RV Buyers – RV Sellers – there’s been a change…
I posted an RV Sales Outlook on Feb 22. It is now about 4 weeks later as I write this on March 22 and the most recent developments have caused me to post an important update.
RV Purchases took an unexpected turn up
Over the past 4 weeks, there’s been a “flurry” of RV buying activity. This is causing sellers to try to sell for higher prices – but will it last?
Reasons for the uptick in RV sales – my take…
Across the nation, temperatures have been quite mild. I’m in SW Montana and we are just coming off 5 consecutive days in the 60’s! Spring fever is being felt throughout the nation. When the weather warms, buyers start thinking about getting a new (or new to them) RV camper.
Income tax refund season – I believe that in both used car and RV camper sales, the refund tax payers count upon may be dedicated to a down-payment on their next RV camper.
When I turned 65 a few months ago, I took a hard look at Medicare and Supplemental Coverage – I knew as a TRAVELER I would need. Here is what I discovered…
Will this “uptick” in RV purchases continue for much longer?
Simply put, I strongly believe that’s a hard NO. As I noted in my prior post, I expect these current buyers to take action and then the pool of current RV buyers will dry up. In my estimation, this will happen in a few weeks
I would continue to describe economic conditions as “dire” and I believe the RV buyers market will get even stronger after this brief RV buying spree.
In my own Concierge RV Buying (and Selling) Service, I noted an uptick in new clients since my last post. Most of my new clients are buyers. While I expect to continue to work with buyers into the Summer, these are the SMART buyers who are looking for a deal (and the best possible price.) In conversations with various dealerships across the nation, they too are seeing an uptick in business. As to their outlook? All they can do is keep their fingers crossed!
As predicted in my prior post, fuel prices are rising (rapidly.) Fuel prices here in SW Montana are up about 0.70/gallon in the past 4 weeks. Honestly, this is a STAGGERING increase. Commuting to and from the ski hill, I burn at least a full tank every two weeks. This amounts to nearly an extra $60. this month in fuel costs! And… I believe that Montana is BELOW the national average in fuel costs. (Feel free to share in the comments section below if this is happening where you live.)
Interest rates are HIGH (and standards to get a loan are stringent.) I just had a client offered 9 1/4% on a 15 year loan. Fortunately, she does not intend to keep the loan active for anywhere near its full term!
As Spring fever takes hold, my thoughts turn (again) to kayaking. Here’s a recent review of a GREAT travelers kayak that I absolutely LOVE (and a discount code within)…
Bottom line and suggestions…
The recent “blip” in RV buying will be short-lived. I anticipate that by May or June, rv seller lots will be quiet again and sellers will be pressed to sell at lower prices than they hoped or anticipated. Some private sellers may start abandoning their loans and campers allowing repossession to occur. This is already happening on a fairly large scale in the automobile industry.
These repo’d RV’s will then have to be sold either at auction or dropped onto dealer lots. Some of these may be good deals, and I will scrutinize these campers carefully for my clients if any are right for their needs.
As Spring spreads across our nation, I maintain a series of RECOMMENDED RV ACCESSORIES…
Final Thoughts and upcoming posts…
Have thoughts on what I’ve shared? Please use the comments section below – I read and respond to ALL comments.
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Quintessential American History found in SW Montana
Smart vs. dumb buyers
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Kayaking in SW Montana
Insightful. Sounds like a long overdue shift from sellers’ market to buyer’s market. Patient buyers will save money, impatient buyers will pay too much. Buyer’s that don’t keep their campers for several years are like home buyers that sell after only a few years-they risk owing more than the unit is worth and more that buyers are willing to pay. Gone are the covid-fueled supply shortages when buyers could sell their 1-2 year old unit for more than they paid. Painful and expensive lessons are about to be learned. Thanks for the info.
All good points Rick.
Al