Youngtimers drive SA's classic car market
A new demographic of collectors, known as "youngtimers," aged 30-40, is leading the trend of owning cars from the 1980s, 1990s, and early 2000s, vehicles they grew up with or that their parents drove.
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The South African classic car market is thriving, driven by a growing demand for rare and historically significant local models. A new demographic of collectors, known as "youngtimers", aged 30-40, is leading the trend. These enthusiasts are drawn to cars from the 1980s, 1990s, and early 2000s, vehicles they grew up with or that their parents drove.
"It's about memory," says Sesh Govender, Underwriting Specialist for iTOO Classic Cars. "This kind of idealism fuels the popularity of classic cars. Much like dreaming of a career, a luxury watch, or a rare collectable, owning a classic car taps into nostalgia and personal milestones. It is an investment, but one deeply rooted in emotional value."
The classic car market has shifted, with even 2005 models now qualifying as classics. Another way to define a classic is by value appreciation. If a car has surpassed its original sale value, it is considered a classic.
Classic car collecting is seen as a sound investment, but unlike traditional assets, these vehicles carry emotional weight. Govender explains, "In the broader motor industry, vehicles are quickly written off and replaced. But in the classic car community, restoration is the preferred route, even when costs exceed market value. Around 90% of clients opt to restore rather than write off, because the car represents more than just transport; it is a legacy."
The rise of online sales has accelerated the market, with collectors using Google Alerts and niche dealer websites to find specific models. Classic car auctions are also gaining popularity, often driven by sellers with inherited collections.
Given the significant amounts of money spent on classic cars, classic car insurance is crucial. This type of insurance is designed to preserve vehicles that carry emotional and historical significance. Govender notes, "These are not just cars; they are investments, heirlooms and symbols of identity.
"Unlike everyday vehicles that lose value over time, classic cars often appreciate."