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

More than 11 million U.S. households currently own an RV — the highest number ever recorded, according to the RV Industry Association. But buying an RV is a big expense. You’ll also have to factor in 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. Consider all the ins and outs of both options when making a choice.

How much do RVs cost?

There are many RV varieties, and price can vary greatly within the same type of RV, depending on features and age.

These are the costs to rent (based on data by an RV rental site) versus the cost to buy some of the most popular RV models in the industry.

Consider additional 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 don’t have to buy additional equipment.

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. It also means you are responsible for taking care of the RV, and that isn’t always glamorous.

Advantages

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

• Convenient: You can go camping whenever you want and keep it stocked with all of your favorite amenities.
• Customizable: You can customize your RV however you want and bring your own touches of home.
• Simplifies travel: Aside from checking in at your destination, you won’t 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.

• High cost: Even small RVs have a hefty price tag. Once you own it, you still have to pay to gear up, maintain it and cover registration costs yearly. 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 can’t get unexpected repairs done in time.
• Storage: Your RV needs to be parked somewhere when you aren’t using it. This can mean an extra monthly cost if you don’t 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 don’t want the hassle of purchasing one. However, it makes spontaneous travel more difficult.

Advantages

Renting is good 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 rate: 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 end up back at 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.
• Low cost: 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.

• Costs more over time: 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. With an RV you own, 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 an RV, maintain it and store it, 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 doesn’t require you to be responsible for maintenance and upkeep, renting is the better option.

Consider what matters most to you to determine whether you want to buy or rent an RV.

The 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’ll also need to assess your finances. Ask yourself if you can comfortably purchase or finance the RV itself and if you’ll 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.