Is buying an RV worth it, or should you just rent one?

More than 11 million U.S. households currently own an RV, which is the highest number ever recorded, according to the RV Industry Association. However, buying an RV is a big expense. You’ll also have to factor in insurance, maintenance, storage and other costs — something you don’t have to worry about when renting.

That said, renting may not be as cost-effective if you intend to hit the road in your rig frequently. It’s important to consider all the ins and outs of both options when making a choice — consider your budget, how frequently you plan to use the vehicle, your credit profile and your long-term financial goals.

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Be sure to consider the additional vacation costs associated with any of these options — gas, kitchen supplies, park fees and insurance should all factor into your decision. These additional costs can add up quickly whether you rent or buy. If you only want to try an RV once, look for rental companies that include everything in the price so you don’t have to buy additional equipment.

What to know about buying an RV

Owning an RV allows you to go on a spontaneous camping trip or make a long trek across the country. However, it also requires regular care and maintenance, and that part isn’t always glamorous. Before committing to the high costs of RV ownership, review the pros and cons.

Advantages

An RV makes an outdoor lifestyle more accessible if you want to travel frequently.

• Convenience: You can go camping whenever you want with a fully-stocked RV that has all of your favorite amenities.
• Customization: You can customize your RV however you want with your own touches of home.
• Simplicity: Aside from checking in at your destination, you won’t have to worry about rental contracts or vehicle reservations when you own an RV.

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Disadvantages

Owning an RV means you’re responsible for all the costs, maintenance and storage, which can add significant expense to your budget. Getting an RV loan also means dealing with an extra monthly payment for up to 15 years, depending on your RV loan term.

• Expensive: Even small RVs have a hefty price tag. Once you own it, you still have to pay for gear, maintenance and annual registration costs. If you qualify for a loan, you’ll need to manage your loan and stay on top of payments.
• Maintenance: If your RV breaks down or needs repairs, you must handle it. You may need to cancel trips if you can’t get unexpected repairs done in time.
• Storage: Your RV needs to be parked somewhere when you are not using it. This can mean an extra monthly cost if you don’t have room to store it where you live.

What to know about renting an RV

Renting an RV can be a great option if you aren’t committed to RV life and only plan to use it occasionally. However, renting makes spontaneous travel more difficult.

Advantages

Renting is a good idea if you don’t have much experience with RVs or don’t want to be stuck maintaining a large vehicle that will only be used once or twice a year.

• All-inclusive: When you rent from an RV company, they often include all the supplies you will need while camping, such as kitchen tools. They can also help you set up insurance for your rental.
• Flexibility: If you own an RV, you always have to return it home. But when you rent, you may be able to drop it off at your road trip destination and take another mode of transportation (like a flight) home.
• Affordability: The initial cost of buying an RV is quite high. If you just want to use an RV a few times a year or just try it out once or twice, renting is much cheaper.

Disadvantages

For frequent travelers, renting an RV will mean sacrificing the ability to customize your ride and ultimately cost more.

• Long-term costs: If you plan to go RV camping often, the rental costs can quickly add up.
• Lack of spontaneity: You may have to reserve your rental well in advance, especially if you hope to travel during a popular holiday — but if you own an RV, you can hit the road whenever you want.
• More rules: You have to follow the rules of the rental company when renting an RV. You may not be able to take the vehicle on certain roads, and the company may only allow you to go a certain number of miles per day.

Is it better to buy or rent an RV?

It costs a lot of money to buy, maintain and store an RV, but it may be worth it in the long run if you plan to use it often. To simplify your RV experience and avoid paying for maintenance and upkeep, renting is the better option. Renting means you can’t customize your RV and will have to follow someone else’s rules, but you’ll save money on storage and upkeep.

Of course, the amount you spend depends on factors like the model you choose, its features and the manufacturer. Be sure to factor in other expenses like travel costs (gas, park fees, RV site fees) when budgeting for an RV.

Bottom line

Whether you decide to rent or buy an RV boils down to your budget, how frequently you want to use it and how much you want to customize your experience. You’ll also need to assess your finances. Ask yourself whether you can comfortably purchase or finance the RV itself, and whether you can afford the upkeep and additional costs down the line.