Car restoration spans factory-original work, restomods, hot rods and broader customization. The available U.S. estimates and surveys show a large classic-vehicle base, varied definitions, substantial parts spending and a mix of DIY and professional work, while the older Hagerty survey provides historical context rather than a current national estimate.
Key Car Restoration Statistics
The most useful headline figures cover the vehicle base, projects, owners, spending and collector-car ecosystem:
- In 2020 research, more than 9.4 million pre-1990 vehicles were estimated to be on U.S. roads.
- In data cited in SEMA’s 2021 report, 3.5 million pre-1970 classic vehicles were estimated in the United States.
- In data cited in SEMA’s 2021 report, 1.8 million 1970s classic vehicles were estimated in the United States.
- In SEMA’s classic-vehicle opportunity profile, 4.1 million 1980s vehicles were estimated in the United States.
- In 2020 research, the classic-car specialty-equipment market was estimated at $890 million in the United States.
- In 2019 U.S. data, classic cars represented 2% of specialty-equipment retail sales.
- In a fall 2020 survey, 29% of consumer classic projects were described as restorations.
- In a fall 2020 survey, 26% of consumer classic projects were described as restomod builds.
- In 2020 research, 38% of classic owners under 45 were pursuing a restomod build, compared with 22% of older owners.
- In fall 2020 survey results, 37% of consumers said their classic vehicle was primarily a driver.
- In fall 2020 survey results, 67% of classic owners also had a more modern vehicle.
- In 2020 research, 80% of classic owners were comfortable doing at least some work themselves.
- In fall 2020 survey results, 40% of respondents spent less than $3,000 on vehicle projects.
- In fall 2020 survey results, 25% of respondents spent $10,000 or more on vehicle projects.
- In a 2022 annual report, Hagerty estimated approximately 45 million insurable collector cars in the United States.
- In Hagerty’s 2022 annual report, about 11 million U.S. collector cars were estimated to be pre-1981.
- In 2022, approximately 63% of vehicles in Hagerty’s database increased in value.
- In a 2022 annual report, Hagerty reported more than 2.2 million insured classic and enthusiast cars worldwide.
Contents
- Classic-vehicle base and definitions
- Market size and specialty-equipment spending
- Restoration, restomod and customization trends
- Owners, participation and vehicle use
- Spending, labor and sourcing patterns
- Collector-car values, insurance and retention
Car Restoration Statistics: Classic-Vehicle Base and Definitions
Population estimates depend heavily on the definition of “classic.” SEMA’s 2020 research used a broad pre-1990 vehicle estimate, while its vehicle-landscape report separated older model years and used a narrower pre-1974 definition elsewhere in the report.
| Measure | Estimate or response | Period and geography |
|---|---|---|
| Pre-1990 vehicles on roads | More than 9.4 million | 2020 research, United States |
| Pre-1970 classic vehicles | 3.5 million | Data cited in 2021 report, United States |
| 1970s classic vehicles | 1.8 million | Data cited in 2021 report, United States |
| 1980s vehicles | 4.1 million | Data cited in 2021 profile, United States |
Source: SEMA, “Classic Cars, Modern Markets Report Now Available” and SEMA Vehicle Landscape Report 2021.
SEMA’s business survey also shows why counts should not be treated as universal. Among SEMA business respondents, 7% defined a classic as at least 25 years old, 12% used a 30-year threshold, 14% used a pre-1980 definition, 25% used pre-1974 and 18% used pre-1970.
These are estimates of vehicle populations or business definitions, not counts of vehicles currently undergoing restoration. The 1980s estimate is part of SEMA’s broader opportunity profile and is not included in the report’s narrower pre-1974 definition.
Car Restoration Market Size and Specialty-Equipment Spending
The available market figures measure parts, accessories and customization rather than every restoration input. Labor, vehicle purchases and complete project value should therefore not be added to the specialty-equipment estimates.
- SEMA measured the U.S. classic-car specialty-equipment market at $890 million in research covering the last year before fall 2020.
- In 2019 U.S. data, the classic-car segment represented 2% of specialty-equipment retail sales.
- SEMA reported $0.89 billion in overall classic-car accessorization market size for 2019.
- Consumers spent almost $1 billion on accessories and customization parts for older cars in approximately 2019–2020, according to SEMA’s rounded estimate.
- The broader U.S. specialty-equipment industry was valued at $46.2 billion in SEMA’s 2021 release.
Source: SEMA, “Classic Cars, Modern Markets” and SEMA Vehicle Landscape Report 2021.
SEMA’s 2019 classification found that 70% of classic-vehicle accessorizers were enthusiasts and 30% were non-enthusiasts. Those shares describe accessorizers, not all classic owners or all restoration participants.
In business-opportunity responses reported in SEMA’s 2021 profile, classic cars accounted for 8% of surveyed businesses’ top classic-vehicle segments, while vintage trucks accounted for 62%. The chart is a business-response measure, not a share of registered vehicles or restoration revenue.
