The pastime of collecting vintage cars isn’t going away anytime soon, but the demographic of the market is shifting substantially as the baby boomers get older. Many enthusiasts assume that younger generations, such as Millennials (those born between 1981 and 1996) and Gen Z (born between 1997 and 2015), are uninterested in automobiles.
This isn’t an unreasonable assumption to make. After all, this generation is environmentally conscious and was raised to reduce their personal carbon footprint. This doesn’t always mesh with collecting classic cards. Neither do financial stressors, which continue to rise, the cost of living, and frequently stagnant earnings.
Despite all these factors, millennials are increasingly making up the bulk of the market interested in collecting vintage cards, which is still a popular pastime in these days of electric vehicles, economic uncertainty, and rising fuel costs.
Why do people collect classic cars?
If you’re an experienced collector of classic cars, you need no explanation of the joys of the hobby. However, if you are new to the market and have had your interest sparked, you should learn more about the advantages of owning a classic car. So, let’s have a look at what’s piquing people’s interest in becoming first-time classic automobile owners.
The value of classic cars can increase.
Everyone knows that as soon as you drive a new car off the lot, it’s worth less than it was just a minute prior when you were on the dealer’s property. That is always a hard pill to swallow, and no matter how much you love the car, there may be a bit of buyer’s remorse.
On the other hand, when you get a classic car, its value can rise over time, especially if you invest some time and money into maintaining, fixing, and restoring it. Rather than immediately losing money as you do with a new vehicle, you can actually make money purchasing and selling old cars.
You don’t have to rely on financing to buy a classic.
For most millennials, purchasing a new car goes hand in hand with financing and paying your monthly car payment. While leasing may be an option, you still have that monthly payment to contend with, and the car isn’t even yours!
On the flip side, you can often find a classic car that can be picked up cheaply, meaning you don’t have to shell out a big down payment or rely on financing to get your car on the road. Classic cars can also be less expensive to insure. Low annual mileage is one of the primary reasons classic car insurance is often less than a standard vehicle. As a result, protecting your classic from accident, theft, or damage is less expensive than you may be used to with a new car.
Classic cars provide a better, and cooler, driving experience.
Obviously, all modern cars are created to be safe and dependable, but rarely is the quality of the driving experience at the forefront of the design process. Let’s face it, driving a new car is kind of boring. Classic cars may not have all the perks and interactive screens, but they are unmatched in how exhilarating your driving experience can be.
Driving a classic will also teach you road skills you don’t have to use in a modern car. Managing stopping distances and anticipating the road ahead makes for a unique thrill every time you’re behind the wheel.
You get a crash course in mechanics.
Millennials don’t know their way around the mechanics of a car, and they say it themselves. A recent survey shows that “nearly 60% of Millennials are unable to change a car tire. A total of 44% don’t know how to examine the tire tread depth, and 32% can’t figure out how to check tire pressure.” When you own a classic car, you must learn how it works and how to fix it to drive it or get it back to its former glory.
While you may never be an expert, there are YouTube tutorials for just about every mechanical issue, as well as a vast community of fellow classic car enthusiasts. Your local classic car club members will be thrilled to help you learn the ins and outs of your new vehicle.
A classic car can reflect who you are.
We said it once, and we’ll repeat it: modern cars are pretty dull for the most part. They tend to have the same look and feel and a limited number of color options. You will never find a lack of character with a classic car. You can find one that matches your distinct personality and resonates with your lifestyle.
You’ll find a welcoming community.
Beyond helping you with mechanics, your local car club is a fantastic community of people waiting to chat with you about all things classic cars. They are an excellent way to meet new people and share advice on making the most of your “new” vehicle. Whether you meet up in person or online, you can make great connections with people who share your passion for collectible classics.
What cars will become future classics?
It’s easy to see why the younger generations are interested in classic cars. However, they aren’t going to be collecting the same cars as the generations before them.
Millennial enthusiasts have been interested in cars from the 1980s and early 90s, satisfying the nostalgia factor and having the potential to become future classics. A few of the vehicles that have been gaining attention lately include:
- MG F (1995-2002) -- British drop-top sports cars are highly demanded. The MG F wasn’t overly popular when released, but it’s a real driver’s car.
- Ford Bronco: 1966-1977 -- The first generation of Bronco is one of the most sought-after collector cars. Prices have gone through the roof in recent years.
- Nissan Skyline R32-GTR: 1989-1993 -- Modeled in the Porsche 959, this Japanese collector car has a powerful engine and offers a thrilling drive experience.
- Volkswagen Beetle: 1968-1980 -- This retro car has significant nostalgic ties, and with its iconic shape and relatively low price, Millennials are seeking it out.
What are your tips for new classic car enthusiasts classics? What do you think will be the new classics for the younger generation getting into our beloved hobby?