RV INDUSTRY APOCALYPSE IS A PAINFUL REALITY - RV BUYERS ARE GONE - RV MANUFACTURERS GOING BANKRUPT

guys before we start the video today I want to say happy Veterans Day thank you to all the veterans out there who gave your service some of you um who gave the ultimate uh to your families God bless every one of you again to all the veterans out there God bless you God Bless America thanks for your service and the ones who are not with us today because they gave the ultimate God bless you God bless your family and God bless [Music] America so here we are beautiful Saturday 84° here with my my good friend Matt hey guys and we're at this uh I guess we're going to call it an RV show everything here is for sale and I'm going to say this 50% of banks have more debt than assets on their balance sheet and this is one of the reasons why because people went out and bought stuff like this especially over 2021 2022 there was tons of stimulus money tons of easy money tons of a cheap money uh people weren't working they didn't have to go to work they didn't have to make their mortgage payments or the rent so what did a lot of people do they went out and had fun they bought stuff like this what do you think Matt well I'm behind this they're always to Towing three four SUV you know ATVs and another trailer behind it a Car golf cart never ends yeah I don't know what these are pricing out at but yeah so these are not actually motor homes um Fifth Wheelers campers um but they're not cheap yeah we're going to walk I'm going to just walk down the line here but you got to think how many people now Matt first off you need a diesel truck to pull any one of these here actually there are motor homes okay so we do have some motor homes but you if you want to pull one of these Fifth Wheelers one of these campers here you're going to need a $100,000 diesel truck to do it so now people are having a difficult time just filling up the the uh diesel truck and making the diesel truck payment and now uh they've got a RV payment and you got to mobilize these things on the weekend you know you have to want to do that right you have to get all you know forget just the fuel uh you have to have the time you got to make you know time away from the from the house and this stuff's expensive you know and what do you do when you get your destination you spend more money right good point yeah good point here's some more the small t so millions and millions of dollars of inventory sitting here right now and Matt it's Saturday 84 degrees look at all the people here there's nobody here it's the ghost so I mean it's it's there's two people there you and me a couple people over there but I mean this is this a lot of RVs there's over 100 RVs in in motor homes here easily um and uh there's a half a dozen people here what does that tell you well it tells me according to this article ambitious RV sales in 2023 dealers closing shop at sales continue as sh sales continue to fall the boom of 2021 in 2022 is over it's over for boats it's over for cars it's over for RVs it's over for all the toys the the sandrails the dirt bikes all that take a look at this there's nobody here there's multi-millions of dollars of inventory here Matt well look I mean this is like the car market on steroids right uh this is going to you're going to see it more pronounced I would think in a market like this with these RVs uh because this is truly discretionary income having a car maybe not is so much but having a million dollar RV parked in the driveway you got what I where do you store it another in your proper you got to pay for storage well yeah that's a great Point there's definitely a maintenance cost here too I mean these things can't just sit out in the sun and bake all day um there's definitely maintenance uh these things have tires uh they they've got to be stored board and that all costs money but uh again I mean they're all over the place here there's more over there and then we' got the motor homes over here these are going to be probably I don't know starting out three $400,000 and and going up and again there's not a lot of people looking at them the Boom is over sales are not returning sales ladies and gentlemen are plummeting this morning I I just went back to looked at some of the data and I've done videos on this in the past but uh RV company off uh 170 people in Elkart uh Indiana now 80% of these RVs are made in one place Elkhart Indiana and sales they said this year have dropped 50% 5 how in the world can anybody tell you or myself that the economy is doing well that the uh consumer is resilient when you have an IND history dropping by 50% what's the town elart how you be to do a research on Elkart Indiana and see how the mar housing Market's doing there how real estate values are doing there how the overall Community is I bet it's I bet it's gotten hit hard right yeah everything has yeah yeah but I mean it's probably more pronounced there they're doing this much of the manufacturing out that yeah according to the uh article I was reading today a lot of the uh production companies in Elkart are only working 3 to four days a week they're only open 3 to four days a week and most of those 80% of those companies that make these RVs that are in Elkart Indiana most of those companies have laid off workers so if you have if you haven't been laid off your work week's been cut down to three or four days a week that's a problem well yeah demand's not there look at this thing there's no of course there's no uh there's no stickers in the windows here to see see what what the price tag actually is but I gotta believe this thing I'm standing in front of is probably at least half million dollars if not more uh here's here's a company Grand Design out of Elkart they just built and opened a 300 ft uh service center in Elkart back in 20122 they just laid off 170 workers and this could get much much worse so think about the overhead that these manufacturers have opening up new service centers um and