So, what drivers of change could disrupt the classic car market?
Succession is a major subject
According to our updated 2019 market research, the top 100 global collectors alone own around 4,000 of the most relevant classic cars in the world, worth a combined total of approximately 10 billion US-Dollars, 20% more than 2019. The average age of these collectors is now 71, and around 16% of them are 80 or older. This data confirms that the issue of succession is still relevant: some of the best 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?
Will the next generation still be passionate about classic cars?
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 collectible cars? How will this attitude affect the inheritance of relevant models and entire collections? Might a widespread lack of interest lead to price reductions, or to a dispersion of models with great historical and cultural importance? Auction results and dealers’ records certainly show that purchasing patterns have shifted in recent years. To answer these questions, we have conducted an international survey interviewing more than 500 people at the most prestigious classic car fairs to receive a presentative opinion on the difference in preferences for classic cars comparing younger (less than 35) and older (above 50) people.
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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