Chelsea is a full-time RVer who teaches in campgrounds and online as she travels. She shares roadschooling tips and more on her blog, Wonder Wherever We Wander.
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It took a while, but things have returned almost entirely to normal after a very strange few years of upset caused by the pandemic. The travel industry is totally up and running once again, people are back at their office desks, and school, sports, and other day-to-day activities have picked up where they left off. Another thing that seems to be adjusting as the world returns to normal? The RV market!
This makes perfect sense. People are tied down to their day-to-day activities, making travel a bit more difficult for them. On top of that, other travel options have opened back up, meaning that those who prefer other types of travel are choosing to travel via plane or cruise ship rather than RV.
Still, there are plenty of people out there who have found a love for RVing, and that has to make a difference, right?
In this article we discuss these changes, why they are occurring, and what they mean for the future of the world of RVing. Let’s dive in!
Changes in RV Demand
The first thing we need to note is that the demand for RVs is changing. Most who follow the RV industry are aware that we saw an extreme shortage of RVs when both production stopped entirely and demand increased immensely during the pandemic.
Now it seems manufacturers have caught up, and that shortage is no longer a problem. Simultaneously, demand has decreased as more travel options have opened back up and people have returned to day-to-day life, where they have less time and freedom for RV travel.
This decreased demand and surplus of inventory means it is much easier to find new RVs sitting on an RV lot. It’s also leading to a drop in RV prices.
Economy Induced RV Sales
Another thing that is contributing to the drop in RV prices? Those who are jumping off the RV bandwagon in anticipation of the looming recession. These individuals are likely concerned with their ability to afford an RV in a less-than-stellar economy and are selling their RVs quickly.
This increases supply, even as demand is decreasing. It’s driving the cost of buying an RV down further, and those who sell for less than their RV is worth aren’t helping matters.
The thing is, we don’t know if the recession is actually going to happen. To be fair, we’ve been hearing about it for far too long. It could very well be that the economy starts to improve instead. Besides, we are strong believers in living in the now and truly enjoying every moment, something an RV helps many do.
The Private RV Market is Still Good
So how is the private market doing? Honestly, the private RV market is still an excellent option for both RV buyers and RV sellers.
Believe it or not, sales numbers are holding steady in the private market when compared to sales over the last two years. This means you shouldn’t have a hard time selling your rig if you’re looking to hop out of the RV lifestyle as you return to your pre-pandemic level of day-to-day busy-ness.
If you’re looking to buy, you’ll be glad to know that despite the dropping RV prices at RV dealerships, the amount one can save when buying a used RV is still enormous. That, coupled with the fact that you’ll have a huge number of used RVs to choose from—which in turn is thanks to people selling because they’re choosing other types of travel in a post-pandemic world—makes buying privately the best option without a doubt.
Financing is More Expensive in this RV Market
Whether you are buying or selling your RV, there is a good chance a loan will be involved in the process. In this case, it’s good to know that interest rates are going up as the economy changes. This can make buying an RV a bit more expensive.
The good news? The cost of buying an RV has gone down, making the higher interest rates palatable. On top of that, the current economy is temporary and we’re sure to see lower interest rates in the future. Refinancing is always an option when those interest rates do drop, and many buyers are aware of this, so they aren’t letting the more expensive financing change their decision to buy now.
What This Means for the RVing World
What does all of this mean for the world of RVing? Well, while we are seeing some of the RVers who bought during the pandemic leave the RV lifestyle for other things, many others have found a love for RVing and will likely never leave. The demographic of RVers is younger than ever. Campgrounds are filling up, making camping reservations a must-have in this day and age.
We predict that as some people decide to sell and leave the world of RVing, others will jump onboard at the recommendation of friends who’ve fallen in love with the RV lifestyle.
At this point, RVing definitely isn’t going anywhere!
Yes, we will see more RVs on the market, and the price of buying an RV is likely to drop more in the near future as people sell in the post-pandemic world. That said, RVing will remain more popular than it ever was before the pandemic happened, and this will continue to help the RV market thrive.
Hoping to sell your RV? Now is a great time to do so, and we can help. Start by finding out how much your RV is worth here.