You should consider the current market conditions before you decide to buy an RV. The RV Industry Association (RVIA) recently issued a report that predicts a decline in sales of 8.4% in 2022. While this is a significant decrease, overall, the industry remains strong.
ITR Economics forecasts the RV market. The leading economic indicators show that the future outlook is good. They cite relief from supply constraints and robust consumer demand. However, they highlight the fact RV buyers still have to deal with high prices for gas and the Federal Reserve's efforts to control 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. A strong economy and an increase in confidence among consumers have led to many people wanting to relax and have fun this summer. There is an increasing number of younger people among these consumers.
Americans were able cash in on their homes at the peak of the economy to purchase RVs. As the market started to slow down, however, the inventory of RVs for sale fell. RV owners began to keep their RVs longer which created a glut in market.
Over the past few decades, manufacturers have experienced massive production delays and supply chain problems, which left them with no parts to create new models. The result was that new RV shipments were delayed and inventory was limited.
After a record year in 2017, sales of RVs are rebounding in the months ahead. According to the RV Industry Association (RVIA), 576,065 RVs will be sold in America in 2020. That represents a 14.1% gain from last year's record-high total of 504,600 units. The overall volume of shipments will increase by 14.1% over last year, even though some RVs ordered this past year will not be delivered as expected.
Despite recent sales declines, RVs are still very popular among Americans who love to relax and enjoy the outdoors. It's a great way of having fun with your family while on the road. It can make great memories that last a lifetime. RVs come in all shapes and sizes, from fifth wheels to towables.
Some dealers sell both used and new motorhomes. Some dealers also offer travel trailers which are much easier to construct than motorized models. Most dealers offer discounts during the slower months of the year. Summer is a great season to buy a motorhome/trailer.
The RV market is not without its challenges, but it is also one of most popular and depreciating vehicles. Make sure you are buying a reliable RV. National Vehicle can provide a free RV appraisal.