The Cost of Owning an RV
RV ownership is very rewarding but it doesn’t come for free. The popularity of RVing has grown substantially over the past decade, so many people are curious what the true cost of ownership is. Our team at The Outpost RV strives to be your go-to resource, so we’ve put together a brief breakdown of what you can expect to pay for as an RV owner.
The Initial Purchase
The very first expense you’ll face is the vehicle’s asking price. Even when you’re purchasing a used model, the value can depend on several different factors. A few of the things you’ll encounter that directly affect the price tag include: RV type, RV size, amenities, age of the RV, and the current season.
Prices can fluctuate throughout the year based on seasonality and sought after features. It’s good to have an understanding of value on the lot and after purchase.
The RV Loan
Most likely you will need to finance your purchase, meaning you’ll be borrowing a loan to complete the transaction. You should know your credit score, budget, expected loan term, and the purpose of the RV. Depending on the type of RV you want, the loan might be the longest ongoing financial obligation.
Fees and Insurance Costs
When you set a budget for purchasing an RV, you should include the cost of taxes, registration, and insurance. Many times these factors will be grouped into your loan, but it will absolutely influence the total amount you have to put toward the RV itself.
Ideally, you should contact your preferred insurance provider before completing the transaction to determine monthly or annual coverage fees.
Travel, Storage, and Maintenance Cost
Once you’ve purchased the RV your financial responsibility doesn’t end. You will now have to consider the cost of travel, upkeep, and storage costs. Sometimes the purchase seems like the biggest part, but there are many costs to consider once you’re an owner!
Depending on your RV type, you may need to worry about engine care, fuel cost, seasonal maintenance, and the cost of travel in your area.
Although it may seem like RV ownership is pricey, it’s a great form of travel that allows you to explore new places and get outside! If you’re interested in finding the right used model for you and your family, our team would love to help. We are located in Middlebury, IN, and proudly serve Kalamazoo, MI.