What You Need to Know Before Buying Your First RV

Buying your first recreational vehicle can be a more extensive process than buying a car. Some may even say that applying for an RV loan may be comparable to purchasing a home, depending on your credit history, loan term, and the loan amount.

If you’re in the market for an RV, there are a few things you should know before you start shopping. These tips can help you prepare before visiting an RV dealership or online RV website.

Embracing the RV lifestyle

One important part of buying a new RV is embracing the lifestyle. Uncertainty in the beginning can lead to problems later. It’s best to experience the lifestyle firsthand before making your purchase. You can do this by spending time in a friend’s RV or renting one for a weekend vacation. Know what you’re getting into before you move forward.

Learn the different types of RVs

RVs come in many shapes and sizes. Do some research on the outer dimensions because there are size limitations in certain camping areas and national parks. Interior space is also a big deal, particularly if you spend a lot of time in your RV. Focus on comfort and efficiency when you’re shopping. Here are some common choices for RVs:

• Travel Trailer: A travel trailer is an RV that can be towed behind a car or truck. This is appealing because the trailer can be unhitched and parked, leaving the RV owner with a smaller vehicle for sightseeing or errands while camping.
• Lightweight trailer: A lightweight trailer is essentially a smaller version of a travel trailer. Many campsites and national parks have maximum size limits on RVs. So, a lightweight trailer may provide more venue options to the RV owner.
• Toy hauler: Motorcycle enthusiasts know this model well. A toy hauler is built to carry “toys” like motorcycles and ATVs. Once the toys are removed, it expands out into a full-size living space for camping and recreation.
• Expandable trailer: The best example is a pop-up camper that can easily be towed behind a car. They often come with slide-outs to expand the interior living space. Expandable trailers are a cost-effective option for first-time RVers.
• Class A motorhome: These are homes on wheels. A Class-A motorhome is the top of the line in RVs, with a price range from $25,000 to well over $100,000.
• Class B camper van: The Class-B camper van is a smaller vehicle than the Class A motorhome, but it still features a kitchen, bathroom, and bedroom.
• Class C motorhome: A Class C motorhome is larger than a camper van but smaller than a Class A motorhome.

The additional costs of RV ownership

There are many costs associated with owning an RV, just like a regular vehicle. You’ll need someplace to store your RV in the off-season if you don’t have the space at your home, and you’ll also need to do regular maintenance and repairs. Like regular vehicles, you’ll also have registration and insurance fees. Add those to an estimated fuel expense for the year, and you’ll have total costs above the price you pay for the RV.

Buying a new RV versus buying used

Several financial institutions offer RV loans to buy new or used recreational vehicles. New RVs range in price from $35,000 to over $300,000 for high-end Class A motorhomes. RV dealers may have in-house financing, but check with your bank or online lender to compare. Interest rates and terms will vary. RV loans may come with terms of up to 20 years.

With a used RV, you may want to consider the type and how old it is. This will help you assess the depreciation value. The larger Class-A types tend to depreciate more quickly than the smaller Class-C ones. Used travel trailers or pop-ups may be very affordable when used. You can either pay cash for that or seek out a personal loan to cover the cost.

The bottom line

Fully embracing the RV lifestyle is a necessary first step before shopping for a recreational vehicle. This can be done by sharing with friends or renting your own RV. Once you know you love it, start thinking about what type of RV you want and how much space you’ll need. When determining your budget, don’t forget to add up all ownership costs. Once you have a ballpark budget, you can decide if new or used is right for you and how you’re going to finance your new RV lifestyle.

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