Boomer Dream Machines Losing Value Fast As Vintage Porsche & Muscle Car Prices Slide

Once seen as both a badge of honour and a shrewd investment, the vintage car market is beginning to stall, and not just overseas.

In Australia, prices are softening, listings are growing, and even the most iconic classics are losing ground.

Globally, collector car values dropped more than 10% in the past year alone, according to The Classic Valuer, with sale prices down 17% at auction. That downturn is mirrored here in Australia. While headline-making auctions still prop up certain models like the Ford Falcon GT-HO Phase III selling for over $1 million, or a pristine Holden Monaro GTS recently moving for $346,000, the wider market is heading in the other direction.

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The reasons? A combination of cost-of-living pressure, changing tastes, and a shrinking pool of younger collectors. Data from Find My Car shows the used car market as a whole has slipped around 5 to 8% compared to 2023. And while modern classics from the 2000s and late ’90s were once red-hot among millennials, those prices are now being reeled in.

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Muscle cars, the cornerstone of Australia’s car culture, are facing a paradox. Rare, historically significant examples still draw high prices from passionate collectors, especially those with the disposable income to back it up, but mid-tier models are seeing reduced demand and longer listing times. The nostalgia is still there.

The urgency to buy? Less so.

The same pattern is affecting international staples like the Porsche 911. Throughout 2023, 911s across all generations were selling faster than ever. But early 2024 numbers show that pace slowing. Even halo models like the 993, the last of the air-cooled Porsches, are holding steady rather than climbing.

I remember wanted to buy a manual 996 4S for around $80,000 in 2018, since then the prices have pumped and dumped, showing the hype of buying an older Porsche 996 or 977 has cooled.

In short, the market is beginning to correct itself.

That’s not to say all is lost. Some cars are still bulletproof from a value perspective, especially those with low-volume production, matching numbers, or motorsport provenance, but they’re the exception, not the rule. The days of buying any old Mustang or Monaro and watching it double in value over five years are mostly behind us.

What does that mean for Australian enthusiasts? Simply put: buy with your heart, not with your wallet. If you’ve always dreamed of a Bathurst-era V8 or a first-gen 911 for the weekend drive, this could be your moment. But if you’re still clinging to the idea of classic cars as quick-return investments, it might be time to recalibrate.

The vintage car market isn’t collapsing. It’s evolving. Sobering up after a bender. And as always, the people who win in this space are the ones who love the drive more than the spreadsheet.