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 Preferences 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.
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SOURCE Hagerty
