HVA's Economic Impact Study

 

Posted on Monday Jan 24, 2011 - 21:15

In 2010, the Historic Vehicle Association commissioned a landmark study into the behaviors and economic impacts of the historic vehicle community in the United States and Canada.

Everybody involved in the hobby knows that historic vehicle enthusiasts contribute greatly to the economy. But until now, no one could accurately tell you just how much.

Here’s a quick look at some of the key findings.

The ability to measure the economic impact associated with buying, restoring, and maintaining historic and collector vehicles provides a powerfully tool for persuading regulators and policy makers.

HVA’s economic impact study—the first comprehensive economic study of the U.S. and Canadian historic vehicle communities—was completed by Avenue ISR, a Michigan based research consulting firm with extensive experience in the historic-vehicle movement.

Research findings are based on survey data collected from more than 13,000 historic vehicle owners, enthusiasts, and representatives of businesses who serve this vast community.

Key findings are as follows:

• There are estimated 2.75 million historic vehicle owners in the United States and Canada (2.5 million in the U.S. and 250,000 in Canada), each who own an average of 2.0 vehicles. The number of historic vehicles in Canada and the U.S. is estimated to be 5.5 million.
• The average value of a historic vehicle is $25,000.
• Average annual spending (repairs, maintenance, storage, etc.) of each historic vehicle enthusiast is $12,500. Applying this figure to the 2.75 million historic vehicle owners in Canada and the United States reveals total spending of nearly $35 billion in 2009.
• More than 80 percent of participants indicated that they attended one or more historic vehicle events in 2009.
• Enthusiasts spent an average of 18 hours per month in 2009 watching TV, reading books and magazines, and reading online content related to historic vehicles.
• The average historic vehicle was driven just 484 miles in 2009 and the majority are driven 300 miles or less.

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We at All About Detail want to contribute to the preservation of these Historic Classic Cars. We consider these cars to be works of Art.

As our last article "An Article for Classic Car Women" acknowledges that this is more than a good ol' boys club.