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I promised you this in the P.S. last week.
The RV market in 2026 is not the disaster some headlines make it, and it's not the buyer's paradise others claim. It's something more specific than either of those — and if you're buying, selling, or already own one and wondering what it's worth, the specifics matter.
Here's what's actually happening.
The Price Reality
Prices have come down from the 2021–2022 peak. They have not come down to where they were before that peak. That gap is meaningful.
During COVID, dealers were selling units at MSRP or above with zero negotiation. That environment is gone. Today, buyers who shop correctly are getting 20–35% off MSRP in many segments. That sounds like a correction.
What it doesn't account for is what 8% financing does to those savings.
A $60,000 travel trailer financed at 7.5% over 15 years costs you about $556/month and roughly $40,000 in total interest. The same trailer at 4% — which is roughly what rates looked like in 2019 — costs $444/month and $20,000 in interest. The sticker price went down. The total cost of ownership went up.
For used RVs specifically: values have reset close to pre-pandemic norms on a lot of units, especially motorhomes. Class A prices are still high in absolute dollars — Q1 2026 average around $207,000 at wholesale — but they've softened, and the used market is where most real transactions are happening right now. Used RVs sold 67% faster than new ones last year. That tells you where buyers are finding value.
What's Happening on Dealer Lots
Manufacturer wholesale shipments are down 13.5% through April 2026 compared to the same period last year. That's seven consecutive months of year-over-year declines. The RVIA lowered its full-year forecast to around 314,000 units — down 8% from 2025.
What that means practically: fewer new units are entering the pipeline. But the lots aren't empty. Not even close.
Half of all RV inventory sat on lots past 90 days in 2025. New RVs averaged 195 days to sell. There's roughly $6.5 billion in RV inventory sitting on dealer lots right now, and carrying costs on that inventory are estimated at $65 million per month across the industry. Dealers are under pressure.
That pressure is leverage for a buyer who knows how to use it.
The sweet spot right now is 2024–2025 model-year units that have been sitting. A dealer carrying a 2025 fifth wheel at month 180 on the lot — paying floorplan interest every day it doesn't move — is a motivated seller. You don't need to be aggressive. You just need to know what you're looking at and let the math do the talking.
The segment with the most pressure: entry-level towables and travel trailers. Supply is highest. Buyer selectivity is highest. Prices are moving the most.
The segment that's held up: Class B vans. Smaller, more versatile, lifestyle-flexible. They're absorbing demand from buyers who can't stomach Class A pricing or the fuel costs that go with it.
The Financing Math (And the Trade-Up Problem)
Current rates as of early 2026: new RV loans are averaging 7.5–8% APR across the market. Used runs slightly higher, 8–9%. If your credit is excellent (750+), you might find 5–6% from a credit union. If you're financing through a dealer desk without a pre-approval in hand, expect 1–2% of markup on whatever the underlying lender quoted them.
The structural problem sitting underneath all of this: a significant chunk of current RV owners bought in 2021 or 2022 at peak prices, often with rates that were still relatively low. Those units have depreciated. Those loans haven't. A lot of those owners are underwater — they owe more than the unit is worth — which means trading up requires either bringing cash to the table to cover the gap or rolling negative equity into the new loan. Neither is attractive at 8%.
This is one of the reasons used inventory is healthy but trade-in flow has slowed. People who want to upgrade are stuck. That matters if you're selling a used unit privately — there are motivated buyers who can't qualify for the new unit they want and will pay fairly for a well-maintained used one.
What To Do With This
Buying new: If you're set on new, focus on 2024–2025 carryover units from dealers with aging inventory. Get pre-approved with a credit union before you go near a dealer financing desk. Know your rate before you sit down.
Buying used: This is the best side of the market right now. Pricing is realistic, selection is good, and you have room to negotiate. Avoid anything financed over 10 years old — most mainstream lenders won't touch it, and the ones that will charge accordingly.
Currently own and considering selling: Private sales are moving. Buyers priced out of new are shopping used with intent. A well-maintained unit with documentation and honest pricing will find a buyer faster than you'd expect. Don't time the market — the rate environment isn't going anywhere quickly.
Currently own and holding: If you bought pre-2021 at a reasonable price, your cost basis is in reasonable shape. If you bought at peak and financed long, run the actual numbers on your current equity position. Knowing where you stand is better than guessing.
The RV market in 2026 rewards people who do the math before they walk onto a lot. That's always been true. Right now it's just more true than usual.
See you next week.
— Jon
P.S. — The affiliate programs I mentioned in issue #001: I've started vetting them. Garmin, Ruffwear, and Camping World are on deck. I'll tell you which ones I'm actually recommending — and why I passed on the others — in a future issue.