RVs give you the option of accommodation on wheels – you can plan your own road trip routes and always have somewhere to rest your head without having to pay for motels or airBnB accommodation. Most people love the idea of owning an RV, however many people aren’t prepared for the reality. These vehicles require a lot of upkeep and there are many costs to consider.
Below are just 10 things that are important to consider before you buy an RV.
What type of RV?
There are many different types of RV. There are trailer vehicles that you can pull along with your car such as caravans and camper trailers. Alternatively, there are all-in-one vehicles like motorhomes and camper vans. The latter are more expensive, but generally have more space and are easier to drive. Consider what type is best for your needs.
How regularly will you use it?
There’s no point buying an RV if you’re going to rarely use it. If you’re planning a one-off RV adventure, renting an RV may be a better option. If you’d like to go on multiple adventures, but are likely to go through long periods without using your RV, consider buying one and then renting it out to other people when not in use.
Where will you park it?
You’ll need to have space to park your RV. On a busy residential road with no off-road parking, you may struggle to find this space. Of course, you can always rent parking space or look into storage for your RV if you’re unlikely to use it for long periods. Just make sure to look into the cost of this.
Are you licensed to drive an RV?
A regular driver’s license will allow you to drive most RVs in most states. However, in some states you may not be able to drive certain vehicles over a certain size and weight without obtaining a new license. This post explains more about RV driver licenses.
Are you confident driving an RV?
RVs can be challenging to drive. If you’re a new driver, you may want to get used to driving a regular car for a while before upgrading to an RV. Most people find motorhomes and campervans easier to drive than trailer RVs.
Do you know the running costs?
There are a lot of running costs to budget for when owning an RV such as insurance, fuel, tolls, servicing and repairs. Make sure that you are able to cover all of these costs. Expect to pay several hundred dollars per month if you’re regularly using it.
What insurance do you need?
When buying an RV, it’s worth taking out specialist RV insurance. Some regular auto insurers will not cover RVs, or may charge a lot for limited coverage. Specialist RV insurance will save you money while providing the coverage you need.
Can you handle the maintenance?
There’s a lot of maintenance required when owning an RV. Like a car, you need to get your vehicle serviced and repaired. You also need to clean the inside of the RV regularly and keep on top of tasks like emptying the toilet and charging up the battery. It’s a lot more maintenance than some people realize.
New or used?
If you do decide to buy an RV, you’ll also need to decide whether to buy brand new or used. Used RVs are much cheaper to buy upfront, but could be in poorer condition – make sure to shop around to find an RV that’s within budget and in good condition. New RVs are more expensive, but there may be perks such as customizable features and a warranty.
What’s the best finance option?
Most people take out a loan to buy an RV. You can take out a standard auto loan or you could borrow on your mortgage if you own a home. Compare interest rates to find the best loan option.
