Hagerty’s “Future Of Driving” Reveals Gen-Z As Future Car Collectors
Despite claims and assertions that car collecting is a pastime for an older (vanishing) generation, Hagerty's 2024 " Future of Driving " survey reveals that there's "a strong and growing interest in collector cars, trucks and motorcycles among Gen-Z, defined as those born between 1997 and 2012."
Hagerty, a brand that serves the 67 million Americans who self-describe as car enthusiasts, is an authority on the subject. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, and immersive events. Plus, it operates the Hagerty Drivers Club, a community of over 830,000 passionate enthusiasts who consider cars and trucks a vital part of their lives.
"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. "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."
The study, commissioned by the international market research agency OnePoll (Talker Research), surveyed more than 2,000 Americans—questioning the role that cars play in their lives, behaviors about driving and cars, and more.
According to the findings, 77 percent of Gen Z respondents said they "loved or liked driving," which shows a promising future for the auto industry and the collector car community. In terms of the type of vehicle they like, 38 percent of respondents noted SUVs (today's buying trends support that finding), followed by sedans (26 percent) and pickup trucks (19 percent). Yet they also showed interest in luxury cars (23 percent).
Hagerty notes, "Younger enthusiasts are showing interest in a wide range of cars from the past four decades." This is likely attributed to "the increased role that social media has played, as well as other online and in-person on-ramps to the hobby." Gen Z reported that YouTube (39 percent), Instagram (38 percent), and driving (35 percent) were the top ways they interact with enthusiast vehicles. And 40 percent of those surveyed said their first exposure to classic and enthusiast cars was from attending car shows (the study doesn't specify the type of car show, but it likely includes local "cars and coffee" type events, which are held in every city on the weekends).
The company's demographic data reveals that the most common car Gen-Z enthusiasts inquire about for insurance coverage is the Mazda Miata (model years between 1990–1998). The lightweight sports car, tuned for driving enjoyment, is one of the most popular roadsters of that era—over 1.1 million have been sold since inception.
Hagerty's key findings are supported by recent auction results that reveal trends are shifting away from classic coachbuilt cars (e.g., 1930 Ford Model A) and classic American sports cars (e.g., 1955 Chevrolet Corvette) towards more modern offerings that resonate with Gen-Z. "Modern and 'youngtimer' cars taking center stage in the highest auction realm is no longer just a trend but is backed by a defined collecting base. Broad Arrow's success in this segment, including our market leadership of marques like Porsche and RUF, is well-illustrated by our Monterey auction results and beyond," said Barney Ruprecht, vice president of auctions for Broad Arrow
Despite recent reports from the Federal Highway Administration that show fewer teen licensed drivers and stories in Newsweek that say today's youth may be seeking a more sustainable option (public transportation, ridesharing, or e-scooters) instead of climbing behind the wheel, Hagerty's "Future of Driving" study casts an optimistic light. Their comprehensive study reveals that a significant portion of Gen-Z is equally as passionate about vehicles and collecting—and the segment shows promising growth.
