Are You Saving Your Classic Car for Your Child? Studies Show They May Not Want It
Classic cars have been sought-after for decades, with Baby Boomers working to keep cars from the ’50s and ’60s in pristine condition. Many plan to keep these cars for life, collecting as many as possible in hopes of passing them down to future generations.
Well, as it turns out, those future generations are millennials. And millennials don’t want them.
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According The New York Times, the Baby Boomer generation has been hoarding material items to pass onto their kids. Whether it’s cars, fine china, jewelry, or beanie babies, Millennials and Generation Z aren’t interested in “collector’s items” anymore. Instead, their focus is purchasing temporary, far more disposable items. Their research shows that college students would rather furnish their apartment with inexpensive use-for-a-year-then-pitch-it furniture than feel the heavy responsibility for cherished antique tables.
And it turns out, this is extending into the automotive world.
According to Automotive News, the auction prices of antique cars are decreasing. And yet, Baby Boomers are still purchasing more classic cars than they’re selling. This means that Boomers are spending their hard-earned money on classic cars, but their value is deteriorating.
Of course, there are exceptions to the rule. Many car-enthusiasts would swoon at the idea of owning a 1965 Mustang, and pop culture is bringing classic cars to the forefront, like Supernatural‘s 1967 Chevrolet Impala.
While the markets ebb and flow, Automotive News also points out the irrelevancy of classic cars in a futuristic automotive world. With autonomous vehicles making their way to the forefront, cars driven by human beings might not mesh well into the roads of the future.
Classic cars are ultimately a thing of beauty for car enthusiasts out there. But their general value seems to be decreasing as we dive into the 21st century. As they say, times are a changin’.
Meg Thomson is a writer, photographer, blogger, and activist. When she isn’t writing, Meg can be found immersing herself in television scripts, adopting and playing with animals, or updating lists of her dream travel destinations (the list never ends). Meg believes writing is power, and equality is essential. She is determined to make a difference in the world, one word at a time. See more articles by Meg.