Youngtimers fuel a classic car resurgence in South Africa

The South African classic car market is undergoing an exhilarating transformation, fuelled by an emerging demographic of collectors known as “youngtimers.”

These enthusiasts, predominantly aged between 30 and 40, are embracing vehicles from the 1980s, 1990s, and early 2000s—not merely as modes of transport but as cherished symbols of nostalgia and identity.

The trend marks a significant shift towards valuing cars for their emotional resonance, alongside their monetary worth.

Sesh Govender, an Underwriting Specialist for iTOO Classic Cars, notes, “These collectors are drawn not just to the rarity of these cars but to the memories they evoke. A prime example is the iconic box-shaped BMW 325is, synonymous with the South African motoring landscape. For many, it is more than a vehicle; it embodies aspiration, a sense of belonging, and a link to their past.”

Classic car collecting typically involves vehicles that are at least 20 years old, placing even models from 2005 under the “classic” umbrella as definitions evolve. The market dynamics are shifting as well; a car that could have been sold for R100,000 in 2005 might appreciate to R150,000 today, making it not just a vehicle but a viable investment as well.

“Unlike conventional investments, classic cars are imbued with emotional weight,” explains Govender. “This sentiment reflects how owners approach aspects like insurance and restoration. While modern vehicles are frequently written off and replaced, classic car enthusiasts prefer restoration, viewing these projects as legacies rather than mere financial calculations.” Around 90% of clients opt for restoration, underscoring this deep emotional connection.

The influence of pandemic-era shifts is also notable, as the rise of online sales platforms has made finding coveted models more accessible. Collectors often monitor specific makes with tools like Google Alerts to nab a rare find. “You might not even see the car in person before buying,” Govender recounts, highlighting how this digital transformation mirrors consumer trends in e-commerce while adding layers of nuance concerning trust and heritage.

Additionally, classic car auctions have gained traction, often showcasing collections that were inherited from passionate family members. These inherited vehicles can sometimes be neglected, leaving new owners eager yet uncertain about maintenance and preservation.

The financial aspect of classic car ownership necessitates tailored insurance solutions. Regular evaluations are crucial to ensuring that these vehicles—often regarded as heirlooms—are properly covered as their worth grows. “Most insurers recommend re-evaluating these cars every 24 months to adapt policy coverage to current market values and restoration costs,” says Govender.

In essence, classic cars represent a convergence of investment, history, and nostalgia. “These vehicles possess a distinct emotional charge, rooted deeply in pride and craftsmanship,” Govender concludes, underscoring that classic car insurance goes beyond mere risk protection—it's about recognising the values and sentiments that collectors hold dear.