Classic Car Market Faces Changes After Pebble Beach Show

During the recent Monterey Car Show at Pebble Beach, the classic car market showcased both vintage and modern cars. A notable incident involved a vintage Ford car, valued over $1 million, which tragically caught fire while being transported after the show. This event has raised eyebrows about the current state of the classic car market, which experienced an auction miss, collecting only about $392 million versus the expected $460 million. The sales rates for high-end cars, including iconic brands like Ferrari, dropped significantly from 62% to 52%. This decline sparks discussions about a potential correction in the market, particularly after a steady rise since the pandemic. Additionally, automakers responded to changing consumer preferences by offering more customization options, targeting a younger demographic with desires for unique designs and luxury features like personalized embroidery and stone inlays. As the classic car scene evolves, it's clear that traditional values are meeting modern tastes, indicating a shifting future for collectors and enthusiasts alike.