The demographic of classic car owners is getting younger, yet 1970s classics still reign supreme, according to new data

The demographic of the classic car scene is getting younger, according to data from Insurance giant Hagerty. Its findings reveal a rise in Millennials and Gen-Z enthusiasts getting policy quotes, yet the popularity of established older classics, particularly from the 1970s, remains strong.

Naturally, the demographic of the classic sector will change as time moves on, but Hagerty’s data nevertheless indicates an intriguing shift. At the recent Historic and Classic Vehicles Alliance (HCVA) Heritage Matters insights day, Editor of the Hagerty Price Guide, John Mayhead, revealed that Baby Boomers’ born before 1965 accounted for over 40 per cent of policy quotes before lockdown. They still account for still a big part, but Gen-X (born from 1965-1980) then took over, and in the last 12 months, 64 per cent of quotes were for Gen-X and younger.

“The growth of the younger people coming in is the really interesting thing,” John explained, pointing specifically the to the increasing percentage of Millennials (born 1981-1996) and Gen-Z (born 1997-2012). The former group has increased from 15 per cent to over 20 since 2018, while Gen-Z has risen from only a few per cent to 10.

Hagerty has a vast pool of data to look at, insuring over 2 million cars worldwide. It also had 19 years of price guide values to draw on, which reveals that only 8 per cent of the cars it covers rose in value in 2024, and the only decade to see growth was the 2000s. And yet, the changing demographic of the sector has not affected older cars as much as many might expect.

Policy activity data shows that Boomers and Gen-X prefer 1960s vehicles, accounting for 21 and per cent of activity respectively, but while this reduces for Millennials and Gen-Z, it’s not a massive drop. Indeed, 18 per cent of Millennial activity is for ’60s cars, and 15 per cent for Gen-Z. Perhaps the biggest surprise is that 1970s classics are so popular among younger enthusiasts. They account for 18 per cent of Boomer activity and 20 per cent of that of Gen-X (the same as the 1960s), but for Millennials and Gen-Z. These figures are 20 and 24 per cent respectively. That makes 1970s cars the most popular choice for both Millennials and Gen-Z.

Granted, 1990s cars are only a single per cent behind in both cases (19 and 23 per cent respectively), and the sweet spot also includes the 1980s (15 and 18 per cent respectively), but it does go to show that 1970s classics are still holding their own. We certainly saw evidence of that at ACA’s recent classic sale, when a down-at-heel 1977 Ford Escort RS2000 in need of an extensive restoration still maged to sell for almost £15,000.

Another interesting thread to this, as John explained, is that dips in market give us an opportunity to get younger people in. Old British marques generally fell in value in 2024, but that’s potentially making them more affordable and accessible for new fans. So while there’s been much doom and gloom regarding the values of traditional classics, this could serve to strengthen their futures.