How Much Does It Really Cost to Own an RV?
How Much Does It Really Cost to Own an RV?
Posted on March 16, 2020
Expected RV Costs
The first cost that you will encounter with an RV is the purchase cost. You can buy an RV for just about any cost you like, but if you want a larger RV with some of the creature comforts of home, you should expect to spend somewhere between $15,000 (a small travel trailer) and $40,000 (a previously owned motor home or fifth wheel). This price climbs significantly for brand-new models, models with more slide-outs, and diesel pushers. A brand-new, middle-of-the-road motor home costs around $150,000.
The second cost is related to the purchase of your RV--financing, sales tax, and insurance. For RV financing, you will most likely not find 0% or 1.9% rates like you might for automobiles. Instead, your interest rate and subsequent payment will be higher. Depending on your financing, you could be spending an additional $10,000 or $20,000 on interest for your RV, so you need to shop around for the best loan. In addition, sales tax can add another thousand dollars or more to the purchase price. You will also need automobile insurance for your RV, and your cost will depend mostly on your driving record and financial history, in addition to your RV's worth.
These costs are fully expected when you purchase a new or used RV for your adventuring pleasure.
Unexpected RV Costs
There are also unexpected costs to RV ownership. One of your unexpected costs only applies to towable RVs--the cost of the towing vehicle. You might already have a truck, but it might not be rated to tow as much as your new RV weighs. The cost of selling your current vehicle and buying a larger, more capable truck could be significant. Or your truck could tow the RV, but it needs different equipment to the tune of several hundred dollars.
If you purchase a drivable motorhome or diesel pusher, a related cost is a car that you can tow behind your RV. You obviously don't want to drive your large RV to the grocery store, so you need a vehicle that can your RV can tow and that you can use for errands. In addition, you will need to think about the cost of fuel for whatever size RV you buy.
It might sound strange, but the largest unexpected RV cost will depend on your lifestyle. If you want to park your RV in a popular, picturesque location throughout the summer, you will pay a lot more for the campsite than others who just take their RVs out for the weekend. If you live in the city and don't have storage for your RV, you will have much higher storage fees than someone who can park the RV on his property at no cost. These things need to be taken into consideration before an RV purchase. The Hitch House is a professional RV dealer that can assist you with RV ownership in Ontario.