Buying an RV: New vs. Used￼
RV living is growing in popularity. As people move from the city and attempt to downsize, RVs offer a great option that lets people live minimally and travel to wherever they want to live.
The number of RV sales is growing rapidly too. Reports show that there were more than 600,000 new RV shipments in 2021.
If you’re buying an RV and aren’t sure if you should purchase a used RV or a new one, this post will help. Below are some things to think about when buying a recreational vehicle.
One of the best parts of buying a new RV is the warranty. Since the seller knows exactly what the condition of an RV is, they know it will work when the buyer takes ownership of it.
The same isn’t true with a used RV. There may be some guarantee of a vehicle’s quality. However, there’s no guarantee that there isn’t a hidden issue that’s hard to find.
That’s why new RVs typically have better warranties. You may be able to find a warranty for a used RV, but the chances are good that they’re more limited compared to a new RV warranty.
Another thing to consider when you purchase an RV is financing. You may not need financing if you buy a cheap camper. However, you may want to get a loan if you purchase a more expensive RV.
Since you’re taking less risk when buying a new RV, your interest rates are generally lower. Banks are taking less risk, so they’re willing to be less restrictive with their terms.
You can still get a loan for a used RV, but your terms may not be as good. You must factor this into your pricing equation to see if your interest rates will make the lower cost of a used RV not as appealing.
Another thing you should consider when buying an RV is the repair costs. You won’t have much to worry about if you buy a new RV. You’ll have regular maintenance, but you won’t need to handle repairs until the future.
The same may not be accurate if you buy a used RV. With a lower price, you also get the chance of problems occurring sooner.
This can drive up your costs and result in you paying more than you expected. However, you can get around this initially by getting a vehicle inspection to learn about all an RV’s issues before buying.
You have an expensive machine when you buy a new RV. Although this can be a benefit if you decide to get financing, you may face more costs when it comes to insurance.
There is more risk to insurance companies for new vehicles. This means you’ll pay a higher cost for insurance.
The same isn’t true with used RVs. Since there is less risk and you have a vehicle not worth as much, insurance companies will work with you to give you lower rates.
One of the great things about a new RV is the customization based on your needs. You aren’t limited by what’s on the used market. You have your pick of models and different trim levels — which means you can get an RV with every feature you want.
In some cases, you can request extra customizations from an RV dealer to get features not included in the base model.
However, you won’t always be able to get precisely what you want with a used RV. You’re stuck with what the sellers have, so you may miss a few features you want. But you can add those features later if you want to spend extra money.
If you want to learn exactly what features used RVs have, check out listing websites for more info.
New RVs work like new cars do. Once you drive them off the lot, they lose a lot of their value. This means you’re buying a big depreciating asset when purchasing a new RV.
This is a problem if you want to get your money’s worth. Going with a used recreational vehicle is a better choice to avoid that type of depreciation.
Yes, you’ll still see some depreciation when you purchase a used RV. However, it won’t be nearly as bad as a new one. This means you’ll lose less money because of depreciation over time.
Unfortunately, some RV parks are picky about the RVs they allow in their parks. They have something called the 10-year rule they follow. They want to maintain a more upscale appearance, so they deny RVs older than 10 years old.
This is a problem if you buy a used RV. Some of your options will be up there in age, so your RV may be denied at some parks.
Determine where you plan to take your RV and look at the parks in that location. You want to ensure you have a place to park if you purchase an RV older than 10 years old.
Taking Buying an RV Seriously
Depending on the type of RV you buy, you’ll spend a lot of money. Sure, you can spend a few thousand dollars and get a small camper. But if you want something bigger, prices can get very high when buying an RV.
That’s why it’s essential to consider carefully whether or not you should buy a new RV or a used RV. When you do, you’ll make a more informed choice and get the best RV for your needs.
Are you interested in learning more lifestyle tips that will help you live a more fulfilling life? Check out more guides on the blog to get more great advice.
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