Five-Year '69 Mustang Restoration Returns Stripped Car as Classic Market Hits $12.6 B
The U.S. classic car market was valued at $12.6 billion in 2024 and is projected to reach nearly $26 billion by 2032, while Hagerty’s Q1 2025 data shows muscle car values, including 1969 Mustang Mach 1s, fell about 10% year-over-year. A five-year ‘69 Mustang restoration ended stripped and incomplete, underscoring restoration risks.
1. Five-Year Restoration Ordeal
When Kevin Bickley dropped off his 1969 Mustang Mach 1 in October 2020, he was promised a Grabber Orange paint job, new transmission and modern wheels by Easter 2021. After five years and $24,312 in paid receipts, the returned car was missing doors, hood, rear axle and front suspension, leaving the build incomplete.
2. Classic Car Market Growth
The U.S. classic car market reached an estimated $12.6 billion valuation in 2024 and is forecast to expand to nearly $26 billion by 2032. Growth is driven by rising interest from younger enthusiasts and increasing demand for restorations and modern classics from the 1980s and ’90s.
3. Collector Car Value Trends
Hagerty’s Blue Chip index outperformed the stock market for nearly two decades until 2024, when high-end collector car values softened. Q1 2025 data showed values for classic Ferraris and muscle cars like the Mustang Mach 1 declined about 10% year-over-year, narrowing investment returns compared to the S&P 500.
4. Restoration Industry Risks
The restoration sector operates with minimal oversight, flexible timelines and knowledge asymmetries, creating opportunities for disputes. Experts recommend detailed contracts, milestone-based payments and thorough shop vetting to protect owners’ vehicles and finances.