now this massive depression that is taking place in the RV industry and it you know it didn't take uh a rocket scientist to figure out what was going to happen here how many people can go out now Buy one of these you know half a million plus dollar motor homes or $100,000 camper many people can another thing I want to bring up to Matt is interest rates have played a huge role in what's happening here now I looked up rates earlier today they could be off if you know uh more specifically where the rates are of these things I saw about 7.88% to 16.5% uh to finance an RV that could be off a little bit let me know in the comments down below but it's probably somewhere in the neighborhood Who in the world is paying over 7% to over 16% right now on a $80,000 camper or a half million doll motor home or a million dollar motor home th there are fewer and fewer people that can do that oh first off the pandemic money is gone right number one number two you're not paying 3% 3 and a half% you're paying like you said almost 8% or double that depending on credit uh credit score the uh the the amount of the RB yeah there's no wonder there's no demand yeah yeah and you got to have a job it's dead okay I'm sitting on my million dollar your million dollar million share okay okay all right nice about two weeks every you know another thing too is we know fuel costs at some point are GNA explode and even now fuel costs are much higher than they were a few years ago could you imagine having to fuel this thing up I don't know what is this thing holding it's probably a diesel engine I'm I'm assuming you know 300 400 gallon you know tanks on this thing uh what if something breaks I mean this is just the overhead here the insurance how about insurance cost on something like this today insurance cost on your car has gone up what do you think it's done on something like this um but fuel cost is going to be a huge huge problem here because they are going to go up and the the minute a pipeline blows up in the Middle East we're going to see uh oil prices over $100 a barrel and how many people are going to be able to to operate one of these things when they're paying when we're back to you know six seven8 doll per a gallon of uh of diesel so very very interesting uh very nice don't get me wrong these are very very nice nothing that I would have any ambition to owning or driving I couldn't imagine wanting to drive something like as long as a bus scare the heck out of me but yeah here we are the show sitting on my $500,000 recliner look I mean after about two weeks I'd be bor of this thing so unless it's your primary residence for me it's a nogo uh you know it's it's it's not workable you you know think about rates right now you know 7 to 16% we're talking something more expensive than even buying a home right now le than buying buying a home yeah more than home and this is a depreciating asset the minute you drive this thing off a lot it's going down in value and imagine what the used RV Market is doing right now it's got to be getting absolutely clobbered yeah probably worse than the used car market right so I mean that's blowing up so yeah this stuff is uh very discretionary folks and uh discretionary I think is out the window for a few years for most people and uh this is this is a reality there's nobody here yeah so yeah I saw this yesterday when I was just driving down the road and figured let's check it out and uh just nice to be out here in 84 degree weather it's not too hot just beautiful just get out get a little exercise breathe some fresh air just really really nice but uh yeah man we got a whole row over here let's walk through here and we'll get like a whole view of these this one's running generator [Music] let's go to this one Matt this one yeah maybe the Air's on it feels sound like it is yeah so we got the generator on let's check it out okay cleaning crew is here yeah got it nice and clean's no it's very warm so this is uh the I guess I guess you'd call it the main cabin or bedroom bathroom nice shower let me JB's one right there all right you okay there pal yeah got soap yeah all right oh I can't open it how your $600,000 show it looks it feels well it feels like it's cheap yeah it's pretty cheap but you know honestly I don't have much experience with RVs but uh you know I guess some people really love the lifestyle I'd rather just stay at a hotel but I I just couldn't imagine I mean this thing must be like 50 ft long oh you can't even imagine driving this okay this one if this if this goes for this one yeah if that's what this is 10,000 off 190 if it's this this unit yeah no wait this is is a 2013 model that me it's 10 years old it's 10 years old yeah I guess it is look yeah oh so this this is a 10year old model they're trying to clean the STS up right now you pay your tax special price today 180,000 add your tax 200 Grand yeah at 8% if you can get 8% uh so yeah so just imagine if you could get 8% $200,000 and this thing's 10 years old years old I mean you got to be out of your mind yeah there's no warranty there's no got to be out of your you got to be out of your mind [Music] you're that's unbelievable oh yeah probably $1,000 look at the so so so we have used ones here now too so we have new and used yeah so maybe if we can um find somebody in sales we can find out what the uh interest rate uh plan is now but uh this is this is nice and really we've seen probably more salese walking around here than actually um buyers wow wow hey how you doing a quick question so Matt and I just talked to a Salesman over here and he was kind enough to answer a few questions clarified everything here is used so that RV that we just saw for what was it $200,000 179 uh that was 10,000 off 179 200,000 out the door for a used 10-year-old uh motor home insane um he said the rates are anywhere from 8 to 12% he said for about every $100,000 you finance the payments about 1,200 a month so give or take if you finance $200,000 coach that's what 2 $2400 a month