What's Really Behind the Brutal Crash of February New RV Sales

In our earlier report on how brutal February was for new RV sales, we looked at just how steep the drop was. But the numbers raise a bigger question: why did sales fall off so sharply, even while shipments stayed relatively strong?

Industry analysts and executives are pointing to what could be described as a double squeeze on consumers. Interest rates remain elevated, which makes financing a new RV much more expensive than it was just a few years ago. Higher monthly payments alone can be enough to push many buyers out of the market.

At the same time, fuel prices remain volatile. That may be causing some shoppers to think twice before committing to a larger, fuel-hungry motorhome, especially a Class A. That helps explain why larger rigs appear to be taking the biggest hit, while smaller and more efficient options like camper vans have held up better.

There is also the broader issue of inflated prices and economic uncertainty. When people feel unsure about where the economy is headed, they often delay major discretionary purchases. A new RV fits squarely in that category.

And there may be another factor at play: the used market. All that tells me that some people are prioritizing the savings of buying a used vehicle over new right now.

Shipments Tell a Different Story

That is what makes the shipment numbers so interesting.

On the production side, total RV shipments in February were down 11.1% compared with February 2025. That is still a decline, but it outpaced the drop in retail sales. And in motorhomes, shipments actually moved in the opposite direction, rising 22.0% year over year.

That creates a notable disconnect. Dealers were receiving more motorhomes even as sales in that category remained weak.

There can be several reasons for that. Motorhome production can swing more dramatically than towables because of factors like chassis availability. But even with those variables in play, the gap between shipments and retail sales is worth watching.

If consumer demand stays soft, dealers could end up carrying heavier motorhome inventory heading into spring. That does not guarantee a glut, but it does suggest the industry may be building faster than buyers are buying in at least some parts of the market.