Vintage car collecting and restoring didn’t end with Generation X. Millennials are gobbling up these classic cars like hippos in a game full of marbles.
Whether it’s restoring older cars or collecting some vintage models that are still in mint condition, these cars are going to a much younger demographic than expected. Well-heeled millennials can be found at the Barrett-Jackson auction house, placing high bids on some of the most amazing classic and antique cars. Those young adults on the other end of the economic spectrum have begun looking for barn finds and junkyard gems to bring back to life.
Professional auction houses are capitalizing on the change
Recently, the annual Audrain Newport Concourse & Motor Week in Rhode Island held a “30 Under 30” event. This event brought younger auto enthusiasts to the location. The qualifying factors were that the enthusiast must be under 30 years old and have spent less than $30,00 on their restorations. This event, honoring these young car lovers, was sold out and even had to turn some people away because of the incredible interest in such a showcase.
Millennials aren’t kids anymore
Although many Baby Boomers and Gen Xers think of Millennials as kids, some are already in their 40s. This means they are getting on toward middle age and have had some of the same experiences expected of people growing up and raising families through their thirties. Although Millennials grew up during the tech boom, they were raised by parents who drove some of the coolest cars in the world. These cars, many of which were around before the oil embargos, were high-powered, performance-driven machines. This somewhat young generation is searching for ways to bring back the cars of their parents’ youth.
Economic issues didn’t stop this generation
Although Millennials came into the job market with extensive student debt and the Great Recession, this didn’t dampen their spirits regarding the classic car market. Some thought this generation would be slower to purchase expensive new vehicles, but that doesn’t say anything about restoring vintage cars or enjoying what some classic models might offer. The classic car culture is strong and present in this generation, which now represents the largest group of adults with some of the highest spending capabilities in history. This is good news for older cars.
Expansion of auction clients to online portals
Instead of squashing the car collecting landscape, Millennials are expanding it and helping auction houses reach a larger network of customers. Call-in bids aren’t new, but online bids and purchases during auctions are. A generation that’s grown up during the tech boom is comfortable making large online purchases, which enables auction houses to have a greater reach than ever before. This new generation is evolving how cars are collected and what cars make sense as part of collections. The is one way the high-value cars could gain more attention and demand even higher prices than ever before.
Some Millennials are collecting and restoring unexpected cars
Why do some people restore classic cars? In many cases, a car restoration project is a labor of love. Auto enthusiasts will spend months on end in the garage restoring a classic car that brings back the memories of their youth. The same goes for the latest generation of car enthusiasts. Although cars before 1970s are some of the most sought-after, those built in the late 1970s to the early 1990s are becoming more popular at auction and as restoration projects. These are the cars that Millennials drove in their youth and want to restore.
Some younger collectors are likely to do more than simply restore an old car to its original form. Some are turning to modern comfort and features with a classic build. These cars are called restomods, which means they’ve been restored but modified with features and parts that weren’t part of the original build. This could be as simple as using fuel-injected engines, wireless connectivity, and modern safety equipment to make these cars more useful on today’s roads. These restomod projects aren’t limited to cars either. Trucks and SUVs are becoming popular choices for impressive restorations with modified equipment.
Classic cars are going to live on, but some classics won’t be the same as they were for previous generations. Millennials are using their cache in the market to gobble up classic cars for restorations, to add to collections, and to create impressive new restomods. This generation is car crazy, and that’s a good thing.
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