Market Report / August 2024

There were a record number of cars sold in August 2024, with sales up by 16% (that’s 810 more cars!) compared to the same month in 2023. However, unlike last year, the total dollar volume increased by 4.9% – but the average price per car dropped by 10% (around $11K).

We also saw an improvement in the Sell Through Rate, which has gone up for 6 of the last 8 months this year.

Usually, the story in August is all about the Monterey Auctions. But even though August 2024 showed great results compared to 2023 across most metrics, the auctions in Monterey were not the main driver behind this growth. In fact, Monterey results were slightly down this year when compared to 2023. Check out our Monterey 2024 Recap for the full breakdown.

Interestingly, the Worldwide Auctioneers Auburn Auction played a key role in driving August 2024's strong results compared to last year – growing noticeably in both Sold Listings and Dollar Volume. However, it's also important to note that Worldwide took place only partially in August last year – spreading into early September – so comparing monthly numbers isn't completely accurate year-over-year. But even without factoring in Auburn, the market still shows strong activity largely due to online auctions and other live events.

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August Breakdown

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Dollar Volume at auctions saw a year-over-year increase of 5%. This growth was not driven by Monterey, but by online auctions and live auctions that didn't take place in Monterey - including auctions by Worldwide, Gooding & Company, and Iconic Auctioneers.

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Sold Listings in August have been steadily growing since the Pandemic – largely driven by increased activity at online auctions while Monterey has grown, albeit much slower than online listings.

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While Sell-through-rate (STR) has gone up for 6 of the last 8 months this year, average prices have dropped – partly due to overall price cooling, but more significantly bue to a shift in market preferences. Younger buyers are increasingly drawn to emerging classics that remain affordable, while some high-end, blue-chip models are being left unsold.

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Year-to-Date

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We are 67% through the year, and the same trends that we pointed out in our Half-time Report are still holding. The market is stable, although showing signs of cooling, and growth is being driven primarily by online auctions.

We’re at a pivotal moment in the market where tech-savvy Millennials and Gen X-ers, with their love for all things 1990s-2000s, are changing the dynamics. Auctions have taken notice, and are sure to be adjusting their marketing strategies to match. With an upcoming U.S. election and growing economic uncertainty, the rest of the year promises to be intriguing—and a lot of fun. Get ready for the ride!

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Notable Sales

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Top 10 Sales in August 2024

Even though Monterey saw lackluster results and didn't drive growth in August, do not think for one minute that their importance in the market has dwindled. Many of the top sales every year happen in Monterey, and this year was no exception. All of the Top 10 sales in August happened in Monterey, with half of them sold by RM Sotheby's alone:

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Top Online Sales

Although it was far from the Top 10, the top online sale from Bring a Trailer was a Gullwing in Monterey that sold during Car Week, at the same time as the live auctions. We see what you did there, BaT!

Here are the top 3 online sales in August:

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Top 10 Flips & Flops in August 2024

Each month, we track "Flips" and "Flops," which we define as cars with documented previous sale records. This enables us to calculate the net gain or loss and the time elapsed since the last sale. While some purists argue that a genuine Flip/Flop occurs only within a 12-month timeframe from the previous sale, we believe this list offers entertainment and valuable insights that a narrower window would overlook. Admittedly, it's plausible that cars have changed hands in private transactions between these public listings; nonetheless, this data provides valuable insights into which cars have realized significant gains or losses compared to their previous sales. Enjoy this data at your own discretion.

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Market Busters in August 2024

While most statistics and reviews tend to concentrate on the upper echelon of the market, noteworthy examples are consistently emerging across all segments of the industry. Our "Market Busters" chart showcases listings that broke records within their respective market segments and across all value tiers.

Ahem... note that 9 of the 10 are from 1989 or later. Collectors take note!

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Results are included from the following auctions in August 2024:

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* A Market on CLASSIC.COM is a grouping of comparable vehicles that have, at a minimum, the same Make, Model, and Model Generation. When relevant for purposes of valuation, a Market may be further segmented by Model Variant, Trim, Transmission Type, Body Style, and other factors. 

**The CLASSIC.COM Market Benchmark (CMB) is a benchmark value for vehicles in a given Market based on data accumulated by CLASSIC.COM and calculated by a proprietary algorithm that takes into account volume and recency of each data point. CMB can be used to assess the performance of a market over a given time period. However, it does not represent the value of a specific vehicle. 

Read more in our Glossary of Terms