Wholesale towable values drop 20.2% YoY in October

Wholesale towable and motorhome values continued to drop in October amid sales slowdowns in unfavorable weather and dealers managing their inventories. Average wholesale towable values dropped 20.2% year over year in October to $15,203 , down 7.2% from September , according to a Dec. 2 Black Book report. October marks the fifth consecutive monthly drop for towable values. [caption id="attachment_58357309" align="alignnone" width="901"] (Courtesy/Black Book)[/caption] Meanwhile, average motorhome values ticked up 1.1% YoY to $54,848, but were down 13.9% from September, according to the report. [caption id="attachment_58357310" align="alignnone" width="896"] (Courtesy/Black Book)[/caption] However, both motorhome and towable values have returned to “2020, 2021” price levels, Eric Lawrence , principal analyst of specialty vehicles at Black Book, told Auto Finance News . The sales season for RVs has ended, and macroeconomic uncertainty may bring pause to consumers, he said. “A lot of people are really hesitant to jump out and get into a really long-term loan,” he said. Wholesale values are likely to “drop or stay about the same” in the coming months but will likely decline more gradually than October, Lawrence said. Motorhome auction volume down 29.5% Auction volume was mixed across the two segments, with towable auction volume up 1.5% from September, while motorhome auction volume plunged 29.5% compared with September, according to the report. By comparison, auction volume in the motorhome segment dipped 4.3% sequentially in October 2024, and towables declined 1.5% in October 2024. Motorhome’s auction volume slowdown likely comes from seasonal sales declines, Lawrence said, noting that motorhome values and volume can swing rapidly month-to-month due to the segment’s smaller market size. “Dealers are not doing as much business as they do earlier, in warmer times of the year,” he said. “That trickles down.” The average model year for wholesale motorhomes and towables were 2016 and 2020, respectively, according to Black Book. Dealer challenges Dealers are having difficulty selling medium-priced RVs, as consumers either prioritize the most affordable option or can afford to buy the more expensive units , Lawrence said. As a result, only “the cheap stuff [and] expensive stuff sells easy,” he said. “The cheap stuff sells easy, The expensive stuff sells easy…”— Eric Lawrence, Black Book Shipments of 2026 models are also bringing challenges for RV dealers, as new models are coming to lots when it “is not a great time to sell,” Lawrence said. However, many dealers have reduced inventory after months of having excess 2022 units, Huntington Distribution Finance RV Commercial Leader Marcus Palm er told AFN last month. “From an inventory standpoint, it’s probably the best it has been in a long time,” he said. In fact, manufacturer Thor Industries ’ North American RV products inventory declined 5.5% YoY by the end of October, while OEM Winnebago ’s motorhome supply dropped 9.4% YoY but towable supply was up 1.6% YoY by the end of August, according to the companies’ most recent earnings reports. Dealers have faced low consumer confidence as customers wait for interest rate reductions to trickle down to the retail level, Palmer said, noting that with potential Federal Reserve interest rate cuts heading into 2026 , the industry may rebound next year. “They are talking about another rate reduction in December. … Floorplan cost is cheaper for dealers to stock units,” he said. “We’re starting to see a little bit of confidence, and things are slowly starting to get back to where it needs to be.” The Fed’s next Open Market Committee meeting is scheduled for Dec. 9 to Dec. 10.

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Wholesale towable values drop 20.2% YoY in October

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