The Great Recession was the worst economic downturn in nearly a century. Many people had to cut back on discretionary purchases, which drove the market for recreational vehicles down considerably. The economy is finally starting to recover and RV sales are starting to increase.
How the Economic Recovery is Helping the RV Industry
New data from Robert W. Baird & Co. shows that the RV sales increased nearly 10% in January. Sales for moderately priced RVs increased nearly 30%, which shows that the middle class appears to be fueling industry growth.
Data from the Recreational Vehicle Industry Association supported this data. They conducted a survey of recreational vehicle manufacturers and found that sales grew at the fastest pace in seven years. They expect to sell nearly 350,000 units by the end of 2014.
While job creation has been slower than hoped, the unemployment rate has been steadily dropping. The Bureau of Labor Statistics found that most of the jobs lost during the recession have been replaced. Middle class job creation is still slow, but most people are still doing better than before the recession.
The Economic Recovery is the Ideal Time to Purchase an RV
The economic recovery is a great time to purchase a new RV. Many manufacturers are still offering their products at a discount to draw new customers. These deals will likely remain in place while the economy recovers. If your financial situation has improved, then you may want to consider looking for a new RV such as those sold here.
Deals for more economical Class C vehicles are likely to be the best. According to Kim DeHaan, the owner of an RV company in Wisconsin, many consumers don’t want to drive a large, bulky vehicle. They also need to be somewhat frugal with their money. Class C vehicles have a much smaller price tag and have much better fuel efficiency.
Rising Oil Prices Will Likely Fuel Demand for More Fuel Efficient RVs
Sales for RVs will probably continue to increase as the economy improves. However, rising oil prices are going to hold back sales of the larger, gas guzzling recreational vehicles.
You will probably want to purchase a Class C vehicle that has the best fuel efficiency. Oil prices are likely to continue to increase in the near future as OPEC continues to place strict quotas on its members. Iraq will probably be forced rejoin the quota system in the next year, which will decrease oil supplies on the global market. You don’t want to be unable to afford to take trips with your new RV if oil costs continue to rise, so it is worth finding out which vehicles are most fuel efficient first.