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Dynamics of Our Classic Car Community



The “Classic” Classic Car Collector

Some folks outside the global collector car community may harbor preconceived notions about what the “classic” classic car collector looks like demographically. When you review recent statistics regarding our tribe however, you note that the collecting hobby is changing to include a wider audience of enthusiasts than ever before. For instance, the average age of today’s classic and collector vehicle owner is 54 years old. No longer reserved for the wealthy one percent, more women are buying collector cars than ever before, too – and she’s typically a 52-year-old. How do you think our hobby will change in the coming years? Let us know your opinions in our comments. One thing that hasn’t changed is our passion for collectibles. It’s why we call them “passion purchases.”

A 2017 industry survey of over 15,000 classic car collectors reveals a fuller picture of today’s classic car collector. While 67% of respondents say they have always loved cars, more than 50% say they have been collecting for 20 years or more. Owners also admit to spending an average of $12,000 on their hobby.
 
  • 52% say they collect because they love to drive their vehicles
  • 38.7% say they love the sound of an engine
  • 39.4% say that restoring a classic car gives them a sense of accomplishment
  • 40.4% say they enjoy talking about their cars
  • 47% say they frequently visit online car sites
  • 56% say they get car industry information from specialty magazines
  • 85% say they look at car listings whether they’re buying or not
  • 84% are college educated
  • 78% are married
  • 42% are retired


Supporting Our Hobby Habit

There may be good reason the new “classic” classic car collector is a young 54-year-old. As of 2017, the United States is home to 77 million Baby Boomers and counting (people born between 1946 and 1964). Over the next five years, Baby Boomers are expected to possess 70% of all disposable income. With this in mind, the current classic car price bubble may last a little longer.

Future Generations of the Collector Tribe

For many of us, a lifelong love of the automobile is what motivates us to collect, join clubs and attend classic car cruises and shows. With self-driving cars and other technology changing the auto industry (and the world), does our collector hobby have an expiration date? Will future generations have an interest in classic cars? Studies can provide insight here, too. While some reports indicate a number of collectors have Gen-X children with no interest in their car collections and Gen-X adult children view collecting as frivolous, others say Millennial grandchildren are all about Retro. Our community’s challenge is to instill the same love of working on a car that we had growing up. We need to inspire the younger generation to nurture a passion for cars by:
 
  • reaching out to those who want to learn and share our knowledge through mentoring
  • spending time in the garage restoring, maintaining and learning about vehicles
  • introduce those interested to the wonders of classic and collector car shows and cruise-ins
  • planning car and truck events that appeal to new hobbyists


Collector and Classic Car Insurance for Less

As you have built your classic car collection, have you updated your insurance policy? From one-of-a-kind custom cars to your latest barn find, you need tailored coverage for them all. Classic Auto Insurance can help you customize a plan to fit your needs. Let our friendly, knowledgeable staff answer all your questions. We offer affordable, Agreed Value coverage for a variety of collector, classic and custom vehicles. Visit our website at www.classicins.com or call 888-901-1338 and get a quote on the spot.

 
Posted: 7/12/2018 12:00:00 AM with 0 comments


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