A number of people buy classic cars to indulge their passion or treat themselves to something they’ve always dreamed about owning. Sometimes their children share their love of cars and sometimes they couldn’t care less.
This could be causing an interesting shift in the classic car market as Automotive News reports auction prices have declined while the number of vehicles being offered and sold has increased. This appears to be a result of an aging population which is downsizing to smaller homes, moving into retirement communities, or simply dying off.
In a report earlier this year, The New York Times noted the 2014 census showed more than 20 percent of the population in the United States will be 65 or older by 2030. While younger generations typically inherited their parent’s possessions, the executive director of the National Association of Senior Move Managers told the publication “This is the first time we’re seeing a kink in the chain of passing down mementos from one generation to another.”
While these possessions are usually furniture and various knickknacks that have been collected over decades, a number of seniors are facing a situation where they’re going to have to determine what they are going to do about their vehicles. A number of them will likely be headed to auction and this could further suppress prices as the supply of classics continues to grow.
While lower prices might attract new and younger collectors, there has been a gradational shift in the collectors market. The popularity of trucks and SUVs has spilled over to the classic market and vehicles such as the Ford Bunco and Jeep CJ-7 are seeing renewed interested. This is sharp departure from several years ago when it seemed like the market was dominated by muscle cars.
There’s no telling what the future holds but trends are starting to take shape and it will be interesting to see what becomes collectible in the future.