Is buying an RV worth it, or should you just rent one?
Key takeaways
- RVs offer a large amount of flexibility when it comes to vacationing and travel.
- Rentals for small RVs or trailers can start at $100 to $200 per night.
- While purchase prices on the most expensive luxury RVs can run into the hundreds of thousands, many are available for cheaper.
- If you decide to buy, consider buying used to reduce the purchase price.
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 will also have to factor in maintenance, storage and other costs — something you do not 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 is important to consider all the ins and outs of both options when making a choice. If you have been wondering how much an RV costs, this is what you need to know before making the big purchase.
How much do RVs cost?
The cost of an RV all depends. There are many RV varieties, and price can vary greatly within the same type of RV, depending on factors like features and age. These are the costs to rent versus the cost to buy some of the most popular RV models in the industry.
| Type of RV | Cost to rent | Cost to buy (new) |
|---|---|---|
| Class A RV | $255-$300 per night | $110,000-$500,000+ |
| Class B RV | $190-$240 per night | $70,000-$140,000 |
| Class C RV | $210$-$230 per night | $80,000-$200,000 |
| Fifth wheel | $135-$170 per night | $35,000-$120,000 |
| Travel trailer | $130-$135 per night | $18,000-$70,000 |
| Pop-up camper | $105-$115 per night | $14,000-$22,000 |
Be sure to consider the additional vacation costs associated with any of these options. Gas, kitchen supplies, rental fees and insurance should all factor into your decision. The additional costs can quickly add up whether you rent or buy. If you only want to try an RV one time, look for rental companies that include everything in one price so you do not have to buy additional equipment.
If you plan to buy, you may want to consider a used RV. This can help cut costs if you cannot afford a new model. You can also apply for an RV loan, but you may need a down payment.
Advantages and disadvantages of buying an RV
Owning an RV allows you to spontaneously go on a camping trip or make a long haul across the country. However, it also requires regular care and maintenance, and that part is not always glamorous. These are some pros and cons of buying an RV.
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 will not have to worry about rental contracts when you own your RV.
Disadvantages
Owning an RV means you are 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: When you own an RV that breaks down or needs repairs, you must handle it. You may need to cancel trips if you cannot 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 do not have room to store it where you live.
Advantages and disadvantages of renting an RV
Renting an RV can be a great option if you do not want the hassle of purchasing one. However, it makes spontaneous travel more difficult. These are some advantages and disadvantages of renting an RV.
Advantages
Renting is a good idea if you do not have much experience with RVs or you do not 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 your 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 even try it out just one time, 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 holiday, but if you buy your own 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 it 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 multiple times a year. If you want a simpler way to use an RV that does not require you to be responsible for maintenance and upkeep, renting is the better option. You will not be able to customize your RV and will have to follow someone else’s rules, but you will save money on storage and up-keep.
Of course, the amount you spend depends on factors like the model you choose, its features and the manufacturer. There are also expenses, such as travel and vacation costs that should be included when budgeting for an RV. Consider what matters most to you to determine whether you want to buy or rent an RV.
Bottom line
The decision of whether to rent or buy an RV boils down to how frequently you want to use it and how much of a custom experience you want. You will also need to assess your finances. Ask yourself if you can comfortably purchase or finance the RV itself and if you will be able to afford the upkeep and additional costs down the line. If you do decide to finance, make sure to choose the right RV lender.
