Your RV may feel like home, but when it comes to your RV value, it differs in significant ways from a sticks-and-bricks home.
An RV, camper, or trailer is part vehicle, part house. Since homes tend to appreciate and vehicles tend to depreciate … what does your RV do? Well, sadly, it depreciates.
Fortunately, there are things you can do to slow that, and to help your RV maintain its value. We’ll look at the biggest factors for losing value with an RV and how you can mitigate them.
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The difference between depreciation and loss of value
First, let’s look at the terms we’re using. There are two ways to discuss the worth of your RV going down.
- Diminished value, or loss of value: The diminished value is the difference between your RV’s market value before something like an accident or other damage, and it’s value once it has been repaired after an accident or damage.
- Depreciation: Depreciation is the RV’s loss of its value over time, caused by normal wear and tear on the vehicle. Things like your RV’s mileage and age cause depreciation of the vehicle.
Loss of value happens suddenly and is unpredictable. Depreciation happens gradually over time, and can be calculated and accounted for each year.
5 ways to lose RV value
There are many ways that your RV will go down in value over the years that you have it. Here are a few of them:
1. Age
RVs tend to drop in value with each passing year. J.D. Power reports that after three years of owning a new Class A RV, your rig will likely be worth about 30% less than when you bought it.
2. Mileage
Just like with cars, a high odometer reading can mean a lower RV value. The further it’s traveled, the more wear and tear it’s gone through.
But also, an extremely low reading can also be an issue. An older RV with very few miles could indicate that it’s been sitting in storage for a long time. And RVs function best when they’re used. Sitting still for too long can cause issues like stuck slideouts. Or if wastewater tanks weren’t completely flushed, you can face some cleaning problems. So you want an RV without too many miles…but that hasn’t been completely sedentary, either.
3. Water Damage
Ah, water – one of the biggest banes of an RVer’s existence. Water damage is often then cause of a rig’s eventual death, even for the most vigilant. (Here’s how to keep on top of potential leaks!) Although small leaks and the resulting rot can be repaired, a leak can quickly turn into a catastrophic problem — and wreak havoc on an RV’s value.
This is why it’s important to keep your RV under covered storage if possible, or invest in a quality RV cover. Keeping your rig out of the elements will stop rain from entering, will keep your finish fresh and strong, and will prevent leaks from forming in the first place.
4. Visible Wear & Tear
It’s a fact of life: human beings are visual creatures. And although cosmetic issues might not mess with your RV’s capabilities, they can still wreak havoc on its value. The wear and tear of driving an RV down highways and roads, parking it at campgrounds, and simply using it can cause damage to your RV on the inside and out.
5. Damaged Or Old Appliances
People usually aren’t looking to buy RVs with appliances that need to be replaced. And if they are looking to buy those kinds of RVs, they’re expecting a significant discount! An RV with appliances that don’t work, or which are vastly outdated, is going to have a much lower price than an RV with new, well-kept, working appliances.
8 ways to keep RV value
1. Buy used
One way to lessen your drop in value is by buying a used RV in the first place. RVs lose a significant amount of their value in the first year, and they can last for up to 20 years. Purchasing an RV that is five years old or so can often avoid the biggest drop in value but still give you more than a decade of use if it’s a quality rig.
2. Maintain your RV
A regular preventative maintenance schedule can help to fix the problems that cause wear and tear on your RV. In-depth cleanings of your RV before and after each trip are another way to make sure it stays in top condition and to keep depreciation at bay. Each season, you’ll want to go even further and do things like clean your RV’s holding tank sensors. And when you notice things like a scratch in your paint job or a torn curtain, don’t wait. Take care of them right away.
3. Watch your climate and weather conditions
Where you store your RV can have a big impact on how quickly it loses value. Conditions like high humidity can cause your paint to fade or peel, can cause rust formation, and can even lead to mildew growth inside your rig. Extreme heat can also cause your paint to peel quicker and can affect your engine, battery, hoses, and belts. Storing your RV in an area with more mild weather can prolong its life and lead to less depreciation. If you do live in a harsh climate, store your RV indoors to prevent the worst damage.
4. Renovate your RV
Updating your appliances and decor can make your RV more appealing to buyers and boost its value. Fix any broken appliances, peeling wallpaper, broken blinds, or other cosmetic problems. Choose neutral, light colors so the interior doesn’t look dark. Make sure windows and doors work properly, without sticking, and that your RV looks modern and well taken care of.
5. Watch regional demand
Demand for RVs, trailers, and campers can vary across the country. You may find there is more demand for RVs in areas with great weather, lots of national parks, or popular tourist spots. And likewise, you may discover that both less-popular areas and large cities with little room for camping may have less demand for campers. Areas with high demand for campers are going to naturally result in a lower rate of the loss in value.
6. Watch the economy
What the economy is doing is also going to have an effect on the depreciation rate of an RV or camper. When the economy is doing well, and people have extra money for fun items like RVs, prices of those recreational vehicles will go up. Rules and regulations on new vehicles can also effect the price of RVs.
7. Consider your RV brand
Different RV brands lose value at different rates. Brands that are known for their excellent quality, like Airstream, will keep their value longer and depreciate at a lower rate.
8. Consider the type of rig
Different types of RVs also depreciate at different rates. Class A motorhomes are more expensive to buy, but also depreciate at a slightly lower percentage than smaller trailers and campers.
How to estimate your RV value
If you’re wondering how RV depreciation is affecting your vehicle, or how it might affect one you want to buy, you can check its value. With cars, you may be used to checking the Kelley Blue to determine your car’s value. But with RVs, you’ll want to check its NADA RV value instead.
NADA RV values are determined by several factors, most of which we looked at above. The make and model of your RV, its age, the mileage, and the time and place where you decide to buy or sell an RV can all affect its value. The NADA website is a great place to start to get an idea of your RV’s value.
Hopefully, this article has given you some tips on how to keep your RV value for as long as possible.
Also, RVshare can help with depreciation concerns, whether you own an RV or not! If you’re concerned about purchasing an RV and having it lose value, you can rent through RVshare and save yourself those worries. Conversely, if you own an RV and are worried about losing money, you can make some of it back by renting your rig out using our platform.
