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Spectrum News: How Interest Rates Are Impacting Boat, RV Sales

The following is report by Tyler O’Neill from Kentucky’s Spectrum News 1.

Looking to buy a boat and RV? Now could be a good time. A sales manager at the Louisville Boat, RV and Sportshow said this year is better than past years to make a purchase.

Buying a boat or an RV is a big expense that often requires some thoughtful planning, but Steven Webb, manager and co-owner of Admiral’s Anchor, said now is the right time to buy.

“I think this is the better time to buy than last year or two years ago,” Webb said.

Webb attributes that to higher interest rates over the last couple of years, he said. According to Investopedia, personal loan rates began rising because of multiple increases in interest rates by the Federal Reserve.

“Normally, we sold a lot more through the July and August months, but 2023 was off due to the interest rate increases we’ve had and seen,” he said.

This year, rates remain high. According to Bankrate, the average personal loan rate is currently at 10.96%.

“The interest rates are higher for them, but I feel like the interest rates will come down at the end of this year,” he said. “They can always refinance it, but the prices are a lot less. So if you look at what you’re saving in the price, you can always refinance it and I think we’ll be better off at that point.”

Webb said now is the best time to buy a boat or an RV because demand is low. He said any time between Labor Day weekend and March is a good time to buy a boat, while the optimal time to purchase an RV can vary.

“They start off a little bit earlier than boats; there’s a lot of people who camp two or three months before boating season kicks in, and they camp two or three months after the boating season ends,” he said.

Click here to watch the video report from Spectrum News 1. Note there is a firewall.

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