You should consider the current market conditions before you decide to buy an RV. Recently, the RV Industry Association released a report that predicted a decline of 8.4% in RV sales by 2022. This is a significant decline, but overall the industry remains strong.
According to ITR Economics, which forecasts the RV industry, the leading economic indicators indicate that the outlook for the next six months is healthy. They cite relief from supply constraints and robust consumer demand. However, they point out the fact the RV market still faces high gas prices and the Federal Reserve campaign against inflation.
While the RV market is still battling with these issues, the travel and leisure industry is starting to emerge from two years of uncertainty. Many are looking for fun and relaxation this summer, thanks to a stronger economy and increased confidence among consumers. A growing number of young people are among these consumers.
Americans had the opportunity to cash-in on homes and purchase an RV at their peak economic times. But as the market continued to slow down, the number of used RVs for sale began to decline. RV owners began to keep their RVs longer which created a glut in market.
Manufacturers faced major production delays in the last few years. They also had to deal with supply chain issues that prevented them from getting parts for new models. As a result, shipments of new RVs were pushed back and inventory was left with only limited choices for buyers.
After a record-setting year in 2017, RV sales are bouncing back in the months to come. The RV Industry Association (RVIA), projects that 576.065 units will be sold here in the USA in 2020. That represents a 14.1% gain from last year's record-high total of 504,600 units. Although some RVs ordered this year may not arrive in time, overall shipment volume is up significantly from last year.
Despite a dip in sales, Americans still love the RV market. Buying an RV is a great way to get out on the road and have fun with the family. It's an investment that can provide good memories for years to come. There are many RVs available, including fifth-wheels and towables.
Some dealers sell both used and new motorhomes. There are also travel trailers available, which are more straightforward to build than motorized vehicles. Most dealers offer discounts during the slower months of the year. The summer is the best time to buy motorhomes or trailers, as camping is at its peak.
Despite the challenges that the RV market faces, it is still one of the most valuable vehicles on the marketplace. It is important that you only purchase a reliable RV. National Vehicle can provide a free RV appraisal.