Bringing Back the Classics - The rise of the Millennial collector car ownership

Can you think back to being 8 years old and imagining your dream car? What was it? A Mustang? A Corvette? A Ferrari? We all had the “dream car” – that admittedly changed many times over the years. As we got older, the dream car may have gotten older or newer, nicer, more feasible, or maybe more out of reach. Personally, I went from a Ford Mustang convertible (like the one Barbie had), to a Range Rover, hop over a few, and now at 25, my dream car is a 1986 Jeep Grand Wagoneer.

The cool thing about “dream cars” is as we age, sometimes the dream gets closer and closer to becoming a reality. We get jobs, we have savings, and we have the means to achieve the dream we’ve been holding onto for so many years. The idea of classic and collector cars is nothing new. There is a whole world of dedicated individuals to carrying on the legacy of beautiful craftmanship of automobiles through the years. Though for the past few years, when we look at the demographics of car collectors and fanatics, we see an aging demographic. Retirees, those close to retiring, or those who grew up around classic and collector cars make up most of the pool. In speaking with some of these individuals through car shows and similar events, there seems to be a tinge of worry for who will carry on the legacy of classic and collector cars. There is a plethora of knowledge and passion that has been poured into this world that many fear is at-risk of dying out as the long-standing auto fanatics transition out. But we are seeing an interesting trend in this area – millennials are quickly making up the difference. According to Hagerty Insurance Company, millennials are the fastest-growing demographic of car collectors. The millennial generation is now reaching the age where they have the time and money to put into growing their car collections. There is a new, invigorated wave of classic car collectors making its way to the stage.

For those interested in owning a classic or collector vehicle, there are just a few simple things to note. First off, insurance on a collector car is easier than you probably ever thought it would be. Once you buy a vehicle that can be considered a classic or collector car, all we need is a value, a few pictures, and a ballpark range of the miles that you plan to drive the car yearly (most need to be under 3,000 miles to be considered a classic). Most of the time, these insurance policies provide great coverage for your prized possession for less than $200 a year. Not to mention, the chance to be part of an extremely knowledgeable, passionate network of individuals who have dedicated countless hours of hard work to the world of collector cars. When you decide to join, give us a call to insure your new ride!