Class of 2023: Hagerty’s top 10 classic cars to buy this year

Hagerty on Wednesday released its seventh annual “Bull Market” list of classic cars the insurer believes will rise in value in the coming year.

These aren’t new cars tipped to become future classics, or old cars that have already maxed out in value. Rather, they are somewhere in the middle. These are older cars that have nearly bottomed out on the depreciation curve—making them affordable to buy now—but are also expected to attract more interest from collectors in the future and are thus considered solid investments.

So if you’re looking to add a collectible car to your garage, take note. These are Hagerty’s top 10 classic cars (plus one motorcycle) to buy in 2023.

Hummer H1 (photo via Hagerty)

1996-2006 Hummer H1

The original Hummer H1 is a unique vehicle that, thanks to Operation Desert Storm and Arnold Schwarzenegger, has been etched into pop culture. The GMC Hummer EV is a testament to the Hummer name’s staying power, but now the vehicle that launched the brand is getting old enough to be considered a classic. Increasing interest from younger millennial buyers and lagging appreciation mean now might be a good time to buy, Hagerty says.

AMC AMX (photo via Hagerty)

1968-1970 AMC AMX

The original AMC AMX was a two-seat alternative to the Ford Mustang, Chevrolet Camaro/Pontiac Firebird, and Dodge Challenger/Plymouth Barracuda that never matched the Detroit Three pony cars in popularity. The AMX’s time as a collectible may be here, though. Hagerty says interest from “next-generation” enthusiasts has nearly tripled since 2019, from a share of 13% to 38% of insurance quotes, while appreciation still lags more popular muscle cars like the first-generation 1967-69 Camaro.

Audi R8 (photo via Hagerty)

2008-2015 Audi R8 (manual)

With Audi set to retire the R8 V10, it’s worth appreciating the first incarnation of the automaker’s supercar. The first-generation R8 launched with a V-8 engine (adding the V-10 later), but also a 6-speed manual transmission with a European-style metal gate. Manual supercars have nearly vanished, making the R8 manual something special. Collectors seem aware of this, as insurance policy purchases and quotes have grown significantly over the past few years, Hagerty notes.

Chevrolet Corvette Z06 (photo via Hagerty)

2001-2004 Chevrolet Corvette Z06

The C5 Corvette Z06 was designed as a hardcore track-day special, setting the template for the more extreme C6, C7, and C8 Z06 models that followed. The C5 Z06’s 385 hp (later upgraded to 405 hp) may not seem like much compared to the 670-hp 2023 Corvette Z06, but it was considered a supercar killer in its day. Insurance lookups have more than tripled since 2021, with an equal share of insurance quotes from Baby Boomers, Gen X, and Gen Y millennials, per Hagerty, creating a solid foundation for collectibility.

Harley-Davidson Knucklehead (photo via Hagerty)

1936-1947 Harley-Davidson Knucklehead

Named for the distinctive look of its V-Twin engine’s cylinder heads, the Knucklehead is a motorcycle icon. Unlike some other classic bikes, it’s also attracting interest from younger collectors. Knucklehead owners are nearly three times more likely to be under age 45 than owners of its period rival, the Indian Chief, Hagerty says.

Lamborghini Murciélago (photo via Hagerty)

2001-2010 Lamborghini Murciélago

The Murciélago was Lamborghini’s supercar for the early 2000s, occupying the space between the Diablo and Aventador in the automaker’s timeline. Murciélago values are up 48% since 2019, but still lag contemporary supercars like the Porsche Carrera GT, according to Hagerty. So while they aren’t cheap (Hagerty estimates a low-end average of about $300,000) they could still appreciate in value.

Mercedes-Benz SLR McLaren (photo via Hagerty)

2004-2010 Mercedes-Benz SLR McLaren

The SLR McLaren is like no other modern supercar. A byproduct of the Formula 1 racing partnership between Mercedes-Benz and McLaren (before the latter became a full-fledged road car manufacturer), the SLR eschewed mid-engine orthodoxy for a front-engined design that payed tribute to the 300 SLR racer of the 1950s. Today, the SLR holds a value premium over its successor, the gull-winged SLS AMG, but still has room to grow, Hagerty predicts.

Nissan 350Z (photo via Hagerty)

2003-2008 Nissan 350Z

The Z33-generation 350Z ended a brief hiatus for the Nissan Z-car in the U.S. with fresh styling and naturally-aspirated V-6 power. While traces of its DNA can still be found in the 2023 Nissan Z, the 350Z is now old enough to be considered a classic-in-waiting. Values are on the rise, and more buyers under age 40 are diluting the majority-Boomer ownership pool, according to Hagerty.

Saab 900 Turbo (photo via Hagerty)

1985-1993 Saab 900 Turbo

The first-generation Saab 900 Turbo is one of the cars that built the Swedish automaker’s reputation, and was also one of the last engineered entirely in-house before Saab was taken over by General Motors. Its turbocharged engine (a novelty at the time) and distinctive shape are pure Saab. Hagerty says the 900 Turbo is now trending toward faster appreciation and a younger buyer demographic, with the share of owners under 40 tripling since 2019.

Suzuki Cappuccino (photo via Hagerty)

1991-1998 Suzuki Cappuccino

One of the few cars that can make a Miata look overweight, the Suzuki Cappuccino was not sold in the U.S. when new, but it’s now legal to import under the 25-year exemption. A kei car with a mere 63 hp, it’s possible to get one for under $10,000, according to Hagerty. A large contingent of millennial and Gen Z owners means there will be a dedicated following going forward, the insurer predicts.

Toyota Pickup (photo via Hagerty)

1984-1988 Toyota Pickup 4×4

Hagerty suggests the second-generation Toyota Pickup as a good choice for buyers who want a vintage off-roader, but have been priced out of Land Cruisers and Ford Broncos. The Toyota Pickup is simple and robust, but has never gotten the same attention from collectors as the Land Cruiser, keeping prices low. Hagerty says the number of Toyota Pickups added to its policies has quadrupled since 2017, so it seems many enthusiasts have already realized that.