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Thread: Market softening?
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03-02-2023, 03:50 AM #1
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Market softening?
Wondering if others are seeing the market soften in their area? We're considering buying a new (either a 410TH or a Luxe) and the quotes we're getting on our 2019 351M we're great, now, not so much. A few dealers in my area "aren't taking trade ins"; they are directing new buyers to RV Trader, sell it yourself. Side note, talk about shooting yourself in the foot! One of the few values that a dealer really brings to the table is their bank account (to buy your RV), space (to store it), and people (to show it). Directing people to sell themselves is just begging more RV manufacturers to go to a direct model.
Anyway, just wondering if others are seeing the market turn. Interestingly, when I go on RV trader and search my model (351M), similar year/condition models are universally pretty far up there for pricing (median seems to be around 70K). Numbers I'm getting at the one dealer who will do a trade and Camping World (for a straight sale) are both around 50K. So there's a disconnect somewhere, pretty significant one.
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03-02-2023, 04:06 AM #2
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Just because the private sales are priced that high doesn’t mean they can get it
Remember if you can see their price that high in an ad they still have it
Of course the market is going to fall apart and I am quite sure some manufacturers that didn’t plan will fall as well
So many people ,because of the plandemic, took up this hobby and it isn’t easy. Hotels are much more convenient2021 Imagine 2400 BH
2018 GMC Sierra 4x4 Crew 1840lb payload
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03-02-2023, 08:12 AM #3
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A little background. I just bought my TT from a private party. Actually through a broker.
I am not at all surprised dealers don't want to take a trade and are encouraging potential new buyers to sell their current RV on their own. I would imagine there is good reason for this practice and submit that the dealers know what they are doing. The broker I used said there are far more sellers than there are buyers right now.
What I suspect is going on is people who bought RVs during the scamdemic have decided RVing isn't for them and are trying to bail out. Dealer's don't want to end up on the short end of the stick during this transition.
All that said, I don't know why anyone would buy new, especially now. Nothing depreciates faster than an RV and there are many good deals to be had on slightly used ones.2023 Reflection 297RSTS
2020 F-250 Power Stroke
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03-02-2023, 08:24 AM #4
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We went to our local GD dealer yesterday to look for a part. In the past their used area on their lot would have a fairly good number of used units on the back row. Very few there. Looked at an Imagine on the show room floor about the same size as ours priced at over $20,000 what we paid for ours late 2020. My eyes exploded, still can't get over that.
2020 Imagine 2450RL born 7/2019 Anderson hitch
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Both retired - still have our S&B
US Army vet (Air Cav baby!) Gulf war combat veteran
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03-02-2023, 08:28 AM #5
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Very true. I'm relatively young to own an RV, in my circle of friends around our age, my wife and I are the only RV owners. So we get a lot of questions; how do you like it, I'm considering it, etc. For some of my friends, I strongly encourage them, you'll enjoy it, here are some good brands/things to look for. For the majority of my friends, however, I tell them "It's a whole lot of work/maintenance". The friends who put in their own outlets and know how to swing a hammer, sure, go ahead, it's fun and you'll enjoy it. Those who call an electrician to change a light bulb? You should probably (definitely!) look at another hobby. An RV takes a lot of tools, time, skill to keep well maintained and on the road. Or a WHOLE lot of money to pay someone to do the work and a lot of weeks where the RV is unavailable.
Also, if you can't park at home, that really changes things (on my recommendation to them). Putting an RV into storage, the costs, the difficulty working on it in a storage facility vs in your home with all your tools. You have a ton of money and don't care if it takes months to fix? Sure, go for it. But that's a pretty small group.
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03-02-2023, 09:49 AM #6
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Dealers may not want trade ins because like in the auto industry the values have tanked and are still tanking. Too much new inventory so used RV's have much less value. Remember supply and demand.
As mentioned new prices are through the roof high. So are interest rates. 3 years ago the same RV was priced $15-20+K lower and interest rates were sometimes more than 1/2 what they are now.
Only way to do it right these days is sell on your own and pay cash for new.
Pretty much buying the same $60K RV @6.50% for 144 mths is 601 monthly. $26,500 in interest
Same RV 3 years ago would be around $45K @3.25% for 144 mths is $377 monthly. $9,200 in interest.
A net loss of $32K by buying a new RV with a loan today.
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03-02-2023, 10:08 AM #7
Classic example of the business cycle and "bubbles".
2020 Reflection 273MK
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03-02-2023, 10:26 AM #8
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Only way to do it right these days is sell on your own and pay cash for new.
So, what exactly do you bring to the table Mr. Dealer? I guess new buyers who don't know better and buy off the lot (no offense, that's how I bought my first RV)? But is that market durable enough?
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03-02-2023, 10:31 AM #9
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So glad we bought ours in fall 2018! No COVID related junk, prices, and "other" various issues.
Now, just got to keep an eye on the retail maintenance side (if not doing it yourself) until the "other" COVID related opportunities fade away...
So look forward to pre-COVID RV normalcy again...Jim and Annette
2019 Reflection 150 295RL
US Army Veteran
Missouri (AKA Misery)
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03-02-2023, 10:41 AM #10
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I bought mine in April 2019 for around $38K OTD. Today they going for $54K OTD. Zero changes except for exterior decals. Literally everything else is the same. 6 years left on the loan makes it really hard to want to get something newer. For what I paid for mine you can't get anything close to the same build and amenities in todays market.
In a normal world my used TT would be worth about what it is now. But the new one would only be about $3-4K more. Most TT/5er's only increased about $1000-$1500 max year over year. Not $5-$7K a year.
https://rvbusiness.com/black-book-wh...ng-approaches/Last edited by goducks14; 03-02-2023 at 10:43 AM.
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