April 12, 2023
With interest rates up significantly since this time last year, borrowing costs for purchasing an RV have pushed many buyers to the sidelines as affordability has decreased resulting in decreased RV sales.
According to RV Road signs, RV wholesale shipments in 2023 are expected to notably decrease to between 324,300 and 344,000 units. This is a 32% decline from the 493,300 wholesale shipments in 2022.
In addition to higher interest rates severing buyer purchases of RV’s, there is also concern over the economy and inflation. With costs for common goods and gas having risen substantially over the last 2 years, purchasers of RVs do not have as much cash to splurge on a recreational vehicle.
Despite this negative news, there appears to still be some bright spots to note. There is still strong attendance at retail RV shows and traffic on RV dealer lots.
Craig Kirby, President and CEO of the RV Industry Association, believes the decline in RV sales will last only to mid-year and the industry will start to see a recovery in the latter part of the year.
Woodall’s Campground Magazine. “RVIA Projects 324,000 to 344,000 RV Unit Shipments in 2023.” Woodall’s Campground Magazine, vol. 54, no. 4, April 2023, pp. 4.
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