2024 Q1 Market Insights Recreational Vehicles

RV MARKET INDUSTRY OVERVIEW

The RV market generally continues to show mild depreciation. For the most part, values are now similar to or slightly below late-2023 levels, as many potential customers continue to contend with challenging equity positions and finance conditions.
    
Looking at individual segments, the most recent 10 years of Standard Hitch trailer values averaged 1.8% lower in the March-April period compared to January-February, and 3.8% lower in the first four months of 2024 compared to the same period of 2023. Fifth Wheel units averaged 0.3% lower in March-April compared to January-February, and 1.4% higher year-over-year. In the Motorhome segment, Class A vehicles averaged 2.2% lower in March-April compared to January-February, and 6.4% lower year-over-year. Class C motorhomes averaged 1.0% higher in March-April compared to January-February, and 8.6% lower year-over-year. Camping Trailer values were 3.5% lower in March-April compared to January-February, and 18.0% lower year-over-year. Truck Campers averaged 2.1% lower in March-April compared to January-February, and 12.4% lower year-over-year.
    
Market conditions are quite a bit different in Q1 2024 than Q1 2023, but depreciation has relaxed for most segments. The exception is Class A motorhomes, which we continue to adjust downward to match market realities. Finance rates should remain stable and could ease later this year, providing some assistance to a maturing market.