The COVID-19 pandemic inspired many people to ditch their home offices and hit the road. The massive demand for RVs between 2020 and 2022 caused prices to rise. As things get back to normal, it seems motorhome prices are dropping.
For those of us that have been waiting patiently to buy a new motorhome, or upgrade our existing RV, motorhome prices dropping is an exciting trend. However, there are some considerations that you need to keep in mind when you are shopping for an RV.
In this article, we will talk about the trend of motorhome prices dropping. We’ll also share some helpful information about how to get the best deal. Since interest rates are high, you’ll want to save on the sticker price.
Are Motorhome Prices Dropping?
While we are still seeing some of the impacts of the mad rush to buy RVs during the COVID pandemic, there is a glimmer of change. Early 2023 sales are showing a slight decrease in the price of RVs from 2020 to 2022.
However, this decrease in price seems only to be consistent with new RVs. Like used cars, the price of used RVs is still higher than they were a number of years ago.
You can still enjoy a lower price with a used RV, but not to the extent that you would have seen pre-pandemic. We may see used motorhome prices dropping as more people sell their pandemic RVs as life returns to “normal.”
Why Are Motorhome Prices So High?
Motorhome prices skyrocketed in 2020 for a couple of reasons. The first was supply and demand, the second was slow manufacturing. Many people decided that being quarantined could be greatly improved by hitting the road and camping.
In 2020 and 2021 particularly, RV dealers saw a substantial increase in the number of people buying RVs. This increased demand, combined with a limited supply, pushed the prices upwards.
When RV supplies became limited, and buyers started ordering RVs, prices went higher. Slow production, shortages of materials, and long shipping times contributed to the additional increase in RV prices between 2020 and 2022.
Is There A Motorhome Shortage?
Motorhomes are slowly making a comeback after a substantial decrease in manufacturing during the pandemic. With RV makers facing the same quarantine rules, material shortages, and difficulty hiring, the production of motorhomes slowed significantly through 2022.
Many of the issues that RV manufacturers faced during Covid have been resolved. However, there are still backlogs of orders for new RVs. According to the RV Industry Association, production was slowed, however, it was more the increase in demand that caused shortages.
Some larger RV brands have finally been able to catch up with their production backlogs. However, it will take time for the industry to return to pre-pandemic conditions. Some smaller RV makers are still struggling to keep up with demand. You may find that some products like teardrop trailers are still difficult to find.
One of the good things that you may notice if you have been waiting to buy an RV is that the production time is substantially shorter now than it was previously. If you are ordering a motorhome, the wait time is now around six weeks. This wait time was substantially longer just 6-months ago.
Are Used Motorhome Prices Dropping?
The price for used motorhomes, like with new RVs, increased substantially between 2020 and 2022. Prices increased on used motorhomes due to a limited supply and a large demand from people looking for a more affordable option.
Since the start of 2023, it seems that used motorhome prices are dropping as well. It seems that the price of new and used motorhomes seem to trend similarly.
Is Now A Good Time To Buy A Motorhome?
Even though prices are starting to come down, it may not be the best time to purchase a motorhome. However, this really depends on your personal situation and desires to purchase a motorhome. There are a couple of reasons you may want to wait to purchase a motorhome.
First, many RV manufacturers are still trying to catch up with orders placed in 2022. While some manufacturers are boasting a short production window for many of their brands, this isn’t the case across the board. Many people are still waiting 4 to 6 months for their RV to arrive.
Second, post-pandemic recession conditions are driving the interest rates for auto and motorhome loans higher. This means that you can expect to pay more over time if you take out a loan for a motorhome right now.
If you aren’t concerned about interest rates or you have cash for your RV, this isn’t a concern.
Pro Tip:
One of the best resources we have found for learning how to save money when buying an RV is a course called Buy the Right RV and Save Thousands. There are two major goals this course will accomplish; it will help you buy the right RV the first time, and it will help you save thousands of dollars during the RV buying process.
Are Prices High For All Types Of RVs?
If you are hoping that some RV options are priced lower, you will be disappointed. Every type of RV from tiny teardrops to luxurious Class A motor coaches still have high prices. One of the factors that made prices increase was the availability of low-interest loans.
For those looking to escape their pandemic quarantine, low-interest rates made the idea of purchasing a larger, more expensive RV more attractive.
The higher prices for motorhomes are expected to last through 2023, and it is possible that the trend of motorhome prices dropping will continue. However, only time will tell if prices will return to what they were pre-pandemic.
What Time Of Year Is Best To Buy A Motorhome?
If you are really serious about buying a motorhome now, even with the higher prices and interest rates, knowing when to buy can save you money. Smart buyers will take their time and look for the best deals.
One of the best ways to purchase a motorhome, particularly a new one, is to purchase at the end of a model year. RV dealers will be pushing to sell the newest models. But if they have stock that is from the previous year, you may be able to get your motorhome at a lower price.
Of course, this really depends on if you are willing to buy an RV off the lot, or if you are looking to customize.
Another good time to buy a motorhome is during the off-season. Lots of people will start shopping for an RV in the spring or early summer with hopes of hitting the road for summer adventures.
You’ll find that if you shop in the fall and winter, motorhome prices may be lower. Dealers may be able to work a better deal if sales are slow.
If you know what you want and are willing to make a big purchase at an RV show, you may see some huge savings. Lots of RV manufacturers will offer substantial savings on their products if you purchase during an RV show.
Of course, you will need to know what you want and what you are willing to spend before you walk through the door.
Final Thoughts About Motorhome Prices Dropping
Though it is slow, motorhome prices are dropping. As people return to their normal way of life after Covid, and RV manufacturers have time to breathe, the price of both new and used RVs will continue to drop.
While motorhome prices dropping is a great thing for the industry, buyers still need to be mindful. Rising interest means getting stuck with a loan or lease that they cannot afford is a possibility.
If you are ready to buy a new or used RV make sure you take time to research prices. Watch for sales and buy at the right time to keep the cost of your RV as low as possible.
Related Reading:
– What Is The Markup On Motorhomes?
– 9 Cheapest Class C Motorhomes
– Definitive Guide To An Extended Warranty For Motorhomes
– How To Find The Perfect Size RV
About the Author:
Jason Gass is a full-time freelance writer and part-time RVer whose goal is to share great stories around a campfire with good friends.
When he’s not working, he spends most of his time camping, searching for the best breweries, and road-tripping in his teardrop trailer with his wife, daughter, and two dogs.
