Thinking of investing in an RV? The idea of having a second home on wheels that you can travel freely around in is exciting. But before you dive into this adventure, it’s essential to weigh the costs against the benefits. Is owning an RV truly worth all the money poured into it? Let’s break it down.
How much does an RV cost?
The price of an RV can greatly vary depending on the size, age, style, brand and features. Some used entry level models cost no more than $10,000, while brand new high-end motorhomes can cost well over $100,000.
Most people buy an RV on finance, which does mean added interest fees, but can make it more affordable. Leasing an RV is also possible, plus you can hire RVs short-term for single journeys.
How much does it cost to maintain an RV?
Just like a car, an RV requires a lot of maintenance. Oil changes, tire replacements, and plumbing checks are all maintenance costs that can add up annually. There are also running costs to consider like fuel and insurance. On top of that, you’ve got the cost of somewhere to store it, whether you want to purchase RV storage buildings, or add an extension onto your home.
Expect to pay between $1,500 and $3,000 per year depending on the condition of your RV and how often you use it.
How much can you save on hotels?
One of the biggest draws of owning an RV is the potential savings on accommodation. Hotels are very expensive in some locations. When you travel in an RV, you don’t have to pay for hotels and can instead sleep in your vehicle.
Parking up in a rest area, truck stop or even in some parking lots could be completely free – potentially saving you $100 per night. That said, such locations may not offer much privacy and may not have hook-ups. As a result, you may want to occasionally plan to stop at RV parks where you can get your own private pitch and access to electricity. RV park pitches can vary from $30 to $70 – which is still cheaper than staying at a hotel.
How often will you use it?
Whether it’s cost-effective to buy an RV will likely come down to how often you use it. If you’re planning to spend weeks at a time road tripping or are likely to plan an RV getaway every other weekend, you could easily make up the cost of owning an RV in hotel savings.
However, if you rarely use your RV, you’re going to be pouring more money into it than you get back.
Hiring an RV could be a better solution if you’re planning a single road trip. If you’re planning on travelling for a year, there may even be 1 year leases that you can look into.
The verdict
Owning an RV can be a big financial commitment, but you can save money by avoiding expensive hotel bookings. You also need to remember that you are paying for the freedom and adventures that an RV can provide. It’s a chance to invest in happy memories – just make sure that you can afford the monthly payments.
Discover more from The Cameron Journal
Subscribe to get the latest posts sent to your email.
