Specialty vehicles like RVs, boats, powersports and trailers are big-ticket, lifestyle-driven purchases. Buyers of different generations vary in why they buy, how they research, and what influences their choices.
As a credit union looking to grow your specialty lending reach, here are some helpful tips you can keep in mind when considering what kind of loan programs you should provide to connect with various generations.
Baby Boomers (born 1946–1964)
Boomers are typically nearing or enjoying retirement, have stronger savings, and high home equity. Boomers have dominated the RV and boating markets for years, as their leisurely stage of life makes them a reliable and enthusiastic buyer segment.
Lifestyle and Motivation
- Prioritize leisure, comfort, and making memories
- Buy premium or luxury models, such as larger Class A motorhomes, high-end boats, and robust trailers for better comfort and utility during travel
- May trade in for higher-model vehicles as part of a retirement lifestyle shift
- Purchase fewer new units than younger cohorts but spend more per transaction
How to Engage
To appeal to this generation of buyers, partner with dealerships and offer loan structures that promote:
- Comfortable vehicles that are easy to travel with
- Value-focused deals like trade-in incentives
- Transparent, flexible terms to meet their fixed income needs
Generation X (born 1965–1980)
Gen X is the most financially secure and engaged spender in the market today. Between active careers, kids, and sometimes care for older parents, they balance various responsibilities with the desire to travel and make memories. This generation tends to research thoroughly and value quality and practicality.
Lifestyle and Motivation
- Seek functional versatility: trailers for family camping, boats for weekend getaways, or ATVs for adventures with kids
- Prioritize durability and reliability over trends
- Currently in their peak earning years, which makes financing a popular option
How to Engage
To attract Gen X members, you and your dealer partners should focus on:
- Practical vehicles with track records of performance, durability, and utility
- Educational resources like detailed vehicle inventories, comparison tools, reviews, and F&I product specs
- Supporting them from start to finish — whether they engage with you as a credit union first, or you manage their loan indirectly
- Flexible financing products with clear terms, online calculators, and easy prequalification
Millennials (born 1981–1996)
Millennials are earlier in their careers and family lives than Gen X, which impacts their overall spending power. However, they represent a growing share of owners across RV, marine, and powersports verticals, especially in towable and tech-friendly models.
Lifestyle and Motivation
- Experience driven, prioritizing travel, family time, and outdoor adventure
- Embed remote work flexibility into RV lifestyles, blending travel and work life
- Show strong interest in eco-friendly features and tech integration
How to Engage
To provide the best buying experience for millennials, ensure your institution and dealers highlight:
- Digitally focused buying experiences like video vehicle tours, online credit applications and quotes, and virtual loan consultations
- Lifestyle marketing showcasing the versatility and experience specialty vehicles provide
- Tech-enabled features and sustainability options, as well as any available loan incentives
- Flexible payment plans, including competitive financing and lower down payments
Generation Z (born 1997–2012)
Gen Z’s presence in specialty vehicle markets will grow in the coming years, with nearly double the purchase intent of Gen X or Boomers. This generation is still relatively early in their careers and family life, and while willing to spend on high-value goods, their discretionary income is limited.
Lifestyle and Motivation
- Prioritizes authentic experiences, social connectivity, and value for their money
- May initially choose rentals or sharing programs before they choose to buy
- Motivated by the desire to lead a flexible lifestyle
How to Engage
To build up your relationships with Gen Z as they ramp up specialty vehicle purchases, work with your dealer partners on:
- Building trust through community and reviews, as well as relevant influencer partnerships
- Providing rent-to-own or capped payment options suited to first-time buyers
- Being mobile-first when possible, using responsive sites, chat support, and smartphone tools
- Using social content that shows real user experiences
Adapting your loan programs and strengthening your dealer relationships will go a long way toward connecting with your members across generations. Use these trends to help you tailor experiences to each buyer’s unique needs.