Westerners Most Interested in RVs; Southerners Want Boats

RV Business

At long last, summer is here — warm weather included. To get in the spirit, LendingTree explored consumer interest in financing RVs and boats. Using data from the past two years, we determined when interest in RV and boat financing peaked at the national level, as well as which states were most interested in these modes of recreation.

Perhaps unsurprisingly, those who live under the big skies of the American West are more interested in purchasing an RV, while Southerners have their sights set on the sea — and a potential boat purchase.

Key findings

Dating back two years, interest in RV financing on the LendingTree platform peaked in 2021. Researchers examined RV loan inquiries on our platform between May 2021 and May 2023, finding they peaked in July and August 2021. Overall, the number of auto loan inquiries for RVs in May 2023 was 7.1% higher than in May 2022 and 23.0% higher than in May 2021 (though the two-year peak came months later).

In the same two years, interest in boat financing on our platform also peaked in 2021. Boat loan inquiries peaked a few months earlier, in May 2021, but the second-highest number of inquiries were in May 2023 — a near-return to the peak. Overall, boat loan inquiries dropped 27.0% between May 2021 and May 2022 but jumped 35.6% between May 2022 and May 2023. There was just a 1.0% dip between May 2021 and May 2023.

Far and away, Oregon residents showed the most interest in RV financing in the past two years. 7.5% of auto financing inquiries in Oregon between May 2021 and May 2023 were for potential RV purchases — more than double the average across the U.S. of 3.5%. Montana and Wyoming tied for second at 6.9%. In fact, every state in the top 10 is in the West, though South Dakota (in the Midwest) snuck into a tie for 10th.

Florida residents were the most interested in boat financing in the same period. 3.8% of auto financing inquiries in Florida between May 2021 and May 2023 were for potential boat purchases — double the average across the U.S. of 1.9%. Alaska and South Carolina rounded out the top three, tied at 3.5%. Among the top 10, seven are in the South.

Interest in RV financing peaked in July and August 2021

During our data collection period, which ran from May 2021 through May 2023, interest in RV loans peaked relatively early in July and August 2021.

While we didn’t poll consumers for the reason behind their interest, the timing of the peak may be related to the COVID-19 pandemic. After months of being trapped indoors, an outdoorsy vacation sounded better to many of us, and the privacy of RV travel makes a socially distanced trip more possible.

Although sales have since dwindled, RV manufacturers experienced a boom in the early days of the pandemic. Even with declining sales, consumers are still showing plenty of interest in purchasing an RV.

Between May 2021 and May 2022, interest in purchasing an RV surged 14.8% — and then rose another 7.1% between May 2022 and May 2023.

Percentage change in RV loan inquiries

May 2021 to May 2022: +14.8%
May 2022 to May 2023: +7.1%
May 2021 to May 2023: +23.0%

Source: LendingTree analysis of auto loan inquiry forms completed on the LendingTree platform for RVs from May 2021 through May 2023.

While there’s a great deal of seasonality, interest in RV financing trended downward through 2022 but seems to be ramping up entering summer 2023, perhaps owing to many ex-office workers’ new post-pandemic location independence.

Unsurprisingly, inquiries trend up during the summer months, when warm weather and clear skies call would-be adventurers to the road.

Residents in Western states show most interest in RV financing

Once we explored when interest peaked in each of these different recreational transportation options, we examined where that interest was coming from. We started with RVs.

To complete this analysis, we compared the number of auto loan inquiries for RV financing at the state level to the number of auto loan inquiries, regardless of type. Between May 2021 and May 2023, 3.5% of auto loan inquiries on the LendingTree platform were for RVs.

Anyone who’s seen a map of the U.S. National Parks will agree that the West holds plenty of great RV travel opportunities — and the data backs this assertion. Each of the top 10 states with the most interest in financing an RV purchase is in the West, though South Dakota in the Midwest is in a tiebreaker at No. 10.
Oregon led the charge, with 7.5% of auto loan inquiries made there during that period being for RVs. Even zooming back nearly 30 years to 1995, Oregon was near the forefront of the RV industry, according to an Associated Press report published on the Los Angeles Times website.

Montana and Wyoming tied for second at 6.9%, with Alaska and Washington tying for fourth. (Alaska is home to eight national parks, second only to California’s nine — though several of them are inaccessible by road and must be flown, sailed or hiked into.)

Residents in Southern states show most interest in boat financing

To ascertain where residents were most interested in financing a boat, we used the same concept as with RVs. Between May 2021 and May 2023, 1.9% of auto loan inquiries on the LendingTree platform were for boats. (To compare, that figure was 3.5% among RVs.)

Results are, again, unsurprising for those familiar with the warm waters of the Gulf of Mexico and Caribbean. Seven of the top 10 states on the list are in the South, with Florida in the lead at 3.8% of auto loan inquiries for boats. According to a January 2023 report from the NMMA, Florida in 2021 led the U.S. in new powerboat, engine, trailer and accessories sales at $5.4 billion, more than doubling the next closest state (Texas at $2.4 billion).
Alaska ties with South Carolina for second at 3.5%. Despite its icy temperatures, Alaska has more coastline than all the other American states combined (and, as mentioned, some of its remote locales are only accessible by air or water).

Other northerly states that made the top 10 include Minnesota and New Hampshire, while landlocked New Mexico and Nevada came in last at 0.6%.

Source: https://rvbusiness.com/westerners-most-interested-in-rvs-southerners-want-boats/