Why Classic Car Ownership Is Growing With Gen Z

Something interesting is happening in the classic car world.

For decades, collecting older vehicles was often portrayed as a hobby primarily for older enthusiasts with substantial time and money. Current survey data presents a more varied picture. Interest in classic car ownership is strong among younger enthusiasts, and their preferences are helping reshape which vehicles attract attention.

Here is what makes that shift interesting:

• Millennials and Gen Z are showing strong interest in collector vehicles.
• Values for certain classics have climbed sharply, although the market varies considerably by model and condition.
• Online auctions and marketplaces have expanded access while traditional live auctions remain important.

Let’s break down why this is happening and what it means for new buyers.

What Is Inside This Guide?

• The classic car boom by the numbers
• Safety, accidents, and legal protection
• Why younger drivers love classic cars
• The new wave of collector cars
• Getting started as a new collector

The Numbers Behind Younger Classic Car Ownership

The data shows substantial interest among younger drivers, although it is important to understand what the percentages actually measure.

Hagerty’s 2024 Future of Driving survey, conducted by OnePoll using responses from more than 2,000 Americans, found that 60% of Gen Z respondents expressed an interest in owning a classic car someday. That compared with 31% of Baby Boomer respondents.

That is a significant generational difference, but it does not mean that 60% of Gen Z currently owns a classic vehicle.

The same survey reported that 32% of Gen Z respondents and 30% of Millennials said they had owned or currently owned a classic or enthusiast vehicle. The survey provides evidence of strong interest and participation, although it should not be treated as a complete census of the collector-car market.

Younger collectors are also bringing different tastes to the hobby. Vehicles from the 1980s, 1990s, and early 2000s increasingly qualify as collector cars, giving Millennials and Gen Z opportunities to pursue vehicles connected to their childhoods, automotive media, video games, and car culture.

Some individual models have appreciated substantially, while others have remained flat or declined. Classic cars should not be presented as guaranteed investments because values depend on originality, condition, documentation, mileage, rarity, market demand, and broader economic conditions.

Safety, Accidents, and Legal Protection

Here is something every new classic car owner should consider:

Many older vehicles predate today’s airbags, anti-lock brakes, electronic stability control, driver-assistance systems, and modern crash-testing requirements. Safety equipment varies considerably by model year, and some older vehicles incorporated seat belts or energy-absorbing structures. However, their overall occupant protection may not match that of a newer vehicle.

According to the National Highway Traffic Safety Administration, frontal airbags became standard equipment in passenger vehicles during the late 1990s. Many vehicles now considered classics were built well before that period.

If you are involved in an accident while driving a classic, the resulting insurance issues can include both bodily-injury and property-damage claims. Vehicle valuation, aftermarket modifications, replacement-part availability, diminished value, and specialty insurance can make the property portion of the claim more complicated.

Depending on the jurisdiction and circumstances, a legal practice such as the Max G. Arnold law firm may help an injured person understand applicable insurance coverage, liability rules, documentation requirements, and available legal options. Laws and filing deadlines vary by state, so advice should come from an attorney licensed in the relevant jurisdiction.

Some safety improvements worth discussing with a qualified restoration or fabrication shop include:

• Properly installed seat belts: Retrofit systems should use suitable mounting locations, reinforcement, and hardware for the vehicle.
• A secured automotive fire extinguisher: It should be mounted where it remains accessible without becoming a projectile during a crash.
• Appropriate rollover protection: Open-top or competition vehicles may benefit from professionally engineered protection, but clearance, padding, mounting, and intended use must be considered carefully.
• Modern tires: Newer compounds can improve grip, but size, load rating, speed rating, clearance, and wheel compatibility remain important.
• A complete brake-system inspection: Upgraded pads, hoses, lines, fluid, master cylinders, and other components should be selected as a compatible system rather than installed individually without evaluating the rest of the vehicle.

Any modification to a historic vehicle should be designed and installed correctly. A poorly engineered retrofit can create new hazards or affect the vehicle’s originality, value, legal compliance, or insurance coverage. Gauge’s guide to the benefits of owning classic cars provides additional context about preservation, driving enjoyment, and collector-car culture.

Why Classic Car Ownership Appeals to Younger Drivers

Nostalgia is a major part of the appeal, but it is not the only reason.

Ask a younger enthusiast why they want a 1990s Mazda Miata or a 1980s BMW E30, and the answer may include some combination of:

• Design: Classic vehicles offer styling, proportions, colors, and details that may feel more distinctive than many current models.
• Mechanical involvement: Some older vehicles use fewer electronic systems and can be approachable for hands-on owners, although scarce parts, corrosion, previous repairs, and specialized systems can still make them expensive to maintain.
• Potential value: Certain models appreciate, but others do not. Buyers should treat future value as uncertain rather than assuming steady returns.
• Community: Shows, cruises, clubs, forums, social groups, and online communities make it easier to meet owners with similar interests.

