Determining the fair market value of a motorhome is important whether you are buying or selling a motor home. If you are buying, you want to make sure you are getting what you pay for and being made a fool. If you are selling, it is important to get the greatest value for what you are selling. The process of finding the market value for an RV is a little bit tougher than that of most other vehicles. This is because RVs come with so many options.
To begin the process of finding the market value, you will need to establish the fuel source. Most RVs are categorized by size and fuel source which is either gas or diesel. Also take not of any special features or improvements on the RV. Generators and other systems additions may not be apparent right away so do your research to ensure you get the most accurate price.
The National Automobile Dealers Association Blue Book Value is available in a printed publication as well is online. This tool is highly respected by buyers and sellers as well as being noted as one of the most comprehensive secondary vehicle valuation sources.
Look at what similar models are selling for by going to places like PPL Motor Homes and EBay. This will help gather important information in which to compare. Check into multiple units when buying and negotiate the best price whether wanting a new or used RV. A profit margin of around 30 percent may be listed by the dealer for new vehicles, but most will be willing to accept quite a bit less to complete an easy sale with a qualified buyer.
The RV Consumer Group Ratings (RVCG) should be referred to over NADA when checking into a new RV. The book value is used as a beginning point to negotiate, not the final price value.
Negotiating the Sale of a Motorhome When Owing More than its Current Value
The skills to negotiate are a must anytime you are looking to sell a vehicle although it may not always be fun to barter. Adding to the uncomfortableness of selling is if the vehicle is worth less than what you currently owe on it. It often requires a much larger loan amount when financing an RV over any other vehicle, so it may be more difficult to get a good deal when selling.
Start by establishing the current value of the motorhome by going to the National Automobile Dealers Association. This will ensure you have the most accurate sales price. Work with the potential buyer and evolve a trusting relationship by being truthful with the information you provide and doing so efficiently. Silence is a great way to negotiate because the more they talk, the easier it will be for you to identify the factors in the sale that are most important to the buyer.
Let the buyer take a test drive or overnight stay in the motorhome, but be sure you have a tracking device that enables you to know the location of the motor home at all times. Also, be sure to obtain a copy of the buyer’s driver’s license.
It is best not to let the buyer know the amount of money you still owe on the RV. Showing desperation of paying off a loan gives them an advantage in the negotiating stage and you will fail to get the price you desire. When asked why you chose to sell the motorhome, give a truthful answer without including any financial information. Inquire about any reason the buyer may decide against the purchase after you have provided all the details about the motor home. This lets you understand exactly what the buyer is looking for.
After agreeing to purchase the vehicle, have the buyer sign two copies of the written contract where you have added in the agreed upon price. The contract should include the buyers name and also the date of the contract. You will need to sign both copies of the contract as well and keep one for your records after giving the buyer the other copy.