J.D. Power, the U.S. consumer analytics company often associated with the automotive trade, also follows the RV market. The company just released its assessment of how things went for the RV industry over 2023. It’s a good-news, bad-news scenario.
“All segments of the RV market are depreciating in a market generally defined by higher supply and tougher finance conditions,” says J.D. Power. “However, values are still strong by historical standards.” The company goes on to break out the statistics by RV type.
Towables and other non-motorized
The most recent 10 years of standard hitch trailer values averaged 5.4% lower in the November-December period compared to September-October. The company saw a 4.0% drop in calendar year 2023 compared to 2022.
Fifth wheels also lagged, averaging 4.0% lower in November-December compared to September-October. There was an over the year 2.5% drop, 2023 compared to 2022.
Camping trailer (pop-up) values were 1.3% lower in November-December compared to September-October. They showed 3.3% lower in 2023 compared to 2022.
Truck campers averaged 4.5% lower in November-December compared to September-October. Turning the tide, however, these units showed 0.6% higher in 2023 compared to 2022.
RV market for motorhomes
Class A vehicles averaged 1.1% lower in November-December compared to September-October. Another drop for the year, 2.5% lower in 2023 compared to 2022. Class C motorhomes averaged 2.9% lower in November-December compared to September-October. The only “bright side” registered showed up here. They ran 1.3% higher in 2023 compared to 2022.
Stay tuned for another 12 months to see how J.D. Power evaluates the RV market performance for 2024.
##RVT1141b
Would be interesting to know their methodology…is this based on actual sales and segmented, at a minimum, by model years sold? Even better, by models and size? If it’s just an overall gross # of units by total sales it means little to nothing…kind of like the gross auction numbers where one never knows the mix of what was sold.
Very good points. Like selling more chicken at a steak house the past year or 2 and talking about good customer numbers while not acknowledging lower revenues because the chicken platter is 15.00 versus steak at 30.00.
What the hey do they expect with poor quality control and high prices?
Those numbers may be true, however, they don’t take into consideration the number of RV’s, TT and Fifth wheel sold in 2020,2021. There was a very high number sold in those two years. Not many, if any will replace a 2 year model.
Car sales are no different. Has anyone tried to buy a new car or truck in the past two years? The dealer lots are empty and wait times are in excess of 6 months. Not to mention the price gouging my manufactures and dealers (stealers).
Now in NEPA the car dealers have plenty of new cars and trucks. Their prices are high and so is the payments. Wait till Biden’s push for the auto unions wage increase hits the price of vehicles. I was always able to afford to buy a new vehicle. Now I have to lease them. Even leases are high.
Thank you, Russ and Tina! 🙂 Well, given the quality problems that seem so widespread in the industry, perhaps the “silver lining” is that manufacturers begin to compete in terms of quality to attempt to gain market share. 🤔 I guess we’ll see. 🙂 Meanwhile, safe travels!
Is this an annual year-end trend for RV sales? Is December not a low volume month for RV sales?
A friend who is a service manager for an RV dealer here in CA told me that they are close to selling the last of so many tow trailers that those who bought them in 2020-2021 brought them back to the dealer to sell on consignment. He said that one could buy a new one, a 2024 model for less than what was owed on the consignment units. An other dealer up in ID still had about 200 returned consignment trailers that they were trying to sell. None of this comes as a surprise after seeing the number being bought during the covid scare period.
Pass J.D. Power’s market analysis on to KOA headquarters. Maybe they’ll stop buying up the mom and pops!