We know how difficult it can be to find the time to spend in your RV to make it worthwhile. A full time, kids, a social life and living expenses are all contributing factors when it comes to how often you get your rig out on the road. Unfortunately, you aren’t alone. More and more RVers are realizing these constraints are causing them their RVs to sit in storage for months on end. After long and hard consideration, many choose RV consignment.
What is RV consignment? How does it work?
Not everyone is familiar with RV consignment, and you may be wondering what it is. You hand over your RV to another person or place of business to sell while you still retain ownership of it. They handle everything – phone calls, inquiries, appointments. Once it sells, they take out the percentage of sales you both agree on.
You may be thinking, “Well, I’ll cut the middle man and sell my RV myself and keep all the money.” Yes, this is a possibility, but it might not work as planned. Think about the area you’re in. Is it a small town? Having a small market is what sways some RV owners to consign, so advertising and showings won’t help your case. Dealerships get many more visitors and traffic, which means you’ll have a better chance of a sale in the dealer parking lot.
Does it cost me anything out of pocket?
This is difficult to answer, because there are so many factors that go into consignment. It depends on the dealership you go to and how they set their rates, too. Start by finding the fair market value of your rig. This website will tell you all you need to know based on your RVs mileage, year and the bells and whistles (amenities). From here, you’ll either pay a percentage of the sale price, or you and your dealer will agree on a sale price you both like, and he will collect the extra as a commission. It’s important to know exactly how much your RV is worth so you’ll know which option fits you better when it’s time.
What about RV insurance?
Unfortunately, your RV won’t be covered if you choose consignment. Even if you currently have insurance on your rig, you have to swap to consignment insurance once you’ve made your decision. Sure, most dealers have cameras and gates that lock, but it could be damage by a fire or even a test drive. Do you want to risk not having insurance?
Time to decide: To consign or not consign?
We understand how massive selling or consigning your RV is. It’s a big decision that shouldn’t be taken lightly, which is probably why you’re here. Like anything else, there are pros and cons to both sides of the coin. Consignment is a great choice if you want someone else to handle the marketing and showings. And, dealers try to sell as fast as they can. If you don’t have the time to market it yourself, it could take quite a while to sell if you don’t set your mind to it.
The main drawback is having to pay commission amongst other fees to whoever sells your RV, but if you want it off your hands, it could be worth the price. Here are a few of the fees to watch out for:
- Consignment fees.
- Cleaning abd prep fees.
- Extra services
If you aren’t savvy and watch where each dollar goes, you could end up losing quite a bit of money under the RV consignment sale. You’re under a contract while it’s consigned, which means you aren’t able to sell it anywhere else. You also aren’t able to use you rig once it’s consigned, so be sure to say your goodbyes and squeeze in all the weekend trips you can before letting go.
I’m ready to consign my RV. What are the next steps?
Selling your rig on consignment isn’t difficult, but it’s a big decision that requires a bit of work at the beginning. Follow these steps to make it easy!
- Take as long as you need to study up on any consignment shops in your area that will sell your RV for the range you have in mind. You do have a target price in mind, right?
- Do a deep clean and inspection of your rig. Mend any small repairs, such as replacing light bulbs or tightening loose screws. Wipe all surfaces down, dust and clean out any large appliances.
- It’s time to meet with your trusted dealer! When you do this, have everything with you – maintenance records and a printout of your price estimation.
- Once you and your dealer come to an agreement on price, commission and consignment terms, it’s time to sign and hand the keys over. Don’t forget to ask about any hidden fees!
- Don’t hesitate to call occasionally to check on things. This shows your eagerness.
We hope this helps. If you’re thinking about your beloved RV collecting dust as you read this, it may be time to consider consignment. It’s a great option for those that want to be hands off in the process. However, if losing money because of commission is important to you and you still want to travel while it’s for sale, you may want to sell it on your own.
Thoughts on RV consignment? Let us know in the comments!