Hey everyone Willbo here with www.RVWorldShowroom.com
Today I have some advice for all you Sellers out there, if your RV is older than 5 years you must read this.
Selling your older RV might be tougher than you think.
RV's are not real-estate the value only goes down never up, The 2008 Banking disaster cost the RV industry dearly, they were stuck with 10000's of RV's that were upside down in price. The RV Dealers saw this as well and took steps to secure their future. You see if it becomes to easy to purchase a older RV then the Newer RV's wont sell so they decided No RV loans on older coaches without almost 50% Down-payment, and that's the trick.
Here is a example of how a older RV sale usually goes down.
You have a 2007 RV it's worth say $65k you run your ads online and social media, you get responses “Most way below asking price” eventually a few buyers will step up to bat to purchase, they will see the coach and love it and they go to the bank to get the deal put together, then you never hear from them again. Did they just decide not to buy a RV? Were they lying to you when they said they wanted it "Neither" the sad truth is the bank stole your Buyer. If you send a qualified Buyer to the bank who has the cash to put down and the credit to qualify there's a 90% chance they will offer them a New Loan on a New RV and with only 15% down-payment, if they qualify for yours they qualify for a new one. The banks just wont take the risk on older RVs anymore.
After 5 years the RV value will drop an average of $15k or more per year and will continue to drop till the RV is no longer serviceable. The Bank knows this and will avoid financing a older RV. If the Bank was to finance, it would require a 10 year loan, that means your RV will be almost 20 years old before its paid off! No bank will take that kind of risk again and why should they, getting you out from under your loan will profit them nothing, but keeping you where you're at and writing a new loan is a win win.
Have you ever seen a Bank advertise RV Loans? Not often because they don't have to, all the private Sellers send them new Buyers daily.
But they wont tell you this, they'll say if you find a qualified Buyer they'll roll you out of your loan no problem. But what is a qualified Buyer? Well someone who can pay almost 50% down and has no interest in a New RV.
You may get lucky and have a buyer push through and purchase, but if you have sent multiple buyers to the bank and never hear from them again now you know why.
My advice on older RV's is to pay off your loan and privately finance a Buyer aka rent to own.
If you need advice on how to go about this CS&B Consulting can help, Visit www.Consultingsellersandbuyers.com
They specialize in this kind of deal and will be able to assist.
Best of luck with your RV sale.
As always drive safe drive happy.