yeah so yeah wow that's 200,000 some of these got more and he he was very honest that business is very very slow and from here so these were these are from Central California they drove every one of these down from Central California from here they're going to Las Vegas and then from Las Vegas they're going to Courtside Arizona wow unb what the cost they are that they must be spending to move these things to try and sell and no one's here looking at and nobody's here let me let me let me show you the people over here are are salespeople that's a salesperson salespeople um there's nobody here I mean you they've got to be losing a lot of money this week this is uh you know it's a real eyeopener when you actually just get off the couch and just take a walk and take a look at what's really happening to the US economy and when you come out to an EV like this and just see that there's no there's nobody here buying today there's nobody even walking around it's and the money that is being spent here to move all this inventory here and then move it to Nevada then to move it to Arizona how many RVs would they have to sell just the fuel cost half of these are sitting idling they're idling right the fuel cost alone and the labor like you got to have drivers right nobody's working for less than you know5 $20 an hour now so and they don't it's unbelievable unbelievable so here's another one this is [Music] nice BR that camera in here what you got you going to show us something yeah come get this one all right how much all right tell us what tell us what we're dealing with here first half a million guys 2500 a month say that again bring your wallet you hear that they need money they need it fast okay okay this 500,000 here it is right here 489 what year you guys 22 22 so it's a year old3 23es are June J at least Air's on here yeah it's nice half a mill would get you one year said if you put if you put 250,000 down your payment is 2500 a month 2500 a month okay I mean if it was a primary residence I suppose but okay um and then you you you're going to have cost where you're parking this thing too every day yeah yeah well even where you're staying oh right oh that's true right yeah okay all right it's nice yeah it's very cool very cool okay very who they play oh they're favor by all right thank you you guys want buy this right so oneye old beautiful half a million dollars like Matt said 250 down your payment's only 2500 a month so so uh half the Salesforce is sitting in the RV watching a football game so talking about the uh College spreads on their game yeah so my problems are much bigger than college football we're uh trying to wake people up to what is really happening the one thing you probably don't want to do one thing you want to avoid is buying one of these things right now this is probably the worst thing this would be put like putting a hole in your head to do something like this this be catastrophic to your health to buy something like this um I mean it just the and check out Ox talks from yesterday please don't put money out of your house to buy a motor home it's a good point it a really good show yesterday check out Ox talks M doing a phenomenal job and look you know if somebody's out there I I name channels every once in a while people that really I believe are walking the walk uh Appalachia Homestead uh Patera I don't know her personally but I feel like she's really walking the walk there's just certain people that I I will you know give a recommendation to every once in a while because I truly uh believe that they're walking the walk so Matt is one of those people so make sure you give them a lot of love and a lot of support So moving forward here so that was all the motor homes and then over here we got all the campers so we'll check those out I just cannot believe believe the amount of money that must have been spent to move all this stuff this all has to be towed that's all being driven yeah fuel cost labor cost must be unbelievable must be 25 30 guys sitting around yeah everybody's sitting around watching us they're watching watch us walk around yeah so yeah that's uh that's interesting but I mean you can ask for a nicer day we're in November 84° all these you know we're right here at the a let me give a a shout out to a AO Cente Casino in Spa right over there it's parking structure there's the hotel uh they have a spa they have a beautiful pool uh beautiful beautiful uh Resort uh and so they uh have it here at their grounds so here we are right here and we'll walk through we'll take a quick look at one of these what's this little TV yep little flat screen speakers so here with your case of Bud Light yeah okay so this is uh this is cool you know these definitely aren't a half a million dollars maybe we'll get a price on something like this but 100,000 show price 80 wow it's more than I thought what year it's a uh 17 so it's six years old going on seven years old so warrant g wow little fireplace and this must be the uh bedroom bathroom right here okay there you go pretty cool there's the head and of course you're going to need a very big truck you're going to need a very a big truck to pull something like this you're going to need a $100,000 uh diesel you know F250 F350 um or big dodge to pull something like this and that takes fuel and that's another payment see this is these are a little more weathered a little wear and tear here gas yeah yeah you can see the uh Matt you can kind of see the the wear here and the wear here so you can definitely tell this is 6 years old and here's another question M maybe you can answer this for us um whoever who whoever turned this in how much did they lose how long they had it they'd appreciated it but I'm sure they got killed yeah yeah interesting so here's some more yeah so there we go and then we have the uh the Vans down here I guess we'll walk down this way check these out but uh there you go like that uh black F350 right there that's what you're going to need that truck's about $125,000 and that's what you'd probably need to to pull one of these real big campers yeah yeah that's a nice truck actually let's check it out while we're here yeah that's what I'm going to need for the for the ranch right there but white yeah I want it in white can't can't get a black truck yeah that's $125,000 truck yeah yeah yep it's what Aaron should have bought yeah that's nice Matt I don't really know much about the RV business but I'm kind of shocked at the prices especially in this environment right now that I'm seeing these kind of prices I I just didn't think we'd be seeing used um motor homes 10 years old for $200,000 or campers 6 years old for what was it 80 $90,000 I mean I yeah I don't know what I'm looking at really but the point is this it doesn't matter what the price tag says if no one's here which means they're not buying right right so you're going to tell me if the prices were $50,000 lower $100,000 lower be a packed house here no way no one's here they can't buy it the consumer is toast so the the market is saying something that prices are too high because if prices were much lower there'd be people here everything sells at a price um problem is things are so overpriced that nothing is selling and where are these things going to have to be maybe they have to be 50% off maybe that is what motivates some buyers to come into it maybe it's going to take that people aren't going to be spending $200,000 on a used um motor home I just don't see it happening what that means they had to buy these things high right that's why they're having to sit on them that's why the inventory is so high they they they had to pay they probably paid the height of the market and now they have got to clear them out somehow so this is what happens when the stemies are over this is what happens when $7 trillion of injected money begins to evaporate this is what happens when people lose their jobs and the result of all this is Major inflation now where interest rates to get a loan on one of these has now doubled and is suffocating the entire industry and people again lose jobs people don't have the discretionary uh uh money now to take a vacation let alone buy one of these things to take a vacation it's just not there um it's just amazing how people lost their minds back in 2021 and 2022 because of stimulus checks because of triple P loans because people didn't have to make mortgage payments they didn't have to make rent payments people didn't have to go to work it's they just did they believe that this was going to last forever that they were going to get free money forever that they could actually go out and finance a lifestyle that they should have known darn well they couldn't afford this is a $2,000 $3,000 a month dead in the water payment that's it it's and then you have like we said 250 down with $250,000 down uh and this is not your this is not your daily driver this thing is sitting in a storage unit until you mobilize the family until you reserve the area where you're going to have it till you pay for the daily fees all the fuel all the food uh it just starts it just start the payment is just the starting point it's then it's at plus plus plus plus could you imagine being stuck in a payment like this for 10 years 10 years maybe more that I from what I read you can go 20 years on an RV well how many of these how many of these things we don't know how many were repossessed yeah right how many of these things were taken back uh from you know from people that that overleveraged and couldn't afford it take a look ladies and gentlemen nobody here nobody here here there's a sales guy nobody here nobody here it almost makes me feel like we're at a circus or Carnival they're inside watching football I feel like I'm at a carnival or a circus yeah it's most people are inside the RV with their conditioning watching a football game so I'm going to leave it there uh Matt thanks for uh taking a nice walk today let's grab some lunch I mean there's even more over there that we didn't even look at look at this we didn't even look at that we've seen enough I want to before we go I know most of you probably want to see that thing if that's what they're hoping is going to draw in business they're in big trouble the only thing that's going to draw in business is sales big sales big price Cuts I couldn't even find this thing I drove Lu I drove by it and saw it Matt drove by it a couple days ago and saw it too but otherwise we would have never even known about it I looked and looked all over the Internet for this thing could not find any information on it so uh whoever set this up uh did a horrible job unfortunately because nobody even knew you were here but uh it's a sad State of Affairs what's happening this is a reflection of what's happening in the US economy ladies and gentlemen and it's only going to get worse Matt anything hopefully you're not one of these people buried in a half a million dollar uh Albatross that's losing value um if you are maybe find a way to exit immediately hopefully uh the next one will be a boat show because that's going to be absolutely uh ridiculous seeing the amount of boats that people are losing and prices dropping I think a boat may be even a worse investment than one of these things but people never learn their lesson but a lot of people are about to have a good day have a good weekend stay safe God bless

Channel: jeremiah babe

Views: 374,359

Keywords: walmart, real estate, wall street, gold, silver, junk silver, silver coins, housing bubble, stock market crash, us dollar, bank collapse, bond market, homeless, starvation, buying a house, selling a house, emergency food, brics, credit card debt, bank run, credit crisis, evictions, middle class, household debt, rv sales, Unemployment, interest rates, mortgage rates, home sales, financial collapse, regional banks, gold coins, tiny homes, Las Vegas cyber, costco, motorhome sales

Id: iHlcuSQxykk

Length: 29min 7sec (1747 seconds)

Published: Sun Nov 12 2023