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Renovation VS Trade in RV
My friend Greg Stadlin of Collier RV in Northern Illinois referred me to one of his clients, David. David did a complete renovation of his 37 feet RV which included two new slide outs. I spoke with David today and he said he spent $150,000 to renovate his RV with two new slide outs, interior and exterior. He will send me pictures of before and after of his RV. I can stop by the storage at Collier RV and take a look. I have a 2001 Tiffin Zephyr 42 ft. coach with only 52,000 miles I was thinking of trading in for a newer one but am afraid of losing value. RVs depreciate more than any other property or vehicles.
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9 Replies
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Renovation vs. Trade-In: Evaluating Your OptionsYour Current RV
- Model: 2001 Tiffin Zephyr
- Length: 42 feet
- Mileage: 52,000 miles (relatively low for its age)
- Condition: Consider current condition and potential for upgrades
Renovation Example
- David’s RV: 37-foot RV
- Renovation Cost: $150,000
- Work Done: Two new slide-outs, interior and exterior renovation
- Outcome: Significant transformation, likely adding value and modern features
Key Considerations for RenovationPros to Renovate Existing RV
- Customization: Tailor the RV to your specific needs and preferences.
- Preserve Value: Maintain and increase the value of a well-loved and well-maintained RV.
- Avoid Depreciation: Unlike buying a new RV, where depreciation starts immediately, a renovated RV can hold its value better.
- Modern Features: Upgrade to include modern amenities and technologies.
Cons
- Cost: Renovation can be expensive, as evidenced by David’s $150,000 investment.
- Time and Effort: Renovations require time, effort, and a reliable contractor.
- Unknown Issues: Potential for unexpected problems during renovation, leading to additional costs.
Key Considerations for Trade-InPros
- New Features: Access to the latest models with updated technology and features.
- Warranty: Newer RVs often come with manufacturer warranties, reducing maintenance costs and concerns.
- Reliability: There is less likelihood of mechanical issues with a newer model.
- Immediate Use: No waiting for renovations to be completed; you can use the RV immediately.
Cons
Depreciation: New RVs depreciate quickly, often losing a significant percentage of their value in the first few years.
Cost: Higher upfront cost for a new or newer model.
Trade-In Value: You may receive less for your current RV than its perceived value, especially considering depreciation.
Steps to Take
Evaluate Current Condition: Thoroughly assess the condition of your Tiffin Zephyr. Consider getting a professional appraisal.
Compare Costs: Get estimates for a potential renovation similar to what David did. Compare these costs to the price of a newer RV you’re considering.
Inspect David’s RV: Review the before and after pictures and visit David’s renovated RV to see the quality of work and get an idea of potential results.
Depreciation Analysis: Research the depreciation rates for new RVs and renovated older models. This will help you understand long-term value retention.
Consult Professionals: Talk to RV experts, including those at Collier RV, about the market trends and get their input on your situation. Both renovation and trading have their merits and drawbacks. Your decision will depend on your budget, preferences, and how much you value customization versus new features. By carefully evaluating your options and consulting with professionals, you can make an informed decision that best suits your needs and financial situation.
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Renovation vs. Trade-In: Evaluating Your Options Your Current RV Model: 2001 Tiffin Zephyr Length: 42 feet Mileage: 52,000 miles (relatively low for its age) Condition: Consider current condition and potential for upgrades Renovation Example David’s RV: 37-foot RV Renovation Cost: $150,000 Work Done: Two new slide-outs, interior and exterior renovation Outcome: Significant transformation, likely adding value and modern features Key Considerations for Renovation Pros to Renovate Existing RV Customization: Tailor the RV to your specific needs and preferences. Preserve Value: Maintain and increase the value of a well-loved and well-maintained RV. Avoid Depreciation: Unlike buying a new RV, where depreciation starts immediately, a renovated RV can hold its value better. Modern Features: Upgrade to include modern amenities and technologies. Cons Cost: Renovation can be expensive, as evidenced by David’s $150,000 investment. Time and Effort: Renovations require time, effort, and a reliable contractor. Unknown Issues: Potential for unexpected problems during renovation, leading to additional costs. Key Considerations for Trade-In Pros New Features: Access the latest models with updated technology and features. Warranty: Newer RVs often come with manufacturer warranties, reducing maintenance costs and concerns. Reliability: There is less likelihood of mechanical issues with a newer model.
Immediate Use: No waiting for renovations to be completed; you can use the RV immediately. Cons Depreciation: New RVs depreciate quickly, often losing a significant percentage of their value in the first few years. Cost: Higher upfront cost for a new or newer model. Trade-In Value: You may receive less for your current RV than its perceived value, especially considering depreciation. Steps to Take Evaluate Current Condition: Thoroughly assess the condition of your Tiffin Zephyr. Consider getting a professional appraisal. Compare Costs: Get estimates for a potential renovation similar to what David did. Compare these costs to the price of a newer RV you’re considering. Inspect David’s RV: Review the before and after pictures and visit David’s renovated RV to see the quality of work and get an idea of potential results. Depreciation Analysis: Research the depreciation rates for new RVs and renovated older models. This will help you understand long-term value retention. Consult Professionals: Talk to RV experts, including those at Collier RV, about the market trends and get their input on your situation. Both renovation and trading have their merits and drawbacks. Your decision will depend on your budget, preferences, and how much you value customization versus new features. By carefully evaluating your options and consulting with professionals, you can make an informed decision that best suits your needs and financial situation. 🙌.
