So, what drivers of change could disrupt the classic car market?
Succession is a major subject
The top 100 collectors alone own around 3,500 of the most important classic cars in the world, worth a combined total of some 8 billion US-Dollars. The average age of these collectors is 72, and around 20% of them are 80 or older. This raises the question of succession: some of the most important automotive gems in the world, worth billions of US-Dollars, will soon pass to the next generation. What will happen to these pieces of history? What are their owners’ succession plans? Will they sell the cars? Donate them to institutions? Create their own museums? Or will their heirs and heiresses be the next caretakers? What will this mean for the value of pre-war and early post-war cars?
A new generation of collectors develops its own preferences
This generational shift also means that the taste for cars and the commitment to heritage and preservation may change. What attitude will the new generation have towards
How future trends shape the sustainment of classic cars
Our world has never changed so fast. “The connected life”, “mobility as a service” and other trends will fundamentally transform the automotive world over the next decade. People will soon be using self-driving cars powered by plug-in energy, and more of us will be getting accustomed to new eco-friendly mobility service concepts. What will this mean for classic cars? Will we still be able to get road registration, spare-parts, and gasoline? Will we still be allowed to drive our treasures?
Change can be a good thing, though: the world of classic cars is a wonderful world that can offer pleasure and passion, as well as professional and cultural opportunities, for generations to come. These opportunities deserve to be promoted and developed. It’s right to pause at a crossroads, but then it’s time to forge ahead again!
More information can be found in The Key – Top of The Classic Car World.
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