Hagerty says they're driving the market.
When it comes to classic car enthusiasm, you might picture Baby Boomers nostalgically polishing their vintage Mustangs. However, a surprising shift is underway: it's Gen Z and Millennials who are emerging as the most passionate about these automotive relics. A recent study by Hagerty reveals that the younger generations are not only interested in classic cars but are rapidly surpassing Boomers in their enthusiasm.
Despite growing up in a digital age dominated by smartphones and ride-sharing apps, Gen Z is developing a deep love for classic cars. According to the Hagerty survey, an impressive 77% of Gen Z respondents said they enjoy driving, and a remarkable 60% expressed a desire to own a classic car. This level of interest is almost double that of Baby Boomers, where only 31% still harbor dreams of cruising in a vintage ride. The appeal for Gen Z might stem from a mix of nostalgia, the excitement of hands-on car repairs, and a desire to stand out in a world where digital experiences are often fleeting. This generation isn't just consuming car culture through video games or social media—they're getting behind the wheel and embracing the real thing.
Millennials are also making their mark on the classic car scene. About 30% of them have owned or currently own a classic car, and they’re leading the charge in do-it-yourself car maintenance, with 34% opting to handle their vehicle repairs on their own. This hands-on approach could be attributed to the economic challenges they faced during the Great Recession, which taught them the value of self-reliance and making the most of their resources.
As the younger generations embrace classic car culture with fervor, they are reshaping the market and ensuring its future vibrancy. Hagerty’s CEO, McKeel Hagerty, notes, “The next generation of car enthusiasts is here, creating a vibrant market for us to help enthusiasts protect, buy, sell, and enjoy their special vehicles.” With such strong interest from Gen Z and Millennials, the future of classic cars looks brighter than ever.
