Younger Collectors Are Transforming the Classic Car Market

The classic car market is experiencing a seismic shift as younger generations of collectors, particularly Millennials and Gen Z, are making their presence felt. Unlike the baby boomers who have traditionally dominated the scene, this new wave of enthusiasts is not content with simply storing and admiring their vehicles—they want to drive them.

Jeremy Malcolm, a 31-year-old public relations manager at Hagerty, exemplifies this shift. Unlike older collectors who often keep their cars as pristine showpieces, Malcolm drives his 2003 Porsche Boxster S regularly. For him and many of his peers, the joy of car ownership lies in the experience of driving, not just in preserving a vehicle for posterity.

This generational change is driven by a number of factors. Millennials, born between 1981 and 1996, have generally had less disposable income compared to their predecessors, leading them to seek out more affordable classic cars. Models like the Mazda Miata and rugged SUVs from the 1960s and 70s, such as the Ford Bronco and Chevrolet Blazer, have become particularly popular. These vehicles are not only nostalgic for those who grew up in the 80s and 90s but also offer the practicality and simplicity that younger buyers crave.

Hagerty’s “Future of Driving” survey highlights this growing interest, revealing that 60% of Gen Z respondents expressed a desire to own a classic car, compared to just 31% of boomers. This indicates a significant generational shift, with younger enthusiasts showing a strong passion for car culture, despite common stereotypes about their lack of interest.

However, the way these younger collectors approach the market differs from their predecessors. They are more likely to buy cars online through platforms like Craigslist, eBay, and Facebook Marketplace, rather than participating in traditional live auctions. As values increase, the cost of entry into the classic car market has become higher, and the newer, more complex vehicles that interest younger buyers are often harder to work on.

Programs like Rancho Cielo’s classic car restoration classes, which teach young people how to maintain older vehicles, are critical to sustaining this interest. Gordon McCall, director of motorsports at The Quail, emphasizes the importance of buying cars for the love of driving, rather than as investments. He believes that the joy of owning a classic car comes from using it, a sentiment that resonates with many younger collectors.

Despite the challenges, the future of the classic car market looks bright. Social media has made it easier for younger generations to connect with car culture, and events like Exotics on Broadway and races at WeatherTech Raceway Laguna Seca continue to inspire a passion for driving among young enthusiasts.