Vehicles produced in the 1980s and 1990s are officially hot, while cars from the 1930s-1950s are starting to lose their appeal among collectors, according to Hagerty Inc.'s 2023 U.S. Bull Market list, which highlights the vehicles with the most potential to hold or increase in value in the coming years.

"This year's Bull Market list includes a diverse range of vehicles, including microcars, muscle cars, sports cars, exotics, a motorcycle, and even a military-grade SUV. The common factor is timing — even against the current economic backdrop, we believe this group is poised to grow the most in value next year," Brian Rabold, vice president of automotive intelligence for Hagerty, said in a release. "Buying a fun car while it's on the way up means you can use and enjoy it while likely coming out ahead when it's time to sell."

A vehicle's value is important because classic car insurance typically bases coverage on an agreed value that is determined by the policyholder and the insurance company. In the event of a covered total loss, the agreed value is the amount that will be paid out. Standard auto insurance policies typically offer "actual cash value" or "state value," which includes depreciation.