As the year begins to move towards summer climate and longer days, our desire to get out on the road is likely kicking in. Those who like to get out there in their RV are likely to be packing up and getting ready to attack each day as it comes, making good of months of persistently nice weather.
However, while you might be fitting up your Class C RV, Travel Trailer, Fifth Wheel, or Popup Camper to make sure you can make the most of those long days and nights, you aren’t the only one excited about ‘buying season’. RV lenders, too, are getting pretty excited about the changes to come in the market.
Indeed, with many people now moving towards further embracing the RV lifestyle, some sales experts are predicting this to be one of the best RV years in recent times. 2017 was a major year for RV sales, so it was no surprise that 2018 found it hard to keep up the pace. With so many people joining the RV lifestyle that year, 2018 was always going to be a slower year. 2019, though, looks set to be making up for the lost time in an impressive fashion.
The interesting thing to note is that, for many RV brokers and lenders, 2017 and 2018 were both brilliant years. Sure, 2018 was a drop-off from the year previous, but 2017 was so good, it would be hard to expect a repeat so soon after!
Indeed, it’s expected that by the end of 2019, over 450,000 RV units will have been sold. With ‘buying season’ often running from May to August, we’re just about to enter a crucial period of the year where most sales are being made.
A Good Time to Buy
With interest rates staying at a steady rate and consumer confidence staying strong, it’s easy to see why so many are looking to get involved in an RV lifestyle. Low inflation rates and low rates across the finance industry means that, for the first time in a long time, we’re seeing a consistent period where people want to invest in themselves. Recreational Vehicles are a perfect example of that.
The interest rate hikes that took place last year, though, via the Federal Reserve, likely created a mini-boom for the industry. With rates going up, people moved early. Now that rates are higher, people are obviously less likely to make such a large investment. And that makes sense.
However, with rates no longer climbing so high, 2019 might be an excellent year for lenders and buyers alike. And it’s not just when people are buying, but who is buying. With over one-third of RV enthusiasts now in the ‘millennial’ age gap, there are many youngsters choosing to live the RV lifestyle rather than invest in a home.
More people are taking this kind of lifestyle into mind as they simply see it as more affordable. With rates expected to retain their present position, now might be time to consider joining the many Americans enjoying life at their own leisure.