The historic vehicle market is worth more today than it was five years ago but growth is slowing dramatically and more must be done to increase the number of young enthusiasts if it is to survive in the future. 

That's the warning from the Federation of British Historic Vehicle Clubs (FBHVC), whose annual National Historic Vehicle Survey found that while the market is worth a record £7.3 billion today, the £100 million growth since 2020 is far less than the £1.7bn increase reported five years ago, when prices peaked during the Covid pandemic. 

FBHVC secretary Mel Holley said this "reflects the weakening of the wider economy and the changes in the historic vehicle market". Since Covid, the average value of a historic car has fallen from £26,000 to £22,700 today. 

However, Karl Fasulo, founder of KGF Classics, a Peterborough-based specialist in modern classics, told Autocar that "I don't see values falling off a cliff any time soon", as a result of the prices of prime specimens (low mileage, service history, factory specifications) that are still highly sought after. 

"Such cars are rare, but although they're not rocketing in value, prices for them are at least stable," he said. However, Fasulo admitted that the price of classics falling may not be a bad thing in the longer run because "any softening will encourage more people to enter the market".

This could help the market to build the number of owners especially younger ones. According to the FBHVC survey, the average age of people owning a historic vehicle has risen to 66 years old from 63 years old in 2020.

Interest among people below the age of 35 is growing, though, from both non-owners and those drawn to so-called 'youngtimer' classic cars - defined as being no older than 30 years.

"It's encouraging but the federation acknowledges more must be done to attract younger enthusiasts," said Holley.

"We are all living longer and there simply aren't enough younger people coming into the sector to slow the increase in the average age of owners."

One of those younger owners is 24-year-old Lorenzo Wojtanowski - and he owns four: a 1969 Alfa Romeo Giulia Super, a 1990 Mazda MX-5, a 1995 Jaguar XJ and a 1999 Volvo V70.

He believes that more young people own classic cars than the FBHVC survey suggests. 

"Between us, me and my friends - all of us in our early-to mid-twenties own around 30 traditional and youngtimer classics," said Wojtanowski. 

"One of them has just returned from a 2500-mile tour of Europe in his Triumph 2000." 

Asked how the market could attract more young people, Wojtanowski told Autocar that car clubs will need to bring themselves into the modern era to stay relevant and the best way to do that is with social media. 

"We love old cars but we don't have to join clubs to enjoy them," he said. 

"Many clubs define themselves by models or brands but young enthusiasts like me and my friends just like old cars. 

"If we want to meet other people who also like them, we don't join a club. Instead, we go onto social media to see where the next car meet is. 

"For example, it's social media that has taken the Southside Hustle car meet in Wimbledon from five people getting together just after Covid to the huge monthly gathering it is today. There's a whole scene out there I don't think the clubs are aware of."