US Leisure: Revisiting Affordability: Not All Leisure Vehicles are in the Same Boat

This report uses a consistent financing framework to track the monthly payment on a representative new towable RV, motorized RV, boat, motorcycle and ORV, measured against both gross and discretionary buyer income. Towable RV payments are 67% above 2019 and absorb 4.4% of typical buyer income versus about 3.5% in 2019, leaving the discretionary-income burden 26% higher; boat payments are up 54% and consume 5.7% of income, with a 16% higher discretionary burden. Although motorcycle and ORV payments have risen 17% and 21%, income growth has more than offset the increase, making them 13% and 10% more affordable on a discretionary basis and helping drive retail growth of 1% and 6%, respectively, through August 2026. For 2027, prime rates could rise another 44-51 bp and prices 2.5%, lifting payments 3%-4%; with buyer income assumed up 3.75%, affordability should be roughly flat, leaving towable RVs and boats stretched while motorcycles and ORVs retain an advantage.