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How Do You Calculate The Value Of An RV?
All good things have to come to an end –– even if that means saying goodbye to your beloved RV. There comes a time when every RV owner has to either sell or trade in their rover. If that’s something you’re faced with, you’re probably wondering how to gauge your camper’s value.
RVs are expensive assets that can be sold at a fortune, so being aware of how much your RV is worth is essential to recouping as much money as you can. There is a multitude of factors that can affect how much your RV is sold: whether you’re trading it at a dealer or selling it privately, what month you are trading it in for, and how well has your RV been maintained.
In this article, we’ll answer any common questions you may have that are crucial when in the process of renting out rv. Interested? Read on more!
What Is A Blue Book?
Like cars, the resale prices of RVs can also be determined in similar manners. A blue book value is commonly used to determine a vehicle’s worth. Two common sources are the Edmunds True Market Value and the Kelley Blue Book company, but even they can’t accurately pinpoint an RV’s value. Instead, RV owners often use a variety of sources, such as the NADA (National Automobile Dealer’s Association), RV Trader, or even source Facebook Marketplace, classifieds, and Craig’s List.
How Is The Value Of My RV Determined?
Now we know how and where we can get more information on the general valuation of RVs. However, an RV’s worth also depends on a multitude of factors. We’ve listed them out to help you understand how RV values come about.
At this point in our lives, it is undeniable that the brand name matters –– a pair of Adidas shoes can easily go for hundreds compared to a local sports brand. The same applies to RVs. The more prestigious the manufacturer, the higher the resale value. If you own an Airstream RV, the good news is that the value will fluctuate less.
When it comes to vehicles, wear and tear is a big concern, which is why the age of the vehicle contributes a large part to the valuation of an RV. The older the RV is, the more it is thought to be susceptible to wear and tear, which causes the resale value to also take a dip accordingly.
Although, this needn’t always be the case. In some situations, vintage RVs can cost more than brand-new models!
Condition of the RV
Needless to say, if your RV isn’t in pristine condition, you probably won’t get much out of it. People gauge things from a visual standpoint, so you need to ensure that your RV is in tip-top condition! Even if it has been around for decades, a well-maintained RV will hold its value way more than a new but dirty one.
RV Add-ons And Upgrades
Those who love tinkering around and upgrading their RV’s amenities or aesthetics, listen up! Your hard work will surely pay off once you resell your RV. Though you may not get back the exact amount that you put into the upgrades, the eventual price can get you a higher resale value compared to its counterparts.
Check Against NADA
Due to these factors, no two RVs can be exactly alike. Though you can roughly gauge your RV’s price through guides, it probably won’t be exactly accurate. Regardless, we advise you to compare your RV against NADA’s RV prices and value homepage. Input in your year, model, and make of your camper, and enter in any options and accessories that your Rv has. Key in your zip code and NADA will show you the average prices of RVs in your area with similar conditions. Once you’ve gotten a rough estimate, head over to Facebook Marketplace and RV Trader to check out current sale prices.
Dealers are smart. They know exactly what factors can improve or worsen your RV’s value. As with any transaction, it pays to be ready with information before negotiating with a seller. Aside from the NADA RV values, dealers often have their own biases –– they have certain models that they like, and others that they don’t. As a general rule of thumb, dealers start with a value that is 10-20% less than NADA’s value, so that they can make a profit.
How Can I Increase The Value Of My RV?
If you’ve got a price that does not live up to your expectations, it might be better to source for ways to boost up your RV’s curb appeal. Here are some tips you can try!
Give It A Clean Cut
While it may make a difference of thousands of dollars, doing a simple clean-up of the RV can easily save you a few extra hundred bucks. Plus, you get to work out a little with some spring cleaning.
Focus On Your Promotional Materials
Packaging is important but so is marketing. When buyers are browsing through the catalog, pictures of the RV draw their attention. To attract people, you’ll put in nice photos so that people can admire them, regardless of where they are.
How do you calculate the value of an RV: Wait For The Season
There’s always going to be a right time to do anything. When spring and summer roll around, everyone wants an RV for camping, which will help increase its value and appreciation.
Keep All The Maintenance Records
Proper documentation of your RV is essential, as it is a form of verification that the RV has been well-cared for. It is also safe, given the routine maintenance checks that it goes through. This can easily increase the value of your RV.
You can either sell a used RV through sites such as Facebook Marketplace or an external dealer. Though you’re able to get more money by selling it yourself, it can be difficult to find a legitimate buyer, especially if your RV is a newer, luxury model. The more expensive your RV is, the fewer buyers will be interested in it.
Because of this, many owners opt to self-determine their RV’s NADA value, so they know whether they’re making a profit or a loss. If you want to make a profit, it’s better to go through a dealer –– the amount of time trying to find a suitable buyer at that price point is not worth it. Regardless, do bear in mind that selling your RV to a private buyer or a dealer is a personal choice, so follow your gut instincts!
How do you calculate the value of an RV: Conclusion
So, these are the general qualities that affect an RV’s resale value. To understand how these values are calculated, it is advisable to check a little on NADA. Otherwise, you can try practicing the improvement tips we mentioned in hopes of raking in more cash!