Just like everything else, recreational vehicles are being repossessed and foreclosed. This means finding repo RVs for sale is getting easier and easier. In fact, anyone looking to purchase an RV at a discount will find a wealth of options at an RV auction.
Save 30% by Selecting a Used RV
Similar to cars, as soon as a new RV drives off the lot, it loses value. As a matter of fact, it will lose approximately 30% of its value. Therefore, when you purchase a repossessed RV, you are going to save a bundle.
Buying from an Auction
When banks repossess a motor home, they must sell it to get their money back. However, banks are not professional RV dealers so they must find someone to sell it for them. In many cases, this means the RV goes up on a private auction. In other cases, it means that it goes to an RV dealer to sell on consignment.
RV auctions are normally silent auctions. You have the opportunity to walk through a variety of travel trailers and motor homes before deciding which one to bid on. Place your bid carefully, because bidding on multiple RVs could result in you having to purchase multiple RVs.
Additionally, at most RV auctions all sales are final. This means you buy the travel trailer or motor home in “AS IS” condition.
Repos are in Good Condition
The majority of repossessed RVs are in good condition. In many cases, the vehicles have either been sitting in the driveway or sitting in storage. Studies have shown that most used RVs being sold have gone on relatively few trips and spent most of their time in storage. This means you can get a like-new RV at a fraction of the price of a new one.
Bidding on Repos
Before you walk out the door, do some research on the selling value of different RVs. You don’t need to do a lot, but a general idea of the value of different motor homes is helpful. It possible, take the NADA guide with you to help determine the appropriate price of the RV.
Next, you need to decide how much you are willing to spend. Set a price that you will not exceed. This will prevent you from getting attached to an RV and overbidding based on emotions. This is the only way to ensure you get a good deal based on fact instead of emotions.
Whether you are buying a new, used or repossessed RV, research is always the key to finding a good deal. Like so many other things in life, knowledge is power. The more you know, the better chance you have of receiving the rock bottom price. Good luck and happy RVing.