Gen Z Leads America Into A New Era Of Classic Car Collecting

Published: Tuesday, July 23, 2024, 19:51 [IST]

Hagerty's 2024 "Future of Driving" survey reveals a notable rise in interest for collectible cars among Gen Z, those born between 1997 and 2012. The survey shows that 60% of Gen Z respondents are keen on owning classic cars, compared to only 31% of Baby Boomers.

"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," said McKeel Hagerty, CEO and Chairman of Hagerty. "The data is clear that Gen Z isn’t just playing car video games, watching YouTube or creating social media content, they’re also finding ways to participate in the collector car community."

Seventy-seven percent of Gen Z respondents expressed a love or liking for driving. This indicates a promising future for both the auto industry and the collector car community. Additionally, 32% of Gen-Z and 30% of Millennials have either owned or currently own a classic enthusiast vehicle.

The survey conducted by OnePoll (Talker Research) involved over 2,000 Americans. It explored how cars influence their lives and their driving behaviours. SUVs emerged as the most popular vehicle type among respondents at 38%, followed by sedans at 26%, and pickup trucks at 19%. Interestingly, Gen Z showed nearly equal interest in luxury cars (23%) as they did in SUVs (26%).

Half of the drivers surveyed reported feeling a sense of freedom when driving. Other top emotional responses included feeling adventurous (28%) and calm (24%). These findings highlight the psychological benefits associated with driving as a hobby.

Car maintenance habits were also examined. While 55% take their vehicles to dealerships or service centres for repairs, 27% perform DIY repairs. Millennials lead in DIY repairs at 34%, showcasing their hands-on approach to car maintenance.

Influence of Social Media on Car Collecting

Younger enthusiasts are showing interest in various cars from the past four decades. This broad interest is likely influenced by social media and other online platforms. According to Hagerty data, YouTube (39%), Instagram (38%), and driving experiences (35%) are top ways Gen Z interacts with enthusiast vehicles.

Forty percent of respondents said their first exposure to classic cars was through attending car shows. These events serve as critical entry points into the hobby. The most common car that Gen Z enthusiasts inquire about for insurance coverage is the Mazda Miata from 1990–1998.

Classic Cars as Cultural Heritage

A significant portion of those surveyed believe that classic cars are an integral part of American history. Forty-three percent think these vehicles should be preserved like historic buildings and architecture. Hagerty has invested over $22 million in preserving this culture for current and future generations.

The "Future of Driving" survey helps Hagerty understand younger generations' perspectives on driving and car culture. As Hagerty celebrates its 40th anniversary this year, it remains committed to supporting all who are passionate about driving.

Hagerty is dedicated to saving driving and promoting car culture for future generations. The company provides specialty vehicle insurance, expert car valuation data, live and digital auction services, immersive events, and automotive entertainment tailored for car enthusiasts.

The company operates in Canada and the U.K., with Hagerty Drivers Club boasting over 830,000 members who share a love for cars.