There are many reasons the collector car market may be on a downward trend after a peak year in 2015. But, it starts with who is buying and selling the cars, and that would be the baby boomer generation. Automotive News reported last Friday that the vast majority of individuals with garages full of collectible cars fall square in the baby boomer bracket—those born between 1946 and 1964.
And millennials, born between the 1980s and 1999, aren’t nearly as interested in them as previous generations. Transaction prices at auctions reflect this, and the number of cars up for auction continues to grow with fewer buyers interested.
However, this could change. Millennials are still relatively young and remained shackled by debt in many forms as they purchase homes, complete higher education and begin to raise families. In the future, millennials could reinvest in collector cars, but for now, it’s not a trend. Those youngsters that are into collector cars also deviate from previous generations in the kinds of cars they like, too; vintage cars remain steady, but SUVs, trucks, and older imports continue to rise in value.
Future technology also paints an uncertain picture for the collectible car market as self-driving cars could change the way vehicles operate on the road. We still firmly believe widespread automation is decades away, but it will certainly play a factor in the collector car market.