Millennials and Gen X's interest in classic cars increasing
A recent survey by Hagerty has revealed that Generation X and Millennials are surpassing their elders in searches for classic car values
Data is suggesting that the classic car market is in safe hands in the coming years, as the younger generations are searching classic car values online more than ever before. Hagerty, a classic car valuation and insurance specialist, believes 2018 ‘will be remembered as the year that younger car lovers took their share of the wheel from older generations’
Millennials and Generation Xers, encompassing the 30-53 age bracket, have been using Hagerty's Valuation Tools and classic vehicle insurance quotes more often than the preceding Baby Boomers (post-war) and Pre-Boomers (pre-1946) generations by roughly 6%.
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This may be a relatively small amount, but demographic trends suggests millennials will become the largest line on the population pyramid and as a result of that, the biggest audience for classic cars within the next five years.
A rise in one group doesn't mean a decline in another, with the older generations using the internet even more (which itself is an achievement) to search the value of classic cars for sale. In total, such requests have increased by 17% in 2018 across all generations. An earlier survey Hagerty undertook this year indicated that 78% of Gen Xers and 81% of millennials ‘like, love or are passionate’ about driving, with Baby Boomers coming in between them at 79%.
Among that latter group, the most popular vehicle was the 1965-66 Ford Mustang. Iconic American cars such as the Mustang, Chevrolet Camaro and Chevy Corvette are popular across all generations (it’s important to note all three have a modern production model), as well as the stylish creations of the late 1960s according to data gathered by Hagerty.
In contrast, some models are hit with people of a certain age but barely scratch the interest of others. Pre-boomers search for the Ford Model A more than anything else, but it is 37 places lower in the interests of the average millennial looking for a classic car online.
Utility vehicles seem to have a strong appeal to younger buyers; with the 1973-87 C/K Series Chevy pick-up truck the second most popular vehicle among millennials and fifth for Gen Xers. On a broader scale, Gen Xers and millennials are 35% more likely to show interest in trucks and SUVs compared to older buyers.
American cars occupy the top places for most generations, with German cars not hitting the same highs but almost consistently as popular. Millennials seem to have a soft spot for Japanese cars, possibly down to the influence of the Fast & Furious film franchise or the ubiquity of JDM vehicles in Gran Turismo. Pre-boomers unsurprisingly have a taste for British enterprise, unsurprising given their penchant for older model generally.