Hagerty survey indicates strong interest in classic car ownership among Millenials, Generation Zers

Despite Great Recession predictions that the American love affair with cars and driving was waning, Millennials (1981-1995) and Gen Zers (1996-2015) now report they are more likely—not less—to want to own a classic or collectible car than their parents and grandparents, according to the Hagerty 2020 “Why Driving Matters” survey of 10,000 U.S. drivers.

Key findings of the survey include:

  • Gen Z and millennials are most likely to report currently owning a classic or collectible vehicle. Classic car ownership by generation:
    • Gen Z: 22%
    • Millennial: 25%
    • Gen X: 19%
    • Boomers: 13%
    • Silent: 11%
  • Younger generations of vehicle owners who do not yet own a classic or collectible vehicle are more interested in owning one than older generations, indicating a strong future for the hobby:
    • Gen Z: 53%
    • Millennials: 57%
    • Gen X: 49%
    • Baby Boomers: 33%
    • Younger generation
    • Silent: 19%
  • Nearly three of every four Americans (73%) enjoy driving, regardless of generation.
  • 38% describe themselves as active “driving enthusiasts,” defined as belonging to a vehicle club, taking part in off-road or race track driving and attending cars shows and auctions.
  • Every generation ranked freedom as the top reason they enjoy driving.

That finding is consistent with Hagerty data indicating that, since 2017, Millennials and Gen Xers have sought classic vehicle insurance quotes and vehicle values via Hagerty’s Valuation Tools more often than older generations.

Given current trends, Millennials, the nation’s largest, will become the hobby’s single largest group in the near future.