So you have decided to purchase an RV, this is not a simple decision to make, but your work is not done yet. Now, it’s time to actually do it. And not just purchase it but learning how to drive it and take care of it too. An RV should be considered a long term investment. And with all long term investments, it isn’t suitable for everyone.
Do you know how to tow an RV? How to maintain one? Or how to deal with the amount of money you will need to spend to fill up the tank? Let’s take a look at this guide, and dive into all you need to know about buying an RV.With these tips,get ready to your next road trip adventure!
Things to Think About When Buying an RV
Now that you are nearly ready to begin budgeting for your new RV, you should take some time to consider the following:
– What is your ‘why’? What are your reasons for buying an RV?
– Who are you purchasing this RV for?
– Do you already have places that you want to travel to in your RV?
– Are you looking for a home on wheels that you can tow, like a trailer, or are you looking for a motorhome?
– What are the essential features that you require?
– What are the features that you would like, but are not necessarily vital?
Go through the above points and write down your answers. These answers will help you to separate what you need from what you want. In the same way, they will also assist you to save money. While you go through the list of things you want vs. the things that you need, you should remember that an RV can be modified down the line. You can also add features if you don’t want to splurge for everything all at once. In this way, you will be creating a smarter budget, and you can plan for future investments.
Should you Buy a New or Used RV?
There are perks to both new and used RV’s. Use this list of pros and cons to decide for yourself whether or not you want a new RV or a used one:
Pros of purchasing a new RV:
– Latest technology already built in
– You can find exactly what you are looking for, even if it’s a blank canvas to ‘edit’ in the future
– No prior damage or mileage
Cons of purchasing a new RV:
– Can be more expensive
– You will have to pay higher insurance premiums
– Might need to buy a towing vehicle
Pros of purchasing a used RV:
– You may pay less
– Have the option to have a ‘project’ of rebuilding, restoring or redecorating
– Pay less on insurance premiums
Cons of purchasing a used RV
– There could be hidden damages that you could end up paying for further down the line
– Depending on the model, upgrades or renovations can be expensive
– Because of wear and tear, you may end up paying more for maintenance
Think about what Type of RV you are Looking for
There are two essential questions need to consider when you are buying an RV. The first question is whether or not you want to buy a new or used RV. The second is to narrow down what type of RV you want to purchase. Both tow RVs and motorhomes have their advantages and disadvantages, but your decision should be based on what type you are looking for.
Many people are under the impression that towables are a less expensive option than motorhomes. While this may be true in many cases, the fact is that it depends on the type of towable that you purchase. If you do not already have a vehicle that is able to tow, such as an SUV or a truck, then you will have to buy one. Also, once you have the car for towing, then you need to ensure that you are comfortable with towing the RV.
Are you seeking out an RV but have no idea what you are looking for? It would help if you browse Rockwood RVs, travel trailers, fifth wheel RVs, truck campers, pop up campers and even simple travel trailers to get a decent idea of the different options that you have to choose from.
Budgeting for your RV
Now that you know what type of RV you are looking for, you can begin the fun part; working out the numbers. If you purchase an RV through a dealer, you should be able to finance it over time or even use a money lender. Furthermore, you could have the option to apply for a vehicle loan through your bank.
The option that you chose will depend mainly on your credit score and how much you are able to place on a down payment. The opportunity to finance through your dealer is an attractive one for many due to the interest rates. The dealer could offer an interest rate similar to what the bank could provide you with- as long as you have a decent credit rating. If you opt for financing through the third party lender, then you will have to deal with an interest rate higher than what your bank or dealer would offer you. Before you sign any financing contract, ensure that you can maintain the monthly payments for your new RV.
There are a few extra costs that you could incur along the way:
– Places to park
– Connection, cable and internet access fees
When you are looking for an RV, it is only natural that you want to get the best value for money. Remember to keep your options open, stay aware of auto finance rates, and don’t rush into anything. Your RV should be a once in a lifetime purchase, so take the time to find the right one.
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