The New Majority: Millennials and Gen Xers Dominate Classic Car Market
According to Hagerty, one of the world’s largest communities of classic car aficionados, millennials and Gen Xers now comprise the majority of the classic car market. These two demographics used Hagerty’s Valuation Tools and sought out classic vehicle insurance quotes more often than baby boomers and pre-boomers by a margin of approximately 53-47 percent. If the trend continues, the company claims that in just five years millennials will become the hobby’s single largest group.
Chevrolet continues to rank high on the list of desirable vehicles, for this new wave of collectors. However, while older generations preferred retro classics such as Camaros and Corvettes, younger generations gravitate toward trucks and SUVs. Per Hagerty, the 1973-87 C/K Series Chevrolet pickup is the second most popular classic model among millennials. It ranks fifth in popularity for Gen Xers.
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These recent marketing trends come in the context of this year’s overall 17-percent boost in the number of values requests and quotes across all demographics. And, per a survey Hagerty performed earlier this year, 79 percent of baby boomers claimed they were passionate about driving. 78 percent of Gen Xers and 81 percent of millennials fell into this category, as well.
McKeel Hagerty, CEO of Hagerty, expressed appreciation for this new wave of collectors. “We say ‘welcome to the club.’ It’s great to see that younger generations are just as crazy about cars as their parents and grandparents.”
We anticipate more news in the days ahead as the classic car market continues to thrive in 2019, thanks in part to millennial and Gen Xer hobbyists.
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