Written by Greg Long
What’s new in the RV industry?
Wondering how current market conditions might affect your plans to buy or sell your camper, or perhaps just curious about the latest RV trends?
You’re not alone. As an avid camper and industry expert, alongside my good friend Josh the RV Nerd, we’re here to bring you the most up-to-date insights and news tips, including electrifying developments in electric RVs. We know how difficult it can sometimes be to keep up with this ever-changing industry.
By the end of this article, you’ll be equipped with all the latest news and sales trends, empowering you to make smart decisions and confidently plan your next camping adventures.
Watch Josh the RV Nerd’s Full RV Industry Update!
Table of Contents
Predictions for 2024: A Glimpse into the RV Industry’s Future
The RV Industry Association (RVIA) says we can expect some good news in the near future. It predicts a slight growth in shipments (the number of new RVs bought by dealerships) for 2024.
With estimates ranging from 334,000 to 365,000 RVs set to be shipped throughout the year, the average projection stands at 350,000 units.
This forecast suggests a potential growth of 8.8% to 18.8% compared to last year.
New Towable RV Shipments from Manufacturers to RV Dealers
What’s interesting about this prediction is this growth isn’t limited to specific segments but is expected across all towable products and truck campers.
While a detailed breakdown for motorized units wasn’t readily available, it’s worth noting that this prediction primarily concerns RVs shipped to dealerships, but does not pertain to RVs sold to customers. (Shipments vs Sales)
It’s also important to remember that these projections depend upon several factors, one of the key ones being the anticipated reduction of interest rates later in the year, a change we’ve yet to witness.
RV Shipments May be Up – But New RV Sales Are Down
Sales statistics are lagging behind by a few months, and the current trend indicates a decline in sales.
The most recent January sales numbers show just over 17,000 registrations—a decrease of over 4,000 compared to last January.
Travel trailers and 5th wheels continue to dominate sales, representing over 90% of all registrations, which is what we expected.
Motorized units typically comprise 8-12% of total registrations.
New RV Sales in Order of Which Type Sold the Most:
Travel Trailers
Fifth Wheels
Pop-ups
Truck Campers
Class A Motorhomes
Class C Motorhomes
Travel trailers dominate the market, followed by fifth wheels, pop-ups, truck campers, and then Class A and Class C motorhomes respectively.
While these figures may seem concerning, it’s important to remember that sales and shipments aren’t always the same.
Shipments show the number of RVs moved from manufacturers to dealers, while sales are the actual number of RVs sold to customers. These numbers can be quite different.
Despite the current drop in sales, this lines up with what industry experts predicted.
If things continue as predicted, the first quarter will be challenging, followed by a more stable second quarter, and then — Alleluia — sales will start to grow in the third and fourth quarters.
See Clearance Priced RVs and Save Big on Quality Campers.
Used RV Sales and Prices: A Market Analysis
Used Towables Sales:
- For the first time in about 6 months, used towable wholesale values have increased slightly.
- This uptick is typical for this time of year as we approach “campground season.”
- A surge in auction volume suggests dealers may be offloading aged inventory.
- Even though values have risen, they’re still a bit lower than last year because prices are still dropping.
Used Motorized Sales:
- Motorized RV values keep falling, getting close to what they were before 2020.
- Motorized values experienced sharp drops recently, current prices are much less than both last month and a year ago.
- The RV market has fluctuated widely in the past, and that doesn’t seem likely to change soon.
Now is a Great Time to buy a Used RV.
Shop Now before Used Prices Rise!
Impact of Interest Rates on RV Sales
Interest rates play a significant role in the affordability of RVs for buyers. Here’s how recent developments in interest rates are affecting the RV market:
- The Federal Reserve recently announced its intention to cut interest rates this year. However, rates are currently holding steady as the Fed waits for inflation factors to drop further.
- Despite inflation decreasing over the past year, it remains above the Federal Reserve’s target of 2%. This suggests that the Fed may be cautious in reducing interest rates until inflation stabilizes.
The stability of interest rates affects consumers’ borrowing costs and purchasing power. Lower interest rates typically encourage more borrowing and spending, potentially boosting RV sales. Conversely, higher interest rates can deter buyers and slow down sales activity.
The Federal Reserve monitors the economy and price changes, so any shifts in interest rates could seriously affect the RV market.
Washington State Pioneers RV-Specific Legislation: A Game Changer?
Washington State recently made history by passing a new law just for RV dealerships, which is a big deal for the industry.
This law, supported by both Democrats and Republicans, passed without any disagreements from either party. It aims to clarify what RV manufacturers and RV dealers are each responsible for.
The bill covers important issues like checking RVs before they’re sold and how warranties work, all to make sure RV owners in the state get better service.
This move shows that more states are starting to make rules specifically for RVs, and Washington is the second one to do it. This trend might spread to other states too, so the rules are the same and consumers are protected across the country.
Thor Ventures into Electric RVs: A New Era Begins
Thor industries recently made a groundbreaking move by acquiring their first all-electric chassis, developed in partnership with Harbinger Automotive.
Harbinger is known for producing electric commercial vehicles, similar to electric delivery vans used by companies like Amazon.
The plan is to transform this chassis into a Class A motorhome, marking a significant step in the RV industry.
This development is Important because it’s one of the first instances where an RV manufacturer is actively pursuing an all-electric option beyond Class B motorhomes. While details such as size, range, and features are still under wraps, this move signals a shift toward exploring alternative camping options.
As the industry continues to innovate, questions about charging infrastructure and viability factors are bound to arise. However, Thor’s venture into electric Class A motorhomes marks an exciting new chapter in RV technology.
Beware of RV Scams: Protect Yourself from Fake Ads and Websites
Scammers are targeting RV buyers with fake ads and websites, leaving unsuspecting victims out of thousands of dollars. Here’s what you need to know to avoid falling victim to these latest scams:
- Scammers often clone legitimate dealer websites and populate them with fake inventory to lure in buyers.
- They seem friendly and everything appears smooth until you provide a down payment, only to find out later that the RV doesn’t exist.
- To avoid these scams, try contacting the dealer through multiple methods such as phone, email, and social media to verify their legitimacy.
- Look for red flags like inconsistencies in contact information or asking for payment through unsecured methods.
- If something seems off, trust your instincts and do thorough research before making any payments.
By staying vigilant and taking precautions, you can protect yourself from falling victim to these fraudulent schemes.
Knowledge is power. Stay Informed with Bish’s RV
The RV industry is always changing. Factors like market conditions, inflation, interest rates and supply and demand have a huge impact on RV prices.
Keeping up with these changes is not easy, but Bish’s RV has your back.
We are always happy to share what we know. Whether it’s about RV prices, or if you have questions about specific brands and models, we love talking RVs!
As you think about your next steps, consider these actionable items to further empower your RV journey:
- Explore our wide selection of RVs and find the perfect one for your next adventure.
2. Contact Bish’s RV today for personalized assistance and expert guidance.
3. Stay informed and engaged with the RV community by joining forums, attending RV shows, or following industry news sources.
Subscribe to our blog to get RV news and education straight to your inbox:
Further Your RV Education
What Determines the Cost of an RV
Best Travel Trailers of the Year
Best Fifth Wheels of the Year
How to Avoid Hidden Fees
How to Get the Best RV Loan
Greg Long
Bish’s RV Content Manager
Amateur adventurer; professional dreamer.
aka: The Bish-Blog-Guy