There’s a new king of retro cars.
Vehicles from the 1980s have seen the biggest increase in auction values and volume of auction offerings this year, according to Bloomberg. Cars like ’80s models of the Chevrolet Corvette, Ferrari 308, and Ford (F) GT are fast becoming the hottest sellers at houses such as RM Sotheby’s and Gooding & Co.
The preference for ’80s cars over older models has to do with the changing demographics of the wealthy. As Baby Boomers enter retirement, Millennials and Gen-X’ers are now the workers with cash to burn, and many of them grew up idolizing ‘80s rides. Moreever, cars by makers such as GM’s (GM) Chevrolet and Ford auction for much lower prices than the vintage Mercedes and Jaguars that have dominated auctions for years, opening these newer cars up to a wider audience.
Despite the growing popularity of some vehicles, sales of vintage cars overall were down this summer in California compared with last year, when auction sales totaled $402.6 million.