When our economy entered into the largest downturn since the Great Depression, one of the early casualties was the RV market. In late 2007 before the recession, sales of new and used RVs and trailers had hit an all-time high, and the average age of an RVer was 43-years-old.
Yes, you read that correctly─43. While most people in the insurance world believed that the spike in gas prices in 2008 caused the death of the RV business, in reality the evaporation of money for loans combined with the cautious nature of consumers who held back on buying big-ticket items was really to blame.
Now that spring is approaching and the American road beckons, some folks are returning to spending. With banks freeing up more cash for loans, RV sales are on the rise. Toy haulers─those combination trailer and motorcycle/ATV haulers─are the fastest growing segment of the business.
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