Pre-WWII Collector Car Market: A Shifting Landscape by Mike Thies

The market for pre-World War II collector cars has undergone a marked shift in recent years. Once considered untouchable crown jewels of the collector world, many pre-war classics are now experiencing declining values amid changing demand. A combination of shifting buyer demographics, broader economic pressures, and evolving tastes has reshaped this segment’s trajectory. This analysis summarizes the key trends affecting pre-war collector cars and how they compare to post-war segments in today’s market.

Values for pre-war automobiles have been trending downward. Auction results and price guides increasingly show that many sought-after models from the 1910s, 1920s, and 1930s are fetching lower prices than they did a decade ago. In what used to be a booming segment, prices have stagnated or declined, with some models seeing double-digit percentage drops from their peak values. Sellers are encountering more instances of reserve prices not being met and generally softer demand. Notably, the very top-tier examples, such as ultra-rare coachbuilt luxury cars or those with significant historical provenance, can still command strong figures. However, even these exceptions often sell for less exuberant sums than they might have a few years prior. The overall picture is clear: the pre-war segment is no longer the appreciating investment it once was, as the pool of enthusiastic buyers continues to shrink and become more selective.

Shifting Buyer Demographics

A primary driver behind the softening pre-war market is a profound demographic shift among collectors. The generation of enthusiasts who harbor nostalgia and firsthand memories of pre-WWII cars is aging. Many of the most dedicated pre-war car collectors are now in their retirement years or beyond. As these long-time caretakers begin to downsize collections or pass on, there are fewer younger buyers stepping in to fill the void.

Younger collectors (Generation X, Millennials, and even Gen Z) generally have different automotive touchstones. Their passion tends to gravitate toward vehicles from the 1950s through the 1990s, cars that were around in their childhood or that they’ve seen in modern media. They may admire a 1930s Duesenberg or Bugatti for its artistry, but they often prefer to spend their money on the machines of their own youth: whether that’s a 1960s American muscle car, a 1980s European sports coupe, or a 1990s Japanese performance car. This means the emotional connection that once fueled demand for pre-war cars is simply not as common in the new buyer demographic. Moreover, pre-war cars require a level of mechanical knowledge and driving technique (from double-clutching non-synchronized gears to handling mechanical brakes) that many younger hobbyists aren’t eager to learn. The result is a dwindling audience for pre-1940 automobiles, a smaller, older group of buyers competing for these cars, translating to less aggressive bidding and lower price ceilings.

General economic factors have added further pressure on the pre-war collector car segment. In recent years, rising interest rates and inflation have put a squeeze on luxury and hobby expenditures. Collector cars are discretionary purchases, and when borrowing costs climb or portfolios tighten, buyers become more cautious. Big pre-war classics, often six- or seven-figure assets, are especially sensitive to these trends. Many would-be buyers are adopting a wait-and-see approach, anticipating that prices could fall further amid a general market correction for collectibles. This has contributed to what many experts are calling a buyer’s market for pre-war cars, where serious purchasers can afford to be selective and price-sensitive.

Additionally, the cost of ownership for pre-war vehicles has increased. Restorations and maintenance are more expensive now due to higher materials and skilled labor costs. Everything from engine rebuilding to sourcing bespoke parts has become pricier, which can deter new entrants or ongoing projects. Economic uncertainty (including global events and fluctuating stock markets) also affects confidence: collectors might hesitate to commit large sums to a 1930s classic when the financial outlook is foggy. Together, these factors create economic headwinds that exacerbate the decline in values, as fewer people are competing to buy, and some owners choose to liquidate their assets for financial security. The correction we’re seeing in pre-war car prices is thus partly a natural market response after years of growth, and partly a reaction to these broader economic stressors.

The challenges facing pre-WWII cars become even more apparent when comparing their performance to post-war collector car segments. In contrast to the downturn in pre-war values, many post-war categories have shown greater resilience and, in some cases, continued strength. Collector cars from the 1950s and 1960s, think early European sports cars, mid-century American classics, and of course the ever-popular 1960s muscle cars, still enjoy a large following. While these categories aren’t immune to market cycles and have seen some price adjustments, they benefit from a broader fan base and more constant turnover of new enthusiasts. A baby boomer or “Gen Xer” who dreamt of a ’69 Camaro or a Mercedes 300SL is still likely to seek one out, whereas few in those generations actively aspire to own a Ford Model A these days.

More striking is the robust interest in modern classics (1970s through 1990s) and even newer exotics. Over the past few years, auction headlines have been dominated by record sales of cars like 1980s Ferrari supercars, 1990s Japanese sports models, and early 2000s luxury performance cars. In fact, if you look at the highest auction results today, they’re increasingly populated by vehicles from the last 30–40 years, Ferrari F40s, McLaren F1s, Porsche 911 GT2s, and so on, rather than pre-war grand classics. This shift illustrates how collector demand has pivoted: the market is bullish for one generation of vehicles even as it softens for another. Many post-war segments, especially those tied to the younger generations’ nostalgia, have either held their values or even appreciated recently. For example, 1980s and ’90s sports cars have seen a surge in value as enthusiasts who grew up with them reach peak purchasing power. By comparison, pre-war cars are underperforming, having lost relative ground in value and attention. In simple terms, the collector car spotlight has moved forward in time, leaving the pre-war era in a bit of a shadow for now.

The pre-WWII collector car market is undeniably in the midst of a correction brought on by generational change and economic reality. Declining values and a shrinking buyer pool do not mean these vehicles have lost all appeal, rather, they have transitioned to a more niche corner of the hobby. The most significant pre-war classics with impeccable provenance will always find appreciative custodians, but the days of across-the-board value inflation in this segment appear to be over.

For current owners of pre-war cars, these trends mean it’s important to reset expectations. An appraisal from a decade ago may no longer reflect today’s market value. However, for passionate enthusiasts and new collectors, this climate presents potential opportunities. Softer prices can make acquiring a piece of automotive history more attainable than before. A dedicated new generation of collectors could yet emerge to preserve these machines, especially as they recognize the craftsmanship and charm that only early automobiles offer.

In the broader context, the collector car market is continuously evolving. Post-war and modern classics are taking center stage, guided by the passions of newer enthusiasts. Pre-war classics, meanwhile, are becoming the realm of specialists and true connoisseurs. As appraisers and market watchers, we view these shifts not as the end of an era but as part of the natural life cycle of the hobby. The significance of pre-war cars remains intact, they are rolling pieces of history, but their financial performance will depend on finding the next stewards who value that history. The increasing loss of baby Boom collectors means more cars on the market and less buyers, except of younger generations that don’t have the same numbers (smaller demographic).  Going forward, stakeholders in this market must stay attuned to these demographic changes, supply and demand and other economic signals, ensuring that these vintage treasures continue to be cherished even as the market’s definition of “classic” continues to mature.