RVs and Powersports: Two Heavyweights in Outdoor Recreation Boom
As the pandemic halted many activities and travel plans, drivers saw a new opportunity to explore the open road on their own. Instead of catching flights, people decided to get behind the wheel of an RV and see what adventures nature had in store.
Economic data from 2021 illustrates the impact that outdoor recreation has had on our economy. The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) released numbers that show outdoor recreation generates $862 billion in economic output and 4.5 million jobs.
With so much growth in the outdoor market, more RVs and powersport vehicles are being sold every day. Keep on reading as we explore the rise in outdoor recreation and what it means for RVs and powersports!
Home Sweet RV
RVs are now a desirable option for those who want to travel full-time. “Work anywhere” decrees make it easier than ever to travel and explore, and more individuals have decided to sell their homes and buy RVs. In most cases, RVs may be more affordable to maintain than a mortgage.
According to the U.S. Census Bureau, the Department of Housing and Urban Development, Freddie Mac and the National Association of Realtors, the average monthly mortgage payment is $2,064 on a 30-year fixed mortgage, and $3,059 on a 15-year fixed mortgage.
The average cost for an RV can range between $1,500 and $2,500 per month. This figure depends on financing, gas, maintenance, and how often you travel. Though RVs may be more affordable, there are still appliances, like a kitchen, that you must account for.
These appliances need continual maintenance too, just like a traditional home. That’s why if you’re looking to own an RV, get a vehicle service contract (VSC) that covers the cost of maintaining appliances.
So, if you want to live life on the road and are discouraged by the current real estate market, an RV is possibly a more affordable option.
No Need to Pitch a Tent, RVs Make it Easy to Explore
The RV boom isn’t just for full-time travelers. People have been purchasing RVs or campers to replace their annual vacations and summer trips. Compared to the cost of airfare, hotels and restaurants, an RV or camper can be very cost-effective. In most cases, you can bring your own food and belongings, and all you need to pay for is the cost of gas and parking.
Additionally, RVs can be cozier than your average tent, making it more desirable to be out in the elements with a safe place to retreat.
Still, seeing iconic landscapes is a desirable option for most campers. In 2021, Grand Teton National Park saw a record-breaking 3.8 million visitors. Whether you are taking a road trip to see monuments or taking a trip down the road to a local trail, camping is here to stay, accounting for 40 percent of leisure trips according to the 2022 North American Camping Report.
Powersports Rev Up Adventure
Not only are RVs having a moment for those looking for adventure; powersports are, too! In 2020, the powersport market, which includes vehicles like ATVs, jet skis and boats, saw 18 percent growth with 25 percent growth in the final quarter.
As the perfect companion to an RV, powersports are ideal for adventuring along the water or cruising off the beaten path. Though most indoor activities were closed due to the pandemic, most outside activities were still allowed, even with COVID restrictions.
Two years later, powersports continue to see steady growth. More people have relocated from urban spawls to roomier suburbs and country sides, making it ideal to bike around or ride an ATV.
Outdoor Recreation is Here to Stay, So Give Your Customers the Protection They Need
As the industry continues to flourish, more consumers will opt for an RV or powersport vehicle. Make sure you offer your drivers the very best in protection with National Auto Care’s cutting-edge RV and powersports product lineup.
At National Auto Care, we are proud to be an award-winning F&I provider that puts the customer first. With our pulse on industry trends, we are always leading the way forward. Reach out to one of our agents today to learn more!