HGTY - Meet Gen-Z America's Next Generation of Car Collectors

PR Newswire

Hagerty's 'Future of Driving' survey shows the generational shift from Boomers to Gen Z is here;
younger generations want to own and drive collectible cars

TRAVERSE CITY, Mich. , July 23, 2024 /PRNewswire/ -- Hagerty's 2024 "Future of Driving" survey indicates a strong and growing interest in collector cars, trucks and motorcycles among Gen-Z, defined as those born between 1997 and 2012. While nearly half (47%) of the respondents surveyed noted an interest in owning a classic car, Gen Z expressed significantly greater interest at 60%, compared to 31% of Baby Boomers.

"The next generation of car enthusiasts is here, creating a vibrant market for us to help enthusiasts protect, buy, sell and enjoy their special vehicles," said McKeel Hagerty , CEO and Chairman of Hagerty. "The data is clear that Gen Z isn't just playing car video games, watching YouTube or creating social media content, they're also finding ways to participate in the collector car community."

Hagerty commissioned the international market research agency OnePoll (Talker Research) to survey more than 2,000 Americans about the role that cars play in their life, their behaviors tied to cars and driving, and more.

Key findings include:

• Driving Is Alive and Well: Seventy-seven percent of Gen Z respondents said they either loved or liked driving, indicating a promising future not only for the auto industry, but also for the collector car community.
• Craving Classic Ownership: Respondents shared that they have either owned, or currently own a classic enthusiast vehicle, with Gen-Z and Millennials at 32% and 30%, respectively.
• SUVs Are Tops : SUVs are the most popular type of vehicle among respondents (38%), followed by sedans (26%) and pickup trucks (19%). Gen Z however, expressed nearly equal interest in luxury cars (23%) as they did in SUVs (26%).
• Emotional Ties: Half of those who drive said they feel a sense of freedom when driving. Adventurous (28%) and calm (24%) were other top responses, highlighting the emotional connection and psychological benefits associated with the hobby.
• Do-It-Yourself : Car owners mostly manage maintenance by taking their car to the dealership or service center (55%). Although 27% said they perform DIY repairs, Millennials are the most likely generation to do so at 34%

Shifting Gears: Changing Prefer ences in The Next Generation of Car Collectors
Today, younger enthusiasts are showing interest in a wide range of cars from the past four decades, according to Hagerty data. This broad interest is likely due to the increased role that social media has played, as well as other online and in-person on-ramps to the hobby. In fact, 40% said their first exposure to classic and enthusiast cars was from attending car shows, making them a critical entry point to the hobby. Taking a closer look at how Gen Z has experienced classics, YouTube (39%), Instagram (38%), and driving (35%) were cited as top ways they interact with enthusiast vehicles.

According to Hagerty demographic data, the most common car that Gen Z enthusiasts inquire about for insurance coverage are Mazda Miatas from 1990–1998, one of the most popular roadsters of that era with over 1.1 million sold since inception, while Millennials are most interested in the GMT400 Series trucks from 1988-2000.

Cars are Part of our Heritage :
According to those surveyed, 43% believe that classic cars are an integral part of American history and should be systematically preserved like historic buildings and architecture. Since its founding, Hagerty has sought to keep the unique, dynamic culture that surrounds collector car enthusiasts across the country alive, having invested more than $22 million in preserving this culture for today's generations and those to come.

The Hagerty "Future of Driving" survey is just one step toward understanding how the next generation thinks and feels about driving, the collector car market and car culture. It enables the brand to build on these insights in future years and highlight the role of younger generations.

As the company celebrates its 40th anniversary this year, Hagerty remains steadfast in its commitment to keeping the flame alive for all those people who are passionate about driving.

About Hagerty (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 830,000 who can't get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.

SOURCE Hagerty