Car enthusiasts of all ages can appreciate a classic Corvette or Mustang. However, younger generations, are increasingly stepping into the collector car market—redefining what a classic car is and how it is enjoyed.
Moving away from the traditional focus on high-end, pristine vehicles, those newer to the collector car market favour more affordable and drivable classics. This shift is driven by a desire for unique experiences, a focus on practicality, the influence of social media, and, perhaps most importantly, nostalgia.
Here's a more detailed look at some of the changes younger people are bringing to the collector car market.
Japanese Domestic Market (JDM) cars come of age
The collector car market is seeing a surge in demand for cars from the late 1980s to the early 2000s, often referred to as "modern classics". Japanese cars like the Toyota Supra, Mazda RX-7 and Nissan Skyline are popular in part because of their enduring presence in pop culture. Younger generations grew up seeing these cars in movies like The Fast and the Furious franchise, video games like Gran Turismo, and all over social media.
Japanese sports cars are also highly customizable, allowing enthusiasts to personalize and optimize their vehicles. Their popularity is tied to JDM culture, which celebrates Japanese automotive engineering and design. This creates a passionate sub-segment of collector car enthusiasts.
American cars remain popular
Millennials love American cars. According to Hagerty data, the 10 cars they quote most for this generation are Fords and Chevys. “The Miata, the 3 Series, and the venerable Beetle are the only imports that crack the millennials’ top 25—otherwise it’s wall-to-wall Detroit,” writes David Zenlea for Hagerty.
He goes on to predict that the demand for JDM classics will continue to rise for the younger enthusiasts, but Corvettes, Mustangs, and pickups favoured by older generations will remain coveted classic cars among all ages for years to come.
Shifting from preservation to enjoyment
Older generations have been lovingly restoring and preserving their collector cars for years, bringing them out to shows and carefully driving them on smooth routes.
Younger collectors are less likely to be interested in bringing a classic back to life. Rather, they’re buying them for everyday use. For some, it’s about personalizing their vehicle, but many simply appreciate the look and feel and want to enjoy and admire their investment as a daily driver.
Increased interest in affordability
Millennials and Gen Z typically have less disposable income than their older cohorts, another reason for them to love more affordable classics like the Miata and rugged SUVs from the 1960s and 70s, such as the Ford Bronco and Chevy Blazer. These vehicles provide the requisite nostalgia for these age groups while being affordable. Younger generations also may lack the means and the space to keep collector cars properly preserved, so they strive to keep it simple with hardier vehicles.
Influence of social media and online communities
Despite common stereotypes of younger generations not being as interested in car culture as Baby Boomers and Gen X, there is a passion for it—just not in the usual (old) places.
Social media is playing a huge role in sparking an enduring interest for younger car enthusiasts. Scan TikTok, YouTube, and Instagram and you’ll find communities that are connecting younger people with car culture. They are often drawn to cars with interesting stories, pop culture connections, or those that represent a specific era of automotive history that they identify with. These digital communities and also online auctions are influencing trends and connecting buyers and sellers globally.
Impact on the market
While the majority of active collector car enthusiasts are still Baby Boomers and Gen Xers, the influx of younger collectors is creating a more vibrant and diverse market. They can account for the surge in interest of JDM performance cars, early 2000s SUVs, and sedans.
Their participation in the market is shifting the focus from ultra-high-end auctions to more widely accessible online platforms and enthusiast-focused vehicles. This change is expected to have a lasting impact on the collector car industry as younger generations expand and shape the future of car culture.
Protect your collector car
Aviva offers specialized collector car coverage in partnership with Hagerty for all generations so they can protect their favourite vehicle for many seasons to come.
For information about DriveLife coverages, visit aviva.ca/drivelife.