Social media also contributes to classic-car discovery. Hagerty’s 2024 survey reported that YouTube and Instagram were among the leading ways Gen Z respondents interacted with enthusiast vehicles. Videos, restoration series, build updates, auction coverage, and event posts expose younger audiences to vehicles they may never encounter in daily traffic.

Many enthusiasts also enjoy the driving experience. Older cars can provide more mechanical feedback, simpler controls, manual transmissions, and a closer connection between the driver and the vehicle. That experience comes with fewer electronic aids, making attentive and responsible driving especially important.

The New Wave of Collector Cars

Younger enthusiasts are expanding the definition of a collectible vehicle.

Hagerty reported that the most common vehicle Gen Z enthusiasts inquired about for insurance coverage was the 1990–1998 Mazda Miata. That is different from saying it was the most frequently searched classic car across every website or marketplace. Hagerty also noted that more than 1.1 million Miatas had been sold across the model’s history.

For Millennials, Hagerty’s insurance-inquiry data showed particularly strong interest in 1988–2000 GMT400-series trucks. These preferences differ from the European sports cars, prewar vehicles, and traditional American classics that shaped earlier generations of collecting.

Examples commonly associated with younger collector interest include:

• Mazda MX-5 Miata
• BMW E30 3-Series
• Nissan Skyline GT-R
• Toyota Supra MK4
• Mitsubishi Lancer Evolution
• Older Honda Civic Type R models
• GMT400 Chevrolet and GMC trucks

Many of these vehicles come from the 1980s, 1990s, and early 2000s. They represent nostalgia for enthusiasts who grew up watching automotive movies, attending import events, reading magazines, following tuner culture, or driving the same vehicles in video games.

Getting Started as a New Collector

Ready to buy your first classic car?

Begin modestly. An enjoyable vehicle with strong parts availability and manageable mechanical needs is usually a better first purchase than a rare project requiring extensive fabrication, restoration, or specialist knowledge.

The Miata remains popular because it combines an engaging driving experience with broad enthusiast support and relatively straightforward maintenance. Purchase prices and values still vary considerably according to generation, condition, mileage, originality, modifications, and location.

Some quick tips for first-time buyers:

• Set a realistic budget: Include the purchase price, taxes, transportation, registration, insurance, storage, maintenance, and immediate repairs.
• Compare insurance options: A standard auto policy may not provide agreed-value coverage or adequately address limited use, modifications, spare parts, or restoration work.
• Find a knowledgeable mechanic: Look for someone familiar with the particular make, model, and era you are considering.
• Join a club: Local and model-specific clubs can provide technical knowledge, parts leads, inspection help, and community.
• Drive it responsibly: Cars are meant to be enjoyed, but mileage limits, storage requirements, weather restrictions, and policy terms should be understood.

Be patient. Do not purchase the first vehicle you find simply because the photographs look good or the listing creates urgency. A pre-purchase inspection can reveal corrosion, collision repairs, fluid leaks, electrical problems, title concerns, missing components, and mechanical work that may be difficult to see online.

Watch out for these common mistakes:

• Buying a project car without the time, skills, tools, space, or budget to finish it
• Skipping an independent pre-purchase inspection
• Underestimating restoration and parts costs
• Selecting an insurance policy without understanding valuation and usage terms
• Buying a rusty vehicle because it looked clean in photographs
• Failing to verify the title, VIN, ownership history, and available documentation

The vintage automotive world can be difficult for new collectors, but knowledgeable owners are often willing to help. Ask questions, inspect several vehicles, review market information, and seek advice from experienced owners before spending serious money.

The Future of Classic Car Ownership

Classic car ownership is no longer a hobby associated only with older generations.

Millennials and Gen Z are participating in the market and helping reshape which vehicles receive attention. Their interest in imports, trucks, sport compacts, off-road vehicles, and cars from the 1980s through the early 2000s is expanding the collector-car landscape.

If you are joining for the driving experience, restoration process, design, investment potential, or community, remember to:

• Research every vehicle before making a purchase.
• Buy the best-condition example that fits your complete ownership budget.
• Understand the insurance policy, vehicle valuation, and legal options following an accident.
• Maintain the vehicle properly and keep records of repairs and modifications.
• Drive the car safely and enjoy owning it.

Driving a classic car can be a rewarding experience, but it carries real responsibilities. Understand the vehicle’s limitations, maintain it carefully, use appropriate insurance, and know what steps to take if an accident occurs.

Then go find the classic that makes you want to turn around for one more look after parking it.