The COVID-19 pandemic brought about a surge in demand for recreational vehicles (RVs) and boats as people rediscovered the beauty of their communities and sought outdoor leisure activities. However, as the RV and boat market recovers from supply chain issues caused by the pandemic, buyers are now faced with new challenges.
Nikki Spence, a potential RV and boat buyer, shared her excitement about taking up residence in a different place and being out on the water with her family. Spence was among the attendees at the Mid Canada RV & Marine Show, where Derek Roth, a presenter, explained how the pandemic triggered a surge in demand for RVs and boats.
According to Roth, the supply chain issues that significantly impacted the availability of RVs and boats during the pandemic have been resolved. However, there are still some lingering challenges that are affecting the market.
Dave Amey, a sales advisor at Transcona Trailer Sales, confirmed that their stock has returned to normal, but prices are still higher than before. The price increase is due to various factors, such as the rising cost of living and interest rates.
As per a report from CTV News Winnipeg, the Bank of Canada’s key interest rate now stands at 4.25%, the highest since 2008. This, in turn, drives up prices, making the purchase less affordable for some potential buyers.
Spence shared that the interest rates would undoubtedly influence her decision to purchase an RV or a boat.
Aaron Arnason, another attendee, agreed that prices have gone up considerably, making it less affordable for everyone.
However, Derek Roth believes that the price challenges are not enough to deter buyers who are set to spend their summer outdoors.
The average monthly payment for a boat pre-pandemic would have been around CA$400-CA$500 dollars, but it has now jumped between CA$600 and CA$700.
While the pandemic has brought about a new set of challenges for RV and boat buyers, with interest rates and higher prices topping their concerns, potential buyers are still eager to spend their summer outdoors and are determined to make their purchases despite the added costs.
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