Annually, the RV Industry Association (RVIA) conducts a nationwide survey of the RV lending portfolios of major financial institutions. Data is gathered from both wholesale lenders and from retail indirect lenders. The survey concentrates on the largest lenders in each category.
Together these lenders constitute approximately 80% of RV lending activity in the United States.
The survey found that:
- The dollar volume of RV wholesale loans was over $18 billion in 2023.
- There were over 200,000 retail indirect loans to consumers by reporting institutions in 2023, totaling more than $9 billion in dollars funded.
- The average down payment on retail indirect loans for RV purchases was just under 22%. The average amount financed was $67,216 for new RV purchases and $64,635 for used RV purchases.
- During a soft market for most of the year, there were still 313,174 wholesale shipments with a retail value of $20.27 billion in 2023.
Despite these challenges, the long-term outlook for the RV market remains favorable.
Interest in the outdoors and RVing has exploded over the last few years. The median age of new RV buyers has dropped to only 32 years-old and these buyers are more diverse than ever before. RVers are enjoying the health benefits of recreating in nature.
The RV industry continues to be an economic powerhouse with the latest data from the Bureau of Economic Analysis showing that RVing has been the top contributor to the conventional outdoor recreation economy for two years running.
RVIA members can view the full study here.
Purchase a copy (available for sale to non-members) here.