UPDATE: Used RV Market and its UGLY.
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- Опубліковано 15 чер 2024
- Today we are going to talk about how ugly the used RV Market is
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Video on Financing Older RVs
ua-cam.com/video/4FANneblgDs/v-deo.html
I have to disagree that RV is nothing but a toy. If you can’t walk-in a pay cash for the toy then you better leave it in the RV store. Just my opinion. Lots of economic information presented in a great understanding way. Thanks
100%
Absolutely agree! We purchased a 1999 class A motor home with $11,000.00 miles on it. So far everything works. Don’t go through a dealership. Go to a private seller and get someone to check it out for you. We paid cash and my husband has put in new floors, ripped out old rugs. New toilet, backsplash in the kitchen. We ditched the mattress and bought a new one.
The only way to buy RV.
Makes perfect sense. No one should be upset with your message. You’re speaking the truth!
Thank you for a good explanation of how the used market lending works. Clear & Concise!
My take is RVs lose all value after the first purchase
Thank you! I appreciate the actual information instead of a sales pitch!
Can you please link the video you point to at the end but isn’t there in the description?
I am considering a used class C and being new at this I would really like to watch it🙂
ua-cam.com/video/4FANneblgDs/v-deo.html
thanks for the update
You are telling people the honest truth, on how they lose money on rv’s.
RVs are like boats, for most people it’s cheaper to rent them.
Some times
I have a used 5th wheel that I’m gonna sell for 100K to a buyer, but the it is only worth 75K. I am located in NY state, should I be concerned about being charged by the NY attorney general Letia James for fraud???
I am not sure of New York laws
Lol I mean that is the insane precedent that she's set.
Translated: I'm a maga troll and I like making stuff up
wow...if this is true then there really is a sucker born every minute lol
As someone who does loan underwriting for rec vehicles my counter-argument is dealers brought this on themselves in many (not all) cases. The writing was on the wall as early as early 2022 and it didn't "hit the fan" till late last year. Most dealers had 18-ish months to reduce inventory and adjust their buying strategies accordingly but per usual, greed took over. Everyone was hoping for 2020/2021 to last and the amount of advances I saw on 15k bookout where dealer is selling for 32k but they've been sitting on the unit for 10 months is greed and they deserve what's coming their way.
Part of it is greed. There are other factors involved. The reality is that they should just move on and take their lickings now. Sitting on that much cash is not a good idea
Nice video. If you haven’t watched the 4 part video ‘the big lie about used rv values” from RV Wingman channel, it was eye opening.
Agree that people who can pay cash are the exception. No one acquired wealth by dumping huge money into things that depreciate. Financing wise, the industry may have run out of customers willing to take these insanely long terms, virtually guaranteeing they will be upside down at some point, if the loan doesn’t outlive the rv.
It has not run out of people that are willing to finance for 10 or 15 years. What has happened is private party sellers that overpay during Covid want way more money than a bank is willing to lend
How can we see what the JD Powers that the dealers see?
You have to have a Dealership licsense and pay $1500 yearly subscription
Can you please attach the link about lending for the used market.
@@HBRVLifestyle IF YOU NOW SOME ONE WORKS AT A DEALERSHIP ASK THEM FOR LAST MONTHS BOOK THEY GET A HAND FULL OF NEW ONES EVERY MONTH MAYBE YOUR BUDDY WILL GIVE U ONE THATS A MONTH OUT THAT WILL GET YOU CLOSE
I appreciate the reality
If I take out a loan for twelve years on a used camper. And I paid off in 5.Does that mean I'll save a ton of money on the interest?
Yes absolutely
There would still be RVs if people paid cash. College education, housing, autos......all of these industries were born in a time where paying cash was by far the most popular (or sometimes only) option. Financing serves essentially purpose; it opens opportunities at the cost of higher prices. If you are a cash buyer or responsible with your money, you should cheer for higher interest rates and the collapse of the lending industry. It would take time, but if people actually had to PAY for things again, or consider whether they want a loan at 15-20%, the price of everything would come down. Inflation doesn't only affect food and energy, and giving out cheap loans for everything is a huge part of the problem. See what happened to housing prices when mortgage financing collapsed in 2008-2010. Would you rather pay $100,000 cash for a house in Naples, FL in 2010 or pay $400,000 for that same house with a 30 yr in 2024? If inflation comes down, so does the cost of building a camper/RV....labor, materials, overhead....and then you can pay $15K cash for a new camper that today is going for twice that. People complain about the cost of everything from fast food to new cars.....cost of living is exploding due to increased money supply and personal debt expansion. Make loans something people avoid at all costs and the American Dream might make a comeback.
I'm trading our 2018 Momentum next week for something not on a Lippert frame. Loosing buckets of money. Don't have frame flex but don't want it on my mind.
I do not blame you. Just so you are aware, Lippert is not the biggest reason for this problem. The Super Majority of the industry uses Lippert or a company owned by Lippert to do their frames, and there are not as many Big Frame Problems with those Brands. Just keep it in mind that Lippert is a problem, but not the major one
@@HBRVLifestyle It's my understanding that Lippert builds what the manufacturer specs, then gets the blame like it was their fault.
The quality of the welding on some of these frames is appalling. I think my dog could do better. So lippert is some part responsible.
@@cabracove Pretty much. Any frame company builds the frames to what the manufacturer requests
@@garym776 They are part responsible. But the majority of the blame is on the RV Builder.
Well, you go to a DEALER OR INDIVIDUAL they still want top $
Used RV depreciate to zero, then they're free, then you have to pay someone to haul them away.
As with Cars, TVs, Boats....Just about everything except real estate lol
Sounds like greed to me.
Um.... How is it a "loss" when your ass didn't even make the RV ?
REALLY