How Much Does it Really Cost to Own an RV?

Recreational vehicles (RVs) provide the opportunity to adventure on your own schedule while enjoying the comforts and luxuries of home; you can drive for as long as you want in a day, sleep in a familiar bed, and forget the hassle of checking in and out of hotels every night.

However, aside from the initial cost of purchasing an RV, this lifestyle comes with unique costs that will vary significantly based on the rig you choose, how often you travel, and your geographic location. RV owners should understand and plan for these expenses that will inevitably come up.

What are the Costs of Owning an RV?

RV Maintenance Costs

RVs are complex vehicles that require regular maintenance and specialized care. For example, in colder climates RVs should be winterized to protect against frozen pipes as temperatures drop. Then, in the spring, you should de-winterize to prepare your water lines for use during warmer travel seasons.

• How to save money on RV maintenance costs: Implement a regular maintenance schedule for ongoing needs like oil changes, inspections, and other recommended services. Winterizing your rig before late fall, when demand peaks, can also save money. This diligence upfront can prevent major repairs down the road.

RV Repair Costs

As you use your RV, it’s almost guaranteed that something will eventually break. RV repair shops often charge more than an auto repair shop; RV technicians have specialized knowledge and understand the intricacies of these unique vehicles.

• How to save money on RV repair costs: Learning how to complete basic repairs at home can minimize labor costs, but this should be balanced with knowing when to call a professional to ensure your RV is fixed correctly. It also seems counterintuitive, but spending extra money to install quality parts that will last longer can decrease your overall repair costs in the long term.

RV Insurance Costs

Requirements for RV insurance vary based on a few factors: the type of rig, what state you live in, and whether you financed the RV. Regardless of legal requirements, purchasing RV insurance is a wise choice to protect your investment.**

• How to save money on RV insurance costs: Ask the insurance agent you’re speaking with if they offer discounts for bundling RV insurance with auto and/or home insurance. If you’re not sure where to start, consider getting an insurance quote from Peak Credit Union. Our team can shop across multiple reputable carriers on your behalf to find the most competitive rates for the coverage you need.

RV Storage

If you don’t have room to park your RV where you live, you’ll need to pay to store your rig in a secure and safe space. Indoor storage is typically more expensive, but it protects the RV from the elements and can extend the overall life of your vehicle.

• How to save money on RV storage costs: When browsing for potential storage options, consider other amenities that may be included — things like electricity for battery charging or a washing area to clean the exterior. Also consider your climate and if outdoor storage would make sense.

RV Fuel (Gas versus Diesel)

Due to the increased size and weight of RVs, you can expect lower fuel economy whether you’re driving or towing your rig. According to Cruise America, the average mileage capacity of an RV can range from 6 to 22 miles-per-gallon (MPG) depending on the type and model. Increased fuel consumption equates to higher fuel costs, which will vary significantly depending on locality and current fuel prices.

• How to save money on RV fuel costs: Being conscientious can help you save on overall fuel costs. Evaluate current fuel prices to better calculate your expenses before your trip. When traveling, driving slower, regularly monitoring tire pressure, and using routes that favor highways as much as possible can contribute to improved MPG.

RV Utility Costs

Using an RV’s comforts, like water, heat, and electricity, comes with associated costs to keep these systems operable. These expenses can include additional fuel to run a generator for electricity; propane gas to enjoy hot water and heat; and dump station fees to empty your holding tanks and re-fill your fresh, potable water tanks.

• How to save money on RV utility costs: If you are traveling somewhere that has hookups, your campsite fee will be higher to account for your utility costs. But, over time, full hookups can actually save you time and money as you are connected to the facility’s infrastructure, not using your own fuel or holding tanks. In turn, you won’t have to continually monitor your resources or worry about packing up and driving to multiple places to replenish the resources used.

Final Thoughts

It’s worth noting that all costs will depend upon the rig you own. Holistically evaluating the costs of owning an RV can be the difference between enjoying your rig or feeling like it’s a financial burden.

Whether you’re buying a camper, travel trailer, fifth wheel, or motorhome, consider partnering with Peak Credit Union. We offer several benefits to make RV ownership accessible and the shopping process fun:

• Pre-approval certificates that can be used at over 300 participating RV dealers in Washington and Oregon.

• Financing for RVs up to 15 years old.

• Up to 100% financing, based on credit.

• Competitive RV Loan rates!

Explore on your own terms with a Peak RV Loan. Give us a call at (800) 258-3115, apply online, or visit your local branch to start adventuring in comfort and luxury today!