Millennials are doing the opposite of killing the classic car industry: survey

If you ask some people, today’s youngest generations – Millennials and Gen Z – are just not interested in cars of any kind.

After all, “kids these days” are more conscious of the well-being of the Earth, and all cars produce some kind of harmful environmental impact, whether it be because they emit greenhouse gases, or via the mining that goes into their battery technology.

However, according to a recent study by insurer Hagerty, it seems Millennials and Gen Z are actually quite interested in cars. But not just any cars — classic cars. What’s more, the younger generation actually shows a stronger interest in the hobby than Gen X, Boomers, or the Silent Generation.

To collect the data, Hagerty surveyed 10,000 U.S. drivers in 2020. (Remember, the term “Millennial” refers to those born between 1981 and 1996, which means people who are almost 40 can now be referred to as a “Millennials.”)

The study broke down the demographics of current classic car owners in America like this: a full 22 per cent of Gen Z drivers owned a classic or collectible car; Millennials were on top with 25 per cent; 19 per cent of Gen X-ers did; Boomers, 13 per cent; and now just 11 per cent of the Silent Gen has one.

As for people who did not yet own a classic car but were interested in buying one eventually, the data looked like this: more than half (53 per cent) of Gen Z-ers wanted to; Millennials came in on top again at 57 per cent; just under half (49 per cent) of Gen X-ers did; Baby Boomers, 33 per cent; and the Silent Gen 19 per cent.

Other findings included that 73 per cent of Americans surveyed enjoy driving, and 38 per cent described themselves as active “driving enthusiasts.” As well, every generation ranked the top reason they enjoy driving as “freedom.”

The data is consistent with information Hagerty collected in 2017, which revealed that Millennials and Gen-Xers have sought classic vehicle insurance quotes and vehicle values via Hagerty’s Valuation Tools more often than older generations.

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