Will RV Prices Go Down in 2023? Frequently Asked Question Regarding Market Trends

The Federal Reserve hiked interest rates by 2.25% this year alone. To make matters worse, the interest on loans has steadily increased by .75% over the past three months, which implies there seems to be no end in sight.

So how can you, as an RV or boat owner, prepare for the stormy seas ahead? Keep reading to find out.

Camper Driving Down Road in The Beautiful Countryside Among Pine Trees and Flowers_

FAQs Evaluating Industry Trends Coming in 2023

With all the stories of financial uncertainty in the news lately, you’re bound to have a few questions, like:

Is the RV Market Slowing Down?

It’s no secret that RV dealers didn’t escape COVID-19 unscathed. Once we started returning to normal, things began to pick up. In 2021, many motorhome dealers noted a spike in sales, sometimes upwards of 50%.

Unfortunately, the market began to slow down in 2022, as we’re already observing an 8.4% drop compared to this time last year. Whether you attribute this disparity to inflation, rising interest rates, or high gas prices, the bottom line remains—RV dealers are having trouble moving vehicles.

Will RV Prices Go Down in 2023?

Based strictly on speculation, yes. If dealerships continue to have trouble moving motorhomes, then it’s safe to assume prices should go back to what we would call “normal.”

Better yet, as supply chain issues from the pandemic begin to straighten out, dealers are finding it much easier to replenish their inventory. If these used RV price trends continue, don’t be surprised to see some deals later this year.

Can I Afford a Boat in This Economy?

There’s no cookie-cutter answer, as everyone is in a different position and your ability to buy a boat is based on your financial circumstances. Most people are able to afford a boat that has a monthly payment of less than 10% of their monthly income. However, just remember that your monthly payments include more than simply loan rates, as you’ll also need to pay for storage, fuel, and maintenance costs.

Are you wanting to buy a new vessel, but don’t know the best place to find boat loans? Take a look at Finance Solution’s complete guide to boat dealer financing.

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Three Tips to Help Bring Your Finances Back Above Water

By being proactive with your finances, it’ll be much easier to stay ahead of the upcoming recession. To do this, consider the following:

1. Grow Your Savings

As a general rule of thumb, most economists suggest you set aside 3–6 months of living expenses to draw from during hard times. However, the most crucial aspect of managing your finances is just saving something, even if it’s only a couple hundred bucks, because every little bit counts.

Another aspect to consider when reviewing your savings portfolio is asking yourself, “What’s my comfort level with locking up money for a specific time frame?” For example, different credit unions have varying maturity windows, which means the availability of funds depends on the terms of the product.

It’s important to note, should you need money before the maturity date, early withdrawals often come with penalties or fees. So, always be sure to focus on the long-term when evaluating these factors—especially if you think you’ll need to draw from your savings in the near future.

2. Improve Your Credit Score

During times of economic turmoil, people often take out credit to bridge financial gaps. However, do this too much, and your credit score can drop.

Luckily, a few precautionary measures can help get you credit score in great shape, so be sure to:

Pay your bills on time
Reduce your credit balance
And check your credit report for errors.

All of these actions go a long way toward helping you start from a stronger position if you need to draw from credit in the future.

3. Consider Refinancing Your Loans

Another effective tip for alleviating financial burdens is to adjust the rate and terms on your existing loans. Most economic institutions and third-party lenders offer several different options for debt consolidation.

Refinancing is a great way to help yourself financially during economic uncertainty. If you qualify, you’ll be able to lower your monthly costs by consolidating debts into one payment, which sits at a much lower interest rate.

Need To Refinance Your Boat or RV Loans? You’re in the Right Spot

Are you swimming in debt? Don’t worry—you don’t need to abandon ship just yet. Finance Solution can refinance your boat or RV loans to help you get back above the water.