There is no slowdown in sight as consumers continue to embrace RV travel amidst the COVID-19 pandemic. Sales lots are packed with first-time buyers looking to purchase a new vacation home on wheels. Due to travel restrictions and increased risk of exposure, RV sales are at an all-time high. The ability to sleep in your own bed, prepare meals, and store personal belongings is enticing many people to hit the road.
Despite it sounding like the perfect solution, there are some costly pitfalls that consumers need to be aware of before buying a new RV.
The worst reason to buy an RV
Purchasing a new RV is an investment that shouldn’t be taken lightly. Those seriously considering buying a trailer without any experience might be better off renting until they become accustomed to the lifestyle. Committing to a new RV simply because it sounds like fun is the worst reason to buy an RV and could up costing a lot of money in the long run.
Consumers need to take into consideration their current circumstances versus what will be the new norm when the country gets back to business as usual. What may seem like a great way to social distance now could serve little purpose in the months and years ahead.
The RV Industry Association found that in August 2020, there was a 17.3 percent increase in total RV shipments from the same time last year. Shipments should exceed 400,000 units before the end of 2020, with another 500,000 units in 2021. Craig Kirby, president of the association, said, “the recent soar in consumer interest in RVing driven by the COVID-19 pandemic has led to a marked increase in RV shipments.” He continued, “people turn to RVs as a way to have the freedom to travel and experience an active outdoor lifestyle while also controlling their environment,” according to RV Travel.
With record number sales this past summer, there are going to be a lot of used trailers for sale in the next few years. Many people buying now aren’t aware of how quickly RVs depreciate. As soon as the wheels drive off the sales lot, the value of the trailer rapidly starts to decrease. Those trying to sell several years from now may find themselves upside in financing and unable to get out of the depreciating asset.
How much work goes into owning an RV?
Getting into a new RV isn’t as simple as signing a sales contract. Towing capacity, weight limits, and a plethora of other factors need to be considered before taking the plunge. Overeager sales staff aren’t doing a great job at helping people determine if the RV is right for them. Consumers must take their time, do a lot of research, and have a professional inspect the RV before deciding to buy.
Many people don’t realize how much maintenance is involved in owning an RV. Draining black and grey tanks, checking seals, monitoring tire pressure, and inspecting slide mechanisms regularly are just a few of the tasks involved in taking care of one.
If proper maintenance is neglected, larger problems will appear, ending up costing much more money in repairs than the owner anticipated. Those considering ownership need to be aware of what’s involved before signing on the dotted line.
The resale value of a recreational vehicle
The RV market is red-hot right now as people are anxious to get out of the house as they discover an alternative way to travel.
What many people fail to realize is how much work is involved in owning a recreational vehicle. Something that seemed like a good deal at the time can turn out to be very expensive. In a couple of years, the rig may not be worth much, and there are going to be a lot of people in the same situation trying to offload their impulse purchase.
Owning an RV can be a wonderful experience, opening the door to many fun-filled adventures. But, if you are thinking of buying just because it sounds fun, do yourself a favor and think again.