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Millennials Invade Classic Car Market

According to new findings, Generation X and Millennials have taken over the classic car market.

The classic car market has long been dominated by Boomers and their older siblings, the Pre-Boomers, which makes this a significant milestone for those interested in classic vehicle ownership.

Data tabulated by popular classic car insurer Hagerty illustrated Gen X and Millennial dominance based on their requests for vehicle valuations and classic car insurance quotes. The pair of younger generations accounted for 53 percent of requests, marking a major tipping point for the classic car market. Many older enthusiasts are entrenched in the market, and may already own a classic, or several classics. Meanwhile, Gen X and Millennials are just now getting to a position of career stability which now allows them to shop for their dream classic just like Dad used to have.

Chevrolet Corvette SEMA C3

Hagerty themselves have noted that the classic car market shift was inevitable as both younger generations make up a larger portion of the population than the Boomers. Despite the age gap, many younger enthusiasts are attracted to many of the same vehicles, in particular, the Chevrolet Camaro, and Ford Mustang. Other iconic cars of the ’60s and ’70s like the Corvette are common between younger and older enthusiasts, but pre-war cars struggle to find favor with the youth.

There were some interesting data points to emerge, however. Compared to the pair of elder generations, Gen Xers and Millennials are far more interested in vintage pickup trucks and SUVs than any generation before. Hagerty discovered that the younger generations are 35 percent more likely to shop for a classic truck or SUV compared to the elder crowd. Seriously, if you exclude all the Ford Mustangs, the 1985 Chevrolet K-10 is the most popular classic car market vehicle among Millennials.

Also unsurprisingly to anyone who has spent time on the internet, Millennials have a huge affinity for Japanese sports cars. These younger enthusiasts are four times more likely to inquire about a classic JDM whip than a Pre-Boomer.

 

Known to Al Oppenheiser as "that long-haired Canadian".

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Comments

  1. Can we all agree, that just because a car is 25 years old, a classic does not it make. Most s-of these cars and trucks , are little better than “vintage” at worst and “collectible” at best. Especially considering the era -late 80-90s.

    The only notable “classics” of that ere are the McLaren f-1, Porsche 959, and a few other genre bending exotics or segment busters like the Buick GNX. But sorry there is nothing classic about a K-10 or Mustang or Camaro.

    Words used to mean something 90% of whats called “classic” in the vintage and collector community is anything but.

    Reply
  2. Amen JZellis

    I kept waiting for terminology clarification…CLASSIC.. has been kicked around all the forty plus years of my interest in “the :hobby” [another bastardized term]

    As late as the 80s my older car buddies called anything POST WAR “used cars” and I now can appreciate that pint of view.

    I’ve enjoyed cars as early as pre-war (:WW II..not “Desert Storm”) and as new as sixties VWs 356 Porsches, and such. I’ve admired classics, seen them in museums and on the field at Hershey, but I’ve never met a big 30’s Chrysler or Marmon in local traffic or ahead of me at the pickup window at Arby’s.

    “The hobby” has plenty of room for everybody and every body style. There are probably more of us who’ve never had a vehicle HONESTLY worth over hundreds of thousands $ than there are “CLASSICS” which these days are WAY over that!

    Reply
    1. Don’t get me wrong, I grew up drooling over traditional classics from the – 20s-30s and also 40s -early 70s 2dr land yachts and performance landmarks. I personally owned two 60s Pontiac full-size coupes (66 Bonneville 2dr hrd top and a 67 Catalina 2dr hrd top) as well as drooling over and almost buying a mint 1971 Boat-tail riviera GS (a definite collectible) and an – at the time – mint condition 1987 Monte Carlos SS t-top. All of this was in the early to mid 90s. But I never considered them as “classics”.

      They were just used and interesting or noteworthy old cars. True classics were as you said Duesenburgs, Mercedes SSKs, V16 Cadillacs, Auburns, Cords, 57 Eldorado Biarritz, Mercedes 300SL, Lamborghini Muira, 250GTOs and etc.

      And soon to be, modern classics were rare and actually head and shoulders above their contemporaries like the EB110, or 959, Audi Quattro, Ferarri F40 and etc. I’m not saying that there aren’t newer cars worthy of the designation (like a Subaru 22B Impreza). Lets just make sure the car IS worthy to be called such. Just being 25 years old means nothing more for most old cars than that they are really, really old used cars.

      Reply

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