Fair Market Value: Tips to help you determine how much an RV is worth if you’re thinking of buying or selling a new or used RV.
Whether you are in the market to buy a used RV or to trade in or sell the RV you already own, there are some research tips and tricks you need to know. You should have an RV appraisal performed on the one you are interested in buying to help determine its Fair Market Value, also known as the FMV, before you sign on the dotted line. Read on below for some tips on how to find this out, and how it can help you.
New RV Values
If you are considering buying a new RV, you will want to know the new RV FMV value before you make a decision. When it comes to determining an RV’s fair market value, it is easy to become confused because you don’t have the same information the dealer has. Without knowing how much the dealer paid for the RV, you have nothing to judge the Fair Market Value by. There are ways you can search to see what other consumers are paying for brand new RV’s, and this should help you to determine if you are indeed being charged a reasonable price. Remember, no RV is going to come cheap; however, you don’t want to be cheated by an RV dealer out to make a quick buck.
If, as a buyer, you are trying to determine the depreciation of RV’s to determine how much you should pay for a new one, you can get a depreciation schedule online, or if you are good at math, you can calculate the figures manually. Our friends over at www.rvforum.net have provided some good information in this thread; http://www.rvforum.net/SMF_forum/index.php?topic=11937.0
Just be sure you know what you are doing, so you don’t end up paying a lot more than you should have for your new RV.
If you decide just to throw caution to the wind, and go out and find a new RV without determining the Fair Market Value, there are a few tips you can follow to help you guesstimate whether you are paying a fair price.
The dealer usually marks up MSRP’s; after all, they have to make their money, too. They mark up the price by about 40%, so you have some wiggle room to negotiate on price if you know this ahead of time. You need to be a good negotiator and not back down on what you think is a fair price.
Used RV Values
When you are thinking of selling your RV, the top thought in your mind should be what the RV is worth. The same thought should be running through your mind if you are looking to buy a used RV as well.
As a seller, you will need to look at the current market, statistics, and the condition of the RV you are trying to sell. The condition is the main thing. For example, you can get a lot more for an RV that still looks new than you can for an RV that is trashed and in need of work. You don’t want to set unrealistic goals for the price you want for your RV because you may end up being disappointed. You also need to check the blue book value for your RV. While it’s not the most dependable guide, at least it will give you an approximation and a starting point. The internet has also made it much easier to do some relatively quick comparisons. Sites like www.Campingworld.com have a new/used sales section that provide a wealth of information to do some comparisons on what models are listing at what prices as well as providing some pretty good photos to get a visual on the shape of the camper.
There are a few factors to consider when you are trying to determine the value of a recreational vehicle, including the Airstream, which has maintained it’s popularity over the years. Some of these factors include:
- The overall condition of the RV is important. You want to make sure all of the appliances work, the paint isn’t chipped, and whether it needs repairs before you can put it on the road.
- Mileage is a very important consideration. You want to determine if it is above or below the mileage for the age of the RV.
- What type of accessories the RV comes with will help you make a determination as well. From awnings to special mirrors, all of this will help you determine how much to either charge for your used RV, or how much to pay for it, if you are in the market to buy one.
Whether you are in the market for a new RV or a vintage Airstream, starting your search prepared will help ensure you get a fair price. If you are trading in an RV, be sure to clean it up and make any necessary repairs before you have it appraised. This will increase its value, giving you more money to put toward your purchase.