Is Owning an RV Worth it?

If you're looking for a fun, cost-effective and low-stress way to travel, you've likely considered purchasing a recreational vehicle.

But just as you start to do your research and imagine life on the open road, you stumble upon a number of articles complaining about how much work it takes to purchase an RV.

We're here to put an end to those fears.

Road tripping may not be for everyone, but it’s certainly growing in popularity. Studies show that RV sales are on the rise and, according to financial experts, the RV market has grown by more than 200% since 2009.

Motorhomes and RVs come in all shapes and sizes. There’s something for everyone! Whether you want all the comforts of home, luxury at its best or just the basics, you can find an option that works for you and your family.

Here are a few items to consider before taking the plunge and making a big purchase:

How much will you use it?
Ask yourself why you're considering purchasing an RV. For some, an RV will only be used for the occasional getaway. For others, it's multiple weeks on the open road. There are even a select few who may choose to pack up and leave with no return date in mind.

Regardless of how often you want to travel, a motorhome can offer you more flexibility than traditional air travel—and more comfort than your average car.

What about financing?
Owning an RV is all about traveling where you want, when you want—and leaving the stress of more conventional travel behind. The last thing you need is to feel tied down by financial obligations. Avoid some pressure by researching RV financing options before you buy. It’s also a good idea to get preapproved before you shop to help you stay within your budget.

See what your monthly payment could look like by trying an RV payment calculator. Plug in the cost of the RV you’re interested in, the RV loan rate and length of the loan to see if the payment amount works with your budget. If it’s too high, you may have to look for a smaller option or an older model.

Something else to consider? Many lenders require a minimum amount to be financed. Before you choose one, make sure you know what all the terms of the loan will be.

Where will you buy it?
Not sure where the best place is to find an RV? Of course, there’s online listings. But that’s not the only place to search for your next hotel on wheels.

Check your local events center for the next RV show. They usually happen frequently during the spring. Here, you’ll have the opportunity to see a variety of models, all in one place. Compare features, try out all the gadgets and discuss price in a low-pressure situation to understand what works best for your needs. 

Dealerships and manufacturers are good places to shop, too. Experts are usually on hand to help with your questions.

How much money are you willing to spend on maintenance?
One of the biggest determining factors buyers face when considering purchasing an RV is the cost of maintenance. Experts say you should expect to spend $1,000–$2,000 each year for maintenance and insurance.

If you happen to be handy, you can probably save a few bucks by doing some of the work yourself. You don’t need to be a master mechanic, but it helps to know how to make a few minor repairs, like changing a tire or replacing a radiator hose.

RV life is a great way to see the country and experience nature. When you’re ready, check out Mountain America Credit Union—we can help you find the right loan for your open road adventures.