RVIA’s Survey of Lenders Experience revealed the industry totaled over $9 billion in indirect RV lending in 2023, matching the indirect lending level from 2022.
Indirect lending totaled over $13 billion in 2021 and $9.6 billion in 2020.
Lenders made over 200,000 indirect retail loans in 2022, matching 2023 levels.
Wholesale RV lending totaled more than $18 billion in 2023, down from $21 billion in wholesale loans made in 2022.
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.
The totals top 2022 levels. In 2022, the lenders’ survey reported average down payments totaling 18%. New RV purchases averaged $60,102 financed. Used RV purchases averaged $60,305 financed.
Despite a soft market, there were 313,174 wholesale shipments with a retail value of $20.27 billion in 2023.
RVIA said, “Despite these challenges, the long-term outlook for the RV market remains favorable.”
Outdoor interest has increased over the past few years. According to the association, the median age of new RV buyers has lowered to 32 years old. Consumers are also more diverse.
The study is available to RVIA members. Non-members may purchase a copy of the study.
