Collecting classic cars is often viewed as a baby boomer activity. But times are changing. Gen Z is now entering the market, and they have different tastes.

Chairman and CEO of Hagerty (HGTY) McKeel Hagerty tells Yahoo Finance autos reporter Pras Subramanian there has been a shift from baby boomers controlling the market to new generations starting make their marks. He argues there is a "rebalancing ... where vintage cars, the great ones especially, will continue to hold their value, but they may not be increasing in the way they were in previous years."

Hagerty makes the case that Gen Z is still interested in driving and owning cars, which he considers "pretty good news when you think about the future of how people might collect. You start with what you drive every day. Then, when you make a little bit more money, you start owning the cars that you really want to have." What do they want? Cars from the 80s, 90s, and the early 2000s.

So what advice does Hagerty have for younger car enthusiasts? He recommends they go to car events and get involved in the automotive community. He also advises "Spend the money that you can afford to spend. Buy something that you really like. Don't worry about whether that value is going to go up very much. Just have fun driving it."

Watch the video above to hear Hagerty discuss the top cars collectors want and how video games are drawing more younger enthusiasts.

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This post was written by Stephanie Mikulich.