So you want an RV, motor home, pop-up text, rooftop tent, etc. for camping traveling? That’s a great idea! However, it may not be the best time to purchase a larger, more expensive RV due to increased pricing and crowded parks.
Is it the right time for your RV?
There is a skyrocketing demand for RVs right now, according to RVPro, and some dealerships can’t keep up. Due to the Coronavirus outbreak (COVID-19), many travelers are taking to the roads instead of traveling by plane.
But people don’t want to stay in hotels or rent vehicles either to keep themselves safe. So, the clear alternative is to put the family in the RV to relax near a lake or the mountains. However, as RV sales are up by about 40%, some dealerships can’t keep up with demand.
Getting the proper inventory for RVs, campers, motor homes, and even boats has been difficult. Plus, usually limited supply and extra demand can cause prices to increase. But on a positive note, as most loan requests for banks have decreased, they have increased for RVs. This could benefit the economy.
You’ll need a truck for your camper
Once you settle on the perfect RV or camper, you might also need a way to tow it. This means you’ll need a truck or an SUV. You may have to give up one of the daily drivers for a larger vehicle more suited for hauling.
This might not be so bad for those who can work from home. However, keep in mind that larger trucks and SUVs drink more gas and have rougher handling. It can be difficult to park a massive truck in tight parking spaces.
Also, there is a truck shortage! According to CarsDirect, Fall could be an awful time to buy a truck. Due to COVID-19 auto manufacturers closed, meaning less new trucks have been built. Some factories switched from manufacturing trucks to personal protective equipment too.
With less inventory on hand, it will be more challenging to find the specific type of truck you want or need, and prices could go up. 2020 Ford F-150 models were being offered with a 0% APR, but more recently, Ford began offering a 3.9% APR on $50k models. This equals an extra $7,159 in interest and a $99 increase per month.
Used truck prices are going up as well. According to USAToday, the average cost of used vehicles is up by $708. The pricing spike is very unusual. Generally, listing prices decrease during this time due to depreciation. Also, what happens if the market rebounds and the cost of your truck rapidly depreciates, leaving you stuck with it?
RV parks are crowded
Using an RV or camper is a great idea to get away from people. However, more and more people are flocking to RV parks. Yellowstone had a record amount of visitors in May. They had a 6% increase in visitors from May of 2019 to May of 2020.
So, as parks become more crowded, you’ll have to do more work to avoid germs. Plus, if you’re new to driving and parking your RV, then you’ll also be around a lot more RV traffic, which could complicate things.