Think car collecting will die out with the baby boomers?
Don't bet on it. That's according to Hagerty Insurance – the specialist classic car insurer.
The millennial Uber-using generation is causing the car industry a major headache. But for classic car auctioneers, at least, there are reasons to be hopeful, says Hagerty.
A DeLorean can be yours for around $30,000 - for now
Millennials are now responsible for more classic car sales than the pre-baby boomer generation, the firm states. But don't expect this new generation to be gushing over 1930s Rolls-Royces or 1960s Jaguars.
It's cars from their own youth they're buying up.
"People like to collect cars that were popular when they were kids or in high school; 1980s Firebirds, especially Trans Ams, are having a resurgence," curator at the Henry Ford Museum, Matt Anderson, told the Detroit Free Press.
"A lot of it is driven by popular culture, too. There's no reason the DeLorean should be collectible, but the 'Back to the Future' movies gave it an incredible second life."
You can pick up a DeLorean for around $30,000, although they have sold for more. The original prototype from 1977 made $110,000 in 2007, while a model once owned by actor Patrick Swayze sold for $81,500 earlier this year.
Hagerty's CEO, McKeel Hagerty, added to the newspaper: "Millennials are not looking at [cars] at the same level as earlier groups. They buy vehicles that are fun."
He also warns that the time-starved 20- and 30-somethings of today have less interest in tinkering with their cars than previous generations. Which means more and more classics could be consigned to a long (and possibly eternal) hibernation in garages throughout the world.
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