Classic car interest grows among younger collectors and investors

Interest in classic car ownership is rising among younger generations, specifically Millennials and Gen Z. According to Hagerty’s 2024 Future of Driving survey, 60% of Gen Z respondents expressed interest in owning a classic car, compared to 31% of Baby Boomers. Currently, approximately 32% of Gen Z and 30% of Millennials report having owned or currently owning an enthusiast vehicle.

Beyond hobbyist interest, vintage automobiles are being utilized as tangible investment assets. Proponents suggest these vehicles offer a hedge against stock market volatility and digital security risks. Industry reports indicate that the luxury vintage automobile market has demonstrated an average annual return of 8.2% over the last decade. Younger collectors are also shifting market trends by focusing on vehicles from the 1980s, 1990s, and early 2000s.