Good time to buy yet?

[Jan and Jim]

Son said large RV dealer in Alb sold 34 units weekend before last.

[jwfrede]

Originally Posted by TitanMike

That only works when they have people lined up out the door trying to borrow money.

In an economic downturn people take money out of banks and money to lend is short. That's when more money is needed to be put into circulation and the fed lowers the rate.

The Fed just did some injection of over a trillion dollars into the financial system. There are bills being voted on today that have bailouts for hundreds of billions. Promise of more to come. There's plenty of money at the banks, just a question of whether or not they want to loan to you.

[TitanMike]

Originally Posted by jwfrede

The Fed just did some injection of over a trillion dollars into the financial system. There are bills being voted on today that have bailouts for hundreds of billions. Promise of more to come. There's plenty of money at the banks, just a question of whether or not they want to loan to you.

How much of that money is going to banks and not to impacted companies/individuals in the form of tax credits, grants, or just plain checks int he mail? Also unemployment benefits?

[mhill260]

RV loans are "want" loans, not "need" loans like homes. Those rates may move a little, but it would have to stay like this a long time, and by the time they did move to any real extent, the rest of the economy will be in the toilet. I'd wait and try to work the demand side of things and see if the dealers get a little more motivated to deal. The home equity idea is not bad, that might move a little more quickly.

[Was]

I fear we will see some tough economic times ahead. Sales of RV's will be dropping in the coming months as everyone recovers from this current mess.
I think you will get a much better deal if you wait.

[zj178]

Good time to buy yet?
Folks, I have a different perspective on this topic. Look at from the point of view of the many people who have been thinking about buying for the multitude of reasons we all bought, and from the point of view of all those who love to travel, generally, without an RV and who now won't stay in a hotel for all the tea in China. Values - and maybe prices - will be UP.

[salwolfe]

Originally Posted by zj178

Good time to buy yet?
Folks, I have a different perspective on this topic. Look at from the point of view of the many people who have been thinking about buying for the multitude of reasons we all bought, and from the point of view of all those who love to travel, generally, without an RV and who now won't stay in a hotel for all the tea in China. Values - and maybe prices - will be UP.

I posted my motor home for sale in a couple of places just to feel it out and got a call from a fellow who just got off a 3-week cruise with his wife. They were planning on another longer cruise, but now are seriously thinking land yacht with their own bed, furniture and belongings. We'll see.

[jwfrede]

Originally Posted by TitanMike

How much of that money is going to banks and not to impacted companies/individuals in the form of tax credits, grants, or just plain checks int he mail? Also unemployment benefits?

I heard 1.5 trillion went into the financial system and stocks still go down.

One number thrown around was $2000 cash to each taxpayer. This separate from any unemployment checks or whatever. If I recall it was $300 back in maybe 2002 after 911, but income limited.

[filthy-Beast]

I just ordered a 5th wheel. The price was 3 additional points lower than I was quoted by the same dealer 3 weeks ago.

[jwfrede]

Originally Posted by filthy-Beast

I just ordered a 5th wheel. The price was 3 additional points lower than I was quoted by the same dealer 3 weeks ago.

Let the sales begin.

[Palinduff]

The RV dealership that I used to work at is still open and very slow for this time of year. There’s still snow on the ground, but I’m sure they’d be open to offers. That’s way up here though.

[Bob Brown]

I would wait right now to make any major RV, Car or Truck purchase as I am guessing with people being sent home or laid off until this all subsides no one will be buying luxuries.

Their main concern will be to pay their mortgages/rents/loans/credit cards etc.and put food on the table and toilet paper in the John!

Only fools will rush in now..my opinion lol

Bob Brown
____________________________

2013 Forest River Sunseeker 3170ds
2019 Honda CRV

[pgandw]

Not a bad time to buy if you have a "mission essential" job. I was just declared "mission essential" earlier today.

Fred W

[jwfrede]

Originally Posted by Bob Brown

I would wait right now to make any major RV, Car or Truck purchase as I am guessing with people being sent home or laid off until this all subsides no one will be buying luxuries.

Their main concern will be to pay their mortgages/rents/loans/credit cards etc.and put food on the table and toilet paper in the John!

Only fools will rush in now..my opinion lol

Bob Brown
____________________________

2013 Forest River Sunseeker 3170ds
2019 Honda CRV

I'm guessing RV sales is not an essential business. They'll be closed like everyone else.

[Oaklevel]

Around here many might consider buying an RV and drag it in the woods to shelter in place..........

[Evo2700]

Originally Posted by filthy-Beast

I just ordered a 5th wheel. The price was 3 additional points lower than I was quoted by the same dealer 3 weeks ago.

If you don’t mind me asking, what was the rate you were quoted?

[AlaskaErik]

Originally Posted by Reverse_snowbird

Can't hurt to make the offer. Either they'll meet your terms or not.

Leave your phone number if the deal doesn't meet your needs. You'll find out how desperate they are to sell by the number of phone calls you get in the future.

Get a burner phone if you don't want your primary phone blowing up from all their calls.

[BandJCarm]

Buying an RV is one thing. I can imagine several scenarios, in both directions.

My thought is about manufacturing. How long are all the RV manufacturers going to stay in business? How will they be affected by all this?


Not sure anyone knows. But it's something I've thought of.

[Beachbourbon]

Originally Posted by Evo2700

We’ve been wanting to upgrade from our TT to a MH. Rates are at near zero, but RV loan rates don’t seem to be tracking the Fed rate yet.

I’m considering taking advantage of the temporary economic situation and making a low offer on a bunkhouse class c at a local dealer and insisting part of the deal that the finance rate is dirt cheap. Problem is banks aren’t in line with the Fed yet.

Someone I know who works at the dealership said they’re not desperate to sell yet because they’re waiting to see if RV sales stay somewhat stable since people won’t want to fly.

Thoughts? How long until loan rates sync with the Fed?

Rates are a tiny variable on monthly payment compared to loan amount and loan term in RVs, so chasing a small % drop is not really a good use of time IMO, especially when rates are already so low.

[jwfrede]

Originally Posted by BandJCarm

Buying an RV is one thing. I can imagine several scenarios, in both directions.

My thought is about manufacturing. How long are all the RV manufacturers going to stay in business? How will they be affected by all this?


Not sure anyone knows. But it's something I've thought of.

I expect some serious consolidation in the industry. I might be concerned about buying certain brands thinking they could be going out of business. I don't have any particular one in mind, the company financials are more important than the quality/reputation of the company with the customers.