90s 'Old Car' Auction Prices Rise 78% in 3 Years... "Millennial Generation Collecting"

From 90s Used Cars to Collector's Items: Popular Models Like Ford, Volkswagen, and Toyota

[Asia Economy Reporter Jeong Hyunjin] "The value of collectible cars from the 1990s has increased by an average of 78% over the past three years. It's incredible."

Brian Rabold, Vice President of Hagerty, a company that tracks collectible car prices, said this in an interview with CNN on the 17th (local time). He explained, "The value of 1990s cars has increased more than ever before in the past three years."

Cars from the 1990s are gaining attention from collectors in the auction market. Vehicles that were considered used cars until recently are gradually entering the ranks of collectible cars that evoke nostalgia with the rise of the millennial generation.

According to CNN, not only luxury brands generally regarded as collectible cars such as Ferrari, Bugatti, and McLaren, but also some models from manufacturers like Toyota, Mitsubishi, and Volkswagen have seen their values soar.

1996 Ford Bronco model appearance [Image source=Ford Motor Company]

According to reports, the value of the Ford Bronco from the 1990s averaged $13,375 (16.6 million KRW) between 2015 and 2018, but its value has now doubled. The value of the Mitsubishi Eclipse from the early 1990s has risen by 40% since 2020, and models like the Nissan 300ZX from the 1990s are also on the rise. Volkswagen Vanagon and Toyota Land Cruiser are also noted as collectible cars, CNN reported.

Kevin Marcano, who owns a company dealing with collectible cars, said in an interview with CNN, "We are big fans of the Land Cruiser. We especially like the models produced from the early 1990s to 1997."

However, CNN noted, "This does not mean that the value of all cars from the 1990s has increased," adding, "Generally, it is mostly sports cars, with only a few exceptions among practical passenger cars."

The background for 1990s cars beginning to make a name in the collectible car market seems to be linked to the social advancement of the millennial generation.

Appearance of the 1990s Nissan 300ZX model. [Image source=Nissan]

Randy Nonnenberg, co-founder and chairman of the online car auction site Bring a Trailer, explained in an interview with the U.S. news weekly Newsweek in July last year, "Collectible cars go through a cycle of being forgotten for 10 to 20 years until the nostalgia of fans who can afford to buy them is revived," and now 1990s vehicles have entered this cycle. He added, "I have never seen such a rapid increase in one category."

At the same time, the fact that vehicles released in the 1990s have essentially completed their depreciation is also positively evaluated from an investment perspective. Experts also noted that compared to cars released from the 1950s to the 1980s, 1990s vehicles are equipped with features still usable today, such as air conditioning and airbags, and have a more mechanical feel than recently released cars, which attracts interest.

This content was produced with the assistance of AI translation services.