Selling your RV
If you are the seller of a motorhome, you may want to hear my story. It is the main inspiration for me starting The "RV Buyers Advocate".
"If I had only known!"
When our touring contract was up in 2006 we got off of the road. We planned to get back on the road after our son was finished with high school and in college. At that time, we had a $200,000 balance owed to the bank for the coach. A 44ft. Monaco Executive Motorhome was not in our budget at that time, so after using the coach sales websites for what I thought was a good referrence on what price to ask, I put the coach up for sale in early 2006. According to the valuation website(after adding all of the options in) the coach was worth about $289,000. similar coaches were selling online for $275k and higher. I asked $275k( I paid $240k 6 months earlier and thought I could get my investment back plus a little more.) I soon had a lowball offer for $225k. I turned it down several times from the same person with the offer.
During that year, I turned down other offers on my coach which I felt were too low. How can a coach that retailed new for $440,000 be worth less than half in the first 3 years. Especially since a 2006 model was about $80,000 more than my coach was when it was new. It just did not make sense. In August 2006, I started selling coaches at Lazy Days RV Super Center in Tampa, Fl. The first day I looked at the Actual trade in price of a coach like my own, I was speechless. The true value was a little less than what I owed the bank. I still believed that my coach was worth more. It had all the options plus 3 satellite dishes on the roof and a wi-fi system with a built-in Dell workstation with wireless keyboard. I continued to turn down offers that would have paid my coach off until there were no more that came close.
In late 2008, I had a cash offer that was less than what I owed on the coach. I could have put enough cash in to be only $8,000 below the value of the coach. I made the offer to Bank of America and was turned down flat by the top decision maker at the banks repo department.
Today, as the remaining manufaturers and dealers in the Motorhome industry dust themselves off, my wife and I are the proud owners of a motorhome that we can not afford to sell. One of our alternatives was bankruptcy. Today, The market value of the coach is currently about $70,000 under what we still owe.
At this time we are not able to get out. I hope I am getting through to those of you who still have time left before you are in our position. If you were to see our coach, when it was for sale, You would have thought it was brand new. Sound familiar.
If I had paid a more fair price for my coach, I could have sold for less. If you paid too much for your coach, there is little you or I can do to make up for it.
Please contact us to help find a good fair value on your coach and discuss your options while you still have them!