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5 Things That Affect What People Pay to Own RVs
People are always curious about the actual costs of owning recreational vehicles, but the truth is that costs can vary greatly depending on
- the price of the vehicle you buy,
- how choose to pay for it,
- how you maintain it,
- where and how you choose to live and
- how you plan to travel.
This is why it's very important to giving a great deal of thought into such issues if you are serious about buying a coach.
Important Things to Things You Need to Think About Before Buying RVs can help you with this issue.
How Much Do RVs Cost?
At the very least, travel unit buyers should plan on spending upwards of $45,000 for a decent previously owned RV and tow vehicle.
New equipment can easily cost four times that price, but when it comes to buying it, the truth is that the sky is the limit.. (Just to give you an idea of how high prices can go, the most expensive motor home in the world right now sells for three million dollars!)
How Much Does It Really Cost to Own an RV? and How Much Can You Afford to Pay for an RV? are articles that will help you gain a better understanding about the costs involved in buying recreational vehicles.
Payment Methods Make a Difference in Total Costs, too.
How you go about paying for your coach can make a great deal of difference in what you end up paying for a motor home, travel trailer or camper as well.
Since most people do not have the ability to pay cash, they have to use the financing services of banks, credit unions or RV dealerships, all of which charge significant fees for their services.
However, even here, the choices you make will determine your overall costs.
if you purchase a $40,000 coach at 5% and finance it for 15 years with 10% down ($4000), your monthly payment will be $284.69 or
if you finance it for 5 years, you will pay $679.36.
In the first scenario, your RV will cost you a total of $51,244.20. In the second, you will pay $40,761.60.
Therefore it will cost you $10,482.60 more if you choose the extended repayment time, but you will reduce your monthly payment by $394.67.
So, what you end up paying in the long run boils down to your choices, which will be based on what you can afford and/or how much you wish to pay.
Maintenance Matters More Than You May Think
You can generally plan on spending hundreds of dollars yearly to maintenance, repairs and upkeep but much more if you run into serious problems.
For example, we recently made some upgrades and repairs to our own coach that cost us
$2500 for tires
$1700 to replace our carpets
$182 for a new toilet
and $120 for a thermostat upgrade.
Sooner or later you will be faced with costs like these, and you cannot ignore them. In many cases, they show up in batches that must be dealt with immediately.
For this reason, you need to make sure that you have enough money available to maintain your coach so that it will hold its value and also function properly.
People who don't take good care of their RVs can face major financial and safety problems, so understanding the potential costs of repairs is extremely important.
How much you will pay for water, sewer and electric will only matter if you keep your unit on your own property.
If you live long term in a campground, you will only pay for electric, because water and sewer are included in your normal campsite costs.
If you live temporarily in an RV park, you will pay nothing for your basic utilities.
In the first two situations,
The size of your coach,
its location and/or
will determine how much you pay for electric, but the range goes from $50 to $250 per month.
Lifestyle Costs Vary Considerably
There are many lifestyle options available for RV owners, so it's up to you to decide which one will work for you. All are priced according to what they offer, so usually your wallet guides your choices.
Generally speaking, people will either use their coaches for travel or live in them for part or all of the year. Either way, they can choose from options such as these that allow them to
stay in expensive campgrounds that have many amenities,
camp in less attractive poorly located places with fewer amenities,
buy and develop property that is zoned for RV living,
trade labor for a free campsite with utilities or
take advantage of the many free and low cost spots with or without hookups that are available nationwide
Camping facilities can be as different from one another as night is to day, and the prices for staying in them vary accordingly.
Fortunately, these options give people many choices that can make RV living affordable as well as comfortable.
Below you will find two examples of different types of privately owned RV parks that show you some of their differences in pricing and lifestyle.
A Typical Family Campground
Yearly Campsite Costs At an Average Park
It costs approximately $5,000 to $6,000 plus electric to rent a mid level campsite on an annual basis.
A park like this would be one that is relatively well located and have
a club house,
swimming pool and
but may or may not offer much more for residents.
These parks often rent lots for $400 to $600 per month plus electricity to people who only want to use them on a temporary basis.
A Luxury Campground in Las Vegas, NV
The Cost of Luxury Campsites
If you are willing to pay up to twice the cost of a mid level park, you can camp in total luxury with amenities such as:
- a beautiful, active club house,
- structured and constant activities,
- a Jacuzzi or two,
- beautifully manicured, wide sites with WIFI, Cable, full hookups and 50 -100 amp electric service,
- security services round the clock
- and more.
Some of these parks sell, but will not rent, RV lots to people and will only rent them on a limited stay basis for prices that range from $50 to $230 per night.
The one I show in the video above sells lots for $100,000 to $200,000! (and you still have to pay for your utilities and property taxes plus an annual maintenance fee!) but you can rent a spot there for $59 and up nightly.
What Will It Cost to Have a Big RV Adventure in the US? gives you an overview of what an average cross country RV vacation might cost, but of course, prices change every year.
If you want more detailed information, the Good Sam Travel Guide is a great resource that can help you get a general idea about what different camping facilities charge nationwide. It is undoubtedly the best travel tool you can use because it is complete, detailed and costs far less than other RV guides you can buy.
I never go on an RV vacation without it.
If you use this guide to do some research, you will see that prices can vary significantly from place to place. The closer camping facilities are to big cities or popular tourist venues, the more they charge.
Furthermore, RVs only get from 8 to 12 miles per gallon, so driving long distances can be very costly.
However, here are a number of ways you can reduce gas and camping expenses, but you have to be willing to plan ahead as well as make a few sacrifices to do so.
Check camping costs before you leave home with this excellent guide book.
The Cost of Owning an RV Depends on You!
If you decide that you want to buy a recreational vehicle, just remember that the costs of doing so go far beyond your initial purchase expenses because you will have to also pay for items such as insurance, storage, certain utilities and taxes.
While there are ways to reduce some of these costs, in the final analysis, you are the one who has to decide whether this lifestyle is one that is affordable for you.
The amount of money will need to own, live and/or travel in a recreational vehicle will clearly depend on the choices you make, so plan carefully.
Good Luck and Happy Trails.
Do you now think you can afford to have the type of full time RV living experience you had imagined?
© 2014 TIMETRAVELER2