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If you’re looking to sell your RV, the first thing you’re going to want to do is find the true value of the RV. This is important because if you over-value your RV, it probably won’t sell. Meanwhile, if you under-value it, you’re likely to scare off potential buyers because a low price creates suspicion. Besides, asking for too little could mean leaving good money on the table.
Unfortunately, some RV owners aren’t sure where to turn when attempting to determine the true value of their trailer or motorhome. The good news? We’re here to help.
Is There A Kelley Blue Book For RVs?
Wouldn’t it be nice if there were a Kelley Blue Book for RVs? You could look up your RV model and year and instantly know your RV’s value.
Unfortunately, the RV industry doesn’t work like that. You see, the Blue Book model only works if there are limited variables within any asset class. When you consider all the different variables of RVs in the marketplace, you quickly realize that a Kelley Blue Book simply would not work for RVs as well as it does for cars and trucks.
What Determines RV Value?
The value of an RV depends on many variables like the season and even the weather. The public’s interest in RVing, the current demand for RVs, the state of the RV industry, also come into play. You also have to consider the current supply of new and used RVs, and even economic influences like the price of gas, interest rates, or the threat of a recession. All of these variables change constantly.
On top of all that, you also have to remember that the unique variables associated with your RV will also impact its value. For example, a 2014 Airstream travel trailer will have a vastly different value than a Jay Feather trailer of the same length and model year. However, if the Jay Feather is in excellent condition, is well appointed, and has been impeccably maintained, while the Airstream has not, the relative values of these two trailers change.
Consequently, to know your RV’s value, you’ll need assistance from experts in the used RV industry who can merge the details of your RV with the current market conditions. The professionals at National Vehicle can provide this crucial insight. Their role is much like a house appraiser. They interview RV sellers to learn all about each RV then factor in market conditions and finally present the seller with a written valuation based on current trends and today’s data.
The best part? Your RV valuation is totally free.
What if Your RV’s Value is Less Than What You Owe?
What if your free RV valuation comes back with a value that is less than what you owe? Should you just wait a couple more years until you have paid down the balance before you sell it? Absolutely not! The future might not be as favorable, your RV will be older, and it will continue to lose value as it ages.
Let’s say your free RV valuation reveals that your rig is worth $55,000, but the outstanding balance on your RV loan is $60,000. You reason that you don’t have $5,000 to make up the difference, so you decide to wait two years before you sell it. In two years, your RV loan balance should be down to about $55,000. But here’s the catch with this strategy: your RV will be older, the market could shift to favor buyers not sellers, and your RV might only be worth $40,000 two years from now.
Other Costs of Keeping an RV
On top of all that, you will have been paying the principal and interest on your RV loan during those two years, plus insurance, maintenance costs, and possibly storage fees. In two years, your RV might also need costly repairs, and you’d be no closer to closing the gap between its resale value and what you owe. Therefore, your delay means you have to continue to pay out-of-pocket expenses for two more years, and the gap between your RV’s value and what you owe might be even larger than it is today.
Consider Financing Age Requirments
Finally, it’s important to keep RV financing age requirements in mind. Every year your RV ages, and when it reaches 10 years old, most RV financing disappears. Some lenders will finance some RVs up to 12 years old, but the borrower needs excellent credit and the RV must pass an independent inspection. Regardless, if lenders will only finance 10- or 12-year-old (or newer) RVs, the closer your RV gets to that age, the harder it is to sell. Waiting a couple more years could significantly limit the number of potential buyers.
Clearly, from a financial standpoint, waiting to sell your RV makes no sense, whether you still owe on your loan or you own the RV outright.
How to Sell Your RV
Fortunately, selling your RV can be easy once you figure out how to find the true value of your rig. Simply follow these simple steps to sell on the private market and get the most profit from your sale.
- Price it correctly based on a current free valuation from National Vehicle
- Describe it completely
- Take high quality, comprehensive photos
- Hire National Vehicle to create compelling ads
- Let National Vehicle place your ads in all the places where RV buyers shop
- Read and follow the seller’s tips provided by National Vehicle
- Be available to candidly discuss your RV with buyers
- Get all your documentation and paperwork ready to transfer ownership
- Negotiate in earnest when a buyer makes an offer
Get started today with a free valuation and know your RV’s value before you sell your RV!
