According to Hagerty’s “Future of Driving” study, the generational transition from Baby Boomers to Gen Z is underway.
Younger generations want to own and drive collectible cars
TRAVERSE CITY, Mich., July 23, 2024 /PRNewswire/ — Hagerty’s 2024 Future of Driving Study finds growing interest in collector cars, trucks and motorcycles among Gen Z, defined as those born between 1997 and 2012. Nearly half (47%) of those surveyed expressed interest in owning a classic car, with Gen Z far outpacing Baby Boomers at 60% versus 31%.
1965 Ford Mustang
“The next generation of car enthusiasts is emerging, and we are creating a vibrant marketplace to help them protect, buy, sell and enjoy special vehicles,” said McKeel Hagerty, CEO and Chairman of Hagerty. “The data is clear: Gen Z is not only playing automotive video games, watching YouTube and creating social media content, they’re also finding ways to participate in the collector car community.”
Hagerty commissioned the international market research firm OnePoll (Talker Research) to survey more than 2,000 Americans about the role cars play in their lives and their behavior related to cars and driving.
Key findings include:
Driving is alive and well: 77% of Gen Z respondents said they love or enjoy driving, indicating a bright future for the auto industry as well as the collector car community. Classic car craving: Respondents said they have owned or currently own a classic car enthusiast vehicle, with Gen Z and Millennials at 32% and 30%, respectively. SUVs take the lead: The most popular vehicle type among respondents was SUVs (38%), followed by sedans (26%) and pickup trucks (19%). However, Gen Z showed nearly equal interest in luxury cars (23%) and SUVs (26%). Emotional connection: Half of those who drive say they feel free while driving. A sense of adventure (28%) and calm (24%) were also top responses, highlighting the emotional connection and psychological benefits associated with the hobby. Do it yourself: Car owners are more likely to take their cars to a dealership or service center for maintenance (55%). 27% said they would do their own repairs, with Millennials being the generation most likely to do so at 34%.
Shifting Gears: The Changing Tastes of the Next Generation of Car Collectors
According to Hagerty data, young enthusiasts today are interested in a wide range of vehicle models from the past 40 years. This broad range of interest can be attributed to the growing role of social media and the rise of online and in-person entry points to the hobby. In fact, 40% said their first exposure to classic or enthusiast cars was by attending a car show, making car shows a key entry point into the hobby. Drilling down into how Gen Z experiences classic cars, YouTube (39%), Instagram (38%) and driving (35%) were cited as the primary ways they interact with enthusiast cars.
According to Hagerty demographic data, the most common vehicle Gen Z enthusiasts are inquiring about insurance coverage for is the 1990-1998 Mazda Miata, one of the most popular roadsters of its time, which has sold more than 1.1 million units since its launch, while millennials are most interested in the 1988-2000 GMT400 series trucks.
Cars are part of our tradition.
Of those surveyed, 43% believe classic cars are an integral part of American history and should be systematically preserved like historic sites and architecture. Since its founding, Hagerty has sought to perpetuate the unique and dynamic culture surrounding collector car enthusiasts across the country and has invested more than $22 million to preserve this culture for today’s and future generations.
Hagerty’s “Future of Driving” study is just the first step in understanding how the next generation thinks and feels about driving, the collector car market and automotive culture, and the brand can use these insights to highlight the role of younger generations in the future.
Celebrating its 40th anniversary this year, Hagerty remains steadfast in its commitment to perpetuating the passion for driving for all those who share that passion.
About Hagerty (NYSE: HGTY)
Hagerty is the car enthusiast brand, committed to preserving driving and cultivating automotive culture for future generations. The company is the leading provider of customized specialty vehicle insurance, expert vehicle valuation data and insights, live and digital auto auction services, immersive events and automotive entertainment to the 67 million Americans who call themselves car enthusiasts. Hagerty also has operations in Canada and the UK, and is home to the Hagerty Drivers Club, a community of more than 830,000 car-obsessed individuals. For more information, visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.
Source: Hagerty
