Budget for RV Buyers
Budgeting for RV Ownership
I recently saw a post in an RV group from someone who was starting a website about RV budgeting. They were asking other RVers what expenses should be included.
Maybe it was just the way the question was worded, but my first thought was, why start a website about a subject you are still learning?
That said, the post did get me thinking about RV ownership and budgeting.
Budgeting has been on our minds lately. Pat and I both retired this spring and are adjusting to a different level of income. We also have several major trips planned, including visits to national parks and six months in Florida as snowbirds.
On top of that, one of our daughters and her husband recently bought a travel trailer. They have camped for years and finally decided they were ready to move on from tent camping.
I am not a budgeting expert, so I can only share what we have learned from our own experience.
Before buying our fifth wheel, we had camped in tents, owned a tent trailer, and rented a Class C motorhome to see what that style of RV was like. We entered retirement with plans to travel, spend winters in warmer weather, and camp with family and friends.
We did a lot of research and looked at many RVs before making our decision.
If you are thinking about buying an RV, take the time to research the full cost of ownership. The purchase price is only the beginning.
Without a realistic budget, RV ownership can quickly become a financial burden. Based on our first few years, here are some questions worth asking.
What Type of RV Do You Need?
It is easy to focus on what you want, but the better question may be what type and size of RV fits the way you plan to travel.
A large fifth wheel may be comfortable for extended stays but more difficult and expensive to tow. A smaller trailer may be easier to manage but could feel cramped during longer trips.
How Will You Use It?
Will you mostly take weekend trips close to home, or are you planning extended trips across the country?
Your travel style will affect fuel costs, campground fees, maintenance, and the type of RV that makes sense for you.
Can Your Current Vehicle Tow It?
Do not rely only on the advertised towing capacity.
You also need to consider payload, hitch weight, axle ratings, and the weight of passengers and cargo.
Will you need to buy a new tow vehicle, a fifth wheel hitch, a weight distribution hitch, suspension upgrades, or air bags?
Those costs can add up quickly.
Where Will You Store It?
If you cannot store the RV at home, you may need to rent space at a storage facility.
Storage costs vary widely depending on location, security, and whether the space is indoors or outdoors.
What Will Insurance Cost?
Insurance is another ongoing expense.
If you finance the RV, your lender will require coverage. Even if you pay cash, you will still want enough protection for the RV, its contents, and liability.
Do You Need an Extended Warranty?
Extended warranties can provide peace of mind, but they are not all the same.
Read the fine print carefully. Understand what is covered, what is excluded, the deductible, and whether you must use specific repair facilities.
Can You Handle the Maintenance?
RVs require regular maintenance.
Roofs, seals, tires, bearings, brakes, plumbing, appliances, batteries, and electrical systems all need attention.
If you can do some of the work yourself, you can save a considerable amount of money. If not, make sure repair and maintenance costs are included in your budget.
Have You Budgeted for Accessories?
A new RV does not usually come with everything you need.
You may need:
- Sewer hoses and fittings
- Fresh water hoses and filters
- A pressure regulator
- Electrical adapters
- A surge protector
- Leveling blocks
- Wheel chocks
- Camping chairs
- Kitchen supplies
- Bedding
- Tools
- A tire pressure monitoring system
- A generator or solar equipment
- A bike rack or other storage equipment
A walk through an RV supply store can give you a good idea of how quickly these expenses add up.
Final Thoughts
This list is only a starting point.
Talk with friends who own RVs. Join a few RV groups and read about the experiences of other owners. Ask questions, compare costs, and be honest about what you can afford.
Our experience buying a fifth wheel in 2020 taught us that planning matters. The RV lifestyle can be rewarding, but it is much easier to enjoy when the costs fit comfortably within your budget.
One Last Thought
The goal is to enjoy the journey.
If owning an RV creates constant financial stress, it may not be the right journey for you, or it may mean choosing a smaller and more affordable way to travel.