Whoa, Nelly Belle!!! What's that light in the tunnel????

HEY BOOMERS, 
IS THIS THE CANARY IN THE COAL MINE.....?
While researching information concerning one of today's favorite issue - the Millennial Generation - we came across an article that took dead aim at the Baby Boomer Generation. Garagistry has long urged today's Collector & Classic Car owners to collect, organize, preserve and protect the history of their classic vehicle(s) since we began - that's a key purpose behind creating a personal Garagistry account. And although it was good to read an interesting article on the future of the classic car hobby per se, it didn't necessarily give us warm fuzzy feelings that "everything's alright..."

Rob Sass of Hagerty's Insurance wrote in 2014, the classic car hobby in general has some significant challenges ahead. 


He said: "A demographic shift looms: Some 76 million baby boomers will soon reach retirement age, crushing the health-care system and the social safety net with their massive numbers. But we have a greater concern: Who’s going to buy all their cars?"
“I think that boomers are taking a more practical approach to baggage. We want to lighten our loads sooner,” says Charlie Kuhn, a 52-year-old collector from the Chicago area. “Guys not much older than me are selling because their kids aren’t interested. I’m already thinking about downsizing.”

It won't be funny or even tolerable when the time comes for you or your loved ones to sell your beloved classic car and there is no interested buyer to be found. "Why do I want a car that I have absolutely no relationship with?" could well be the mantra heard by classic car sellers.  

In a previous Garagistry blogs, we mentioned classic car buyers typically have had some degree of personal experience with - their first car, the former family car, the car used to go to the prom - anything that provides a personal connection between buyer and vehicle. And until recently that opinion was viewed as true as we were mixing generational and demographic ingredients into a big blender and didn't see many major shifts were coming straight at us. But generational and demographic changes are the new reality – and we all will have to deal with it.


Jeffrey Wallis Bell-Zekas commented in Car & Driver Magazine: “my sons range in age from 25 to 35. They have no interest in most of the cars that I loved, i.e. Austin Healey 3000, MG-TD, Porsche 356, Morgan, Lotus. They own new vehicles, trucks, which are practical and durable. My oldest DOES have a '68 Bronco (heavily modified) which he is losing interest in, and a '64 Chevy C-10 restomod. The other two boys like Japanese cars from the '90's. But most of their generation aren't as car crazy as my boomer generation.”

There will always be a market (aka: buyer) for just about anything – including classic vehicles of any age. The difference could be that the supply will exceed demand by a wide margin giving future buyers the opportunity and ability to pick and choose the best vehicle(s) available. Not necessarily concours level vehicles either, just vehicles that an prove they are what the sellers claim them to be. 

S-o-o-o, what does a classic car Collector or owner do today? Prepare for the future!


The "Greatest Generation" and older "Baby Boomers" may avoid new technologies like the Grim Reaper himself, but that's not true for the Gen X'ers, Gen Y-er’s and especially the Millennials. For if the Gen X, Y and Millennial generations will demand their information in a digital format, available when, where and how they want to access it – you best put your photo albums and shoeboxes of photos, receipts and records away - they'll want no part of it.


Collect as many details on your classic vehicles as you can - do some research, as suggested by Dr. Fred Simeone, as to what, and how to search for details. To read Dr. Fred's article on Provenance, click here 


Organize your documents and details into a logical file that can explain to a future buyer/owner what was done, when, where, by whom and why.  As the phrase is now heard - future buyers will expect & demand full "transparency"...


Preserve & protect your vehicle’s information digitally - your classic’s Provenance - in a Garagistry file, safe from the threats of loss or theft may hold to your classic's history.  It is easy, fast and you can use most any means to preserve your information with Garagistry.


When we were kids, our grandparents would say "A word to the wise should be sufficient".  We suggest a slight modification to this wisdom with the admonition that "To be forewarned is to be prepared"...  


Protect your classic and your personal investment in it with a Garagistry account today! Click here to start your classic's Garagistry account today - no credit card required.

The Garagistry Team

No comments: