Is now the right time to buy a boat or RV?

Given the restrictions on gathering and traveling beginning in 2020, it’s no surprise that boat and RV sales have been on the rise over the past two years. While restrictions may be lifting, many are still hesitant to return to traditional travel and looking to invest in a more self-sufficient way of vacationing. Boats and RVs are a great way to get away while avoiding shared spaces and large crowds.

Price is the first factor many consider when determining whether to buy a boat or RV. While we’ve seen prices for both new and used boats and RVs rise in the past two years, we’re left questioning whether they’ll sink again. In short: probably not. In addition to rising demand, supply chain issues have left retailers with months- or years-long waitlists for new vehicles. As for the second-hand market, there may be an increased supply of vehicles for you to explore, but that doesn’t mean you’ll be getting rock bottom prices. Most sellers are aware of the demand and are valuing their vehicles accordingly.

Does this mean you should hold off? Not necessarily. Experts say that it’s not likely that prices will dip in the next few years. Between already established waitlists and production still leveling out from supply chain shortages, we’ll be feeling the inflation on recreational vehicles for the foreseeable future. If the investment in a boat or RV is something you’ve been planning for a while and you’re looking forward to getting out with your vehicle this summer, go ahead and take the leap! Pioneer even offers customized loans to allow you to have the summer of your dreams.

Keep in mind when you’re on the open road or water with your new toy that while insurance may not be required, it’s an investment in the life of your vehicle. Talk to a representative from Pioneer’s Insurance Division today about insuring your new boat or RV!

Insurance products are offered through Anchor Agency Inc., a wholly-owned subsidiary of Pioneer Bank.