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I cannot stand to stomach a loss of one million or several hundred thousand dollars on a vehicle or RV. I suggest renovate the RV you have and forget about trading your existing RV for a brand new RV. It will drop 90% of the value in ten years anyways. RVs is like rent. Not an investment but rather an expense.
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This reply was modified 5 months ago by
Gustan.
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This reply was modified 5 months ago by
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Renovation VS Trade in RV. My friend Greg Stadlin of Collier RV in Northern Illinois referred me to one of his clients, David. David did a complete renovation of his 37 feet RV which included two new slide outs. I spoke with David today and he said he spent $150,000 to renovate his RV with two new slide outs, interior and exterior. He will send me pictures of before and after of his RV. I can stop by the storage at Collier RV and take a look. I have a 2001 Tiffin Zephyr 42 ft. coach with only 52,000 miles I was thinking of trading in for a newer one but am afraid of losing value. RVs depreciate more than any other property or vehicles.
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This reply was modified 5 months ago by Gustan.
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This reply was modified 5 months ago by
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Renovation VS Trade in RV. My friend Greg Stadlin is the sales manager of Collier RV in Northern Illinois. Collier is a RV and Camper Dealership in Lake County, Illinois and has a dealership in Rockford, Illinois. I purchased my 2001 Tiffin Zephyr 42 feet with one slide out and a Cummings Diesel Engine from Collier in 2009. I hardly used the RV and am thinking of either trading the 2001 Tiffin Zephyr or remodeling it inside and out. The RV is not in bad shape but needs to be spruced up from sitting. Greg referred me to one of his client, David. David did a complete renovation of his 37 feet RV which included two new slide outs. I spoke with David today and he said he spent $150,000 to renovate his RV with three new slide outs, interior and exterior. I visited David and the RV and took pictures of before and after of his RV. I can stop by the storage at Collier RV and take a look. I have a 2001 Tiffin Zephyr 42 ft. coach with only 52,000 miles I was thinking of trading in for a newer one but am afraid of losing value. RVs depreciate more than any other property or vehicles. Let’s break down the key points and considerations:
Renovation Example:
- David spent $150,000 on a complete renovation of his 37-foot RV 2006 Damon Astoria. Slides cost him $1,000 ft.
- He added three slide outs.
- Aquahot on Demand Hot Water which runs on diesel.
- $15,000 exterior paint job, $15,000 20 ft. slideout on the living area,
- $15,000 custom paint.42 ft. TV Satellite Controller.
- Marble and granite throughout.
- Foldout sofa.
- Separate shower and new bathroom.
- Full size refrigerator.
- Basement slideout.
- This included three new slide-outs, plus interior and exterior work
- You’ll be able to see before and after pictures, which should give a good idea of the transformation
- Current RV
- 2001 Tiffin Zephyr
- 42 feet long
- Only 52,000 miles, which is relatively low for a 22-year-old RV
- Concerns
- Considering trading in for a newer model
- Worried about losing value due to RV depreciation
- RV Depreciation
- RVs indeed depreciate faster than many other assets
Considerations for your situation:
- Renovation Pros:
- Allows you to keep a familiar RV with low mileage
- Can modernize and customize to your exact preferences
- Might be more cost-effective than buying new, depending on the extent of renovations
- Renovation Cons:<ul depth=”1″>
- High upfront cost
- Potential for unexpected issues or costs during renovation
- May not fully address mechanical/chassis age
- Trading In Pros:<ul depth=”1″>
- Get a newer model with updated technology and features
- Potentially better fuel efficiency and modern safety features
- New warranty coverage
- Trading In Cons:<ul depth=”1″>
- Significant depreciation hit on your current RV
- Higher overall cost than renovation
- Loss of a low-mileage, potentially well-maintained vehicle
Given your RV’s low mileage and the high cost of new RVs, renovation could be a cost-effective option if the mechanical aspects of your RV are still in good condition. However, it’s important to consider:
- The current condition of your RV’s major systems (engine, transmission, etc.)
- How much updating you feel is necessary
- Your long-term plans for RV use
- The potential resale value of a renovated older RV versus a newer model
Before making a decision, it would be wise to:
- Get a thorough inspection of your current RV
- Obtain detailed quotes for the renovations you’d want
- Research the trade-in value of your RV and the cost of newer models you’re interested in
Seeing David’s renovated RV in person could give you a better idea of what’s possible with renovation. This first hand look might help you decide if a similar project would meet your needs or if you’d prefer the features of a newer model.
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Here’s some pics of David’s RV.
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Here’s more pictures of the 2006 Damon Astoria 37 feet motorhome of the renovated RV. No expenses were spared. The owner could have cut corners like putting on a wrap versus a custom top of the line custom paint job.
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More pictures of the renovated 2006 DAMON ASTORIA 37 feet motorhome with three new slideouts.
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More pictures of renovated RV. The interior has been stripped and replaced new. New wiring, plumbing, kitchen, counter tops bathroom, custom cabinets, marble flooring, television, electrical, electronics, sofa, appliances, ceiling, leather captains chairs, and security system.