only 821 sold — marking a 72% sell-through rate, according to Hagerty. The average sale price was $476,965, down slightly from last year’s average of $477,866.
Experts say wealthy collectors still have plenty of money to spend and are feeling confident given the recent rise in the stock market, but the types of cars they want are changing. There were simply too many similar cars at too many auctions to generate strong prices and sales. #MontereyClassicCarSales
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