Restoration, Restomod and Customization Project Trends
Restoration is only one project category. SEMA’s surveys distinguish factory-original restoration from restomod work, custom or hot-rod projects and vehicles that owners primarily use as drivers.
| Project or work category | Consumers | Businesses | Period |
|---|---|---|---|
| Restoration | 29% of projects | 20% of classic work | Fall 2020 survey |
| Restomod | 26% of projects | 50% of classic work on average | Fall 2020 survey / 2020 research |
| Custom or hot rod | 7% of projects | 30% of classic work | Fall 2020 survey |
| Primarily a driver | 37% of consumers | Not reported | Fall 2020 survey |
Source: SEMA, “Classic Cars, Modern Markets”.
Businesses also reported different perceived directions for the two main categories. For restomod, 62% said its importance was becoming greater, 31% said it was staying the same and 7% said it was becoming less important.
For pure restoration, 14% of businesses said importance was increasing, 56% said it was staying the same and 30% said it was decreasing. These are perceptions from business respondents, not measured changes in completed projects.
Age was associated with project choice in SEMA’s 2020 research: 38% of classic owners under 45 were pursuing a restomod build, compared with 22% of older owners. The comparison does not convert restomod participation into factory-original restoration.
Classic-Car Owners, Participation and Vehicle Use
SEMA’s fall 2020 research describes an audience that combines enthusiast identity, practical use and continuing involvement with newer vehicles. Because the study used a selected online sample of enthusiasts aged 16 and older, its percentages describe respondents rather than a census of all restorers.
- Car owners made up 71% of the classic-vehicle audience in SEMA’s 2020 research.
- Among classic owners under 45, 50% first became interested through a friend or relative in the fall 2020 survey.
- 67% of classic owners also had a more modern vehicle in the fall 2020 survey.
- 44% of owners wanted to keep their classic vehicle forever in SEMA’s 2020 research; this was a stated intention, not observed retention.
- 50% of classic owners used their vehicles for errands in SEMA’s 2020 research, although the summary did not specify frequency.
- 15% of classic owners used their vehicle as a commuter vehicle, compared with 64% of the U.S. comparison population in SEMA’s 2020 research.
- 80% of classic owners were comfortable doing at least some work themselves in SEMA’s 2020 research.
- 71% liked consulting professionals when researching parts or ideas in the fall 2020 survey.
Source: SEMA, “Classic Cars, Modern Markets Report Now Available” and SEMA, “Classic Cars, Modern Markets”.
The commuting comparison is not a causal comparison, and the survey summary does not establish how often owners drove their classics. Comfort with DIY work also does not measure hours, completion quality or whether professional help was later used.
Car Restoration Spending, Labor and Sourcing Patterns
Project spending is distributed across broad self-reported bands, and owners commonly combine garages, specialty shops, vehicle-specific shops, friends and family, and their own labor. The source summary does not specify whether the spending bands refer to annual spending or the full project period.
| Self-reported project spending | Share of SEMA classic owners | Period and geography |
|---|---|---|
| Less than $3,000 | 40% | Fall 2020 survey, United States |
| $3,000–$9,999 | 35% | Fall 2020 survey, United States |
| $10,000 or more | 25% | Fall 2020 survey, United States |
Source: SEMA, “Classic Cars, Modern Markets”.
Reported main work sources were varied:
- 40% mainly used general garages or mechanics for work.
- 28% mainly used a specialty part or product shop.
- 26% mainly used a shop specializing in their vehicle type or vintage.
- 27% turned to friends or family to get restoration-related work done.
- 65% preferred staying with the same shops or suppliers rather than shopping around.
All sourcing figures are from SEMA’s fall 2020 survey of classic owners. The categories describing a main source may overlap with other work arrangements, and the preference for familiar suppliers is not the same as observed repeat-purchase behavior.
Collector-Car Values, Insurance and Long-Term Ownership
Hagerty’s 2022 annual report places restoration-related activity inside a broader insurable collector-car market. These figures are not all restoration measures: some are company estimates, some are Hagerty operating metrics and one is an observation from Hagerty’s database.
| Hagerty measure | Reported figure | Scope |
|---|---|---|
| Insurable collector cars | Approximately 45 million | United States, 2022 annual report |
| Pre-1981 collector cars | About 11 million | United States, 2022 annual report |
| Post-1980 collector cars | About 34 million | United States, 2022 annual report |
| Annual premium opportunity | $12–$15 billion | United States, estimate |
| Average premium assumption | $300 per vehicle per year | United States, model assumption |
| Insured classic and enthusiast cars | More than 2.2 million | Worldwide, 2022 annual report |
Source: Hagerty, Inc. 2022 Annual Report.
Hagerty estimated 8% historical annual appreciation for collectible cars, but the filing does not specify the historical period and the estimate is not specific to restored cars. In 2022, approximately 63% of vehicles in Hagerty’s database increased in value; that database is not the entire collector-car market.
The company estimated a 4% U.S. collector-vehicle insurance market share and reported average annual written-premium growth of 15% over the prior decade. It also reported nearly 90% member retention and average loss ratios under 40% over the prior decade; these are Hagerty business metrics, not restoration outcomes.
Historical participation data adds context but should not be read as current. In Hagerty’s 2007 survey of collector-vehicle owners, 50% said enjoyment was the main reason they personally worked on their vehicle, and 75.2% had attended a local vehicle show or event in the preceding 12 months.
Source: Hagerty’s Hobby Survey: Numbers by the Numbers. Hagerty’s 2007 survey is dated historical evidence and should not be presented as a current national estimate.