ModVans 2021 Target Market Update

One of the pushbacks we get from potential investors and customers is that our vehicles cost too much to have mass market appeal. From the start, we identified RV financing with long term loans as the industry standard way to make RVs affordable. Most US consumers agree: Over 80% of new vehicles are financed, and most choose the longest loan terms available – the average new car loan term is 70 months. About 50% of ModVans customers use RV financing. We expect this percentage to grow as we broaden our customer base.

To help us understand market size and trends, we maintain a report that allows us to see how our “monthly costs” compare with other vehicles in what we consider related vehicle categories. Some wonder why we show Tesla models. Initially this only included the Tesla Model 3. The idea was to note how many consumers were willing to purchase a trend setting vehicle with substantially higher monthly costs. With the introduction of the Tesla Model Y SUV, we now get an idea of consumer demand for a trend setting SUV vehicle with higher monthly costs.

We just updated our report with 2021 year end data. Because this data is heavily questioned, the source for every data point is shown. On a monthly basis, the CV1 compares well. Over half of our customers report replacing an SUV, Pickup Truck or Minivan with their ModVans vehicle.

Starting with this report, for ModVans models, we show average price rather than base price. The CV1 base price is about $90k, but, as the average shows, most customers add substantial options.

Sources

https://www.statista.com/statistics/453000/share-of-new-vehicles-with-financing-usa/

https://www.autolist.com/guides/average-car-loan-length

https://www.bankrate.com/loans/auto-loans/rates/

https://www.goodsamrvloans.com/web/good-sam-finance-center/rv-loan-rates

https://www.bankrate.com/insurance/car/average-cost-of-car-insurance/

https://www.progressive.com/answers/rv-insurance-cost/

https://www.bankrate.com/mortgages/calculators/loan-tax-deduction-calculator/

Federal rate: 22.4%, State rate: 3%

https://www.lazydays.com/rv-lifestyle/rv-tax-deductions

https://www.goodcarbadcar.net/2021-us-suv-sales-figures-by-model/

https://www.goodcarbadcar.net/2021-us-pickup-truck-sales-figures-by-model/