Are you considering buying a recreational vehicle (RV) to hit the open road? Having the freedom to pack up at any time and explore places on your bucket list is certainly appealing. Before you step on the gas, be sure to consider all of the costs of owning an RV. Here are five questions to ask yourself before making a decision to get hitched.
What size RV do I need?
RVs are available in different sizes and configurations to appeal to travelers’ needs. Think about the number of travelers, type of camping you’ll be doing and where you’ll be staying. The RV you select will impact the price, which leads to the next question.
How much will it cost?
RV prices can range from between $10,000 to $300,000, depending on the age and size of the rig and the features you choose. A newer, modestly appointed camper hitched to a truck can cost about $20,000; a fifth-wheel may be $40,000; motor homes typically start at $100,000.
How much does it cost to maintain?
Costs of running your rig can include gasoline, campsite hookups and park fees. Include the cost of storage if you’re not using the RV as a primary residence.
What about taxes?
If buying the rig, you might have to pay sales tax, which could add several thousand dollars to the purchase price. It’s also important to find out if your state and county levy an annual tax on RVs, which are considered to be personal property.
Do I need insurance?
Most insurance experts recommend getting a separate policy for your rig, as well as a liability policy to protect against injury. Several factors determine how much RV insurance will cost, including your driving record, your credit score, model, make and age of your RV, how often you plan to use it, and if you’ll be using it as a primary residence or for vacations.