How much does an RV cost? The question goes deeper than the manufacturer’s suggested retail price. RV owners must factor in insurance, extended warranty coverage, gas, repairs, and other travel and storage expenses year after year. By knowing every potential cost involved, you can budget and avoid unnecessary expenses. Let’s dive into this all-important question to give you a better sense of the true costs of RV ownership.
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How Much Does an RV Cost to Buy?
There are two primary ways to buy an RV: buying outright or financing. When buying an RV outright, the cost of becoming an owner is simpler: You’ll pay the listed retail price, dealership taxes and fees, and the costs to insure and register the RV with your state’s Department of Motor Vehicles (DMV).
When financing an RV, the upfront cost of the RV cost of ownership is spread over time. Your monthly payment depends on the RV you purchase and your financing terms. For all practical purposes, you “own” the RV for that monthly price, although the lienholder retains the RV’s title and rights until the loan is paid off.
So, do you pay more to own an RV when financing? The short answer is yes, but you benefit from the ability to pay over time instead of requiring a lump sum payment upfront. Without financing terms, the barrier to entry for new RV owners would be much higher.
How much more you pay over the duration of your RV loan will depend on the amount financed, loan length, down payment, interest rates, and repayment plan. RV loans frequently have 15 to 20-year lengths, but interest rates fluctuate with the market. When financing an RV, the best ways to reduce how much you pay over time are to increase your down payment, refinance at a lower interest rate, or have a more aggressive repayment plan (i.e., make a higher monthly payment).
How Much Does It Cost to Live in an RV?
Full-time RVers must account for many costs beyond insurance and a monthly payment. Consider site rentals, utilities, food, maintenance, and supplies.
Your monthly RV payment and insurance payments form your baseline. You have your RV, and it’s insured (it must also be registered with the DMV, which comes with an added cost, but we’re not factoring that into monthly living expenses).
Your next challenge is finding places to park. Some live full-time in a single RV park, electing for a monthly site rental. Others prefer to move about, sometimes boondocking and sometimes paying for sites with utilities. With either method, you must calculate your monthly site rental cost and add that to your baseline.
Then, you must calculate utilities like gas and electricity and add them to your running total. For gas, we’re referring to gas purchased for transport (filling the tank of your motorhome or tow vehicle) and for RV appliances (propane for a furnace, water heater, etc.). Many short-term RV parks roll electricity costs into their site rental fees, but long-term renters often rely on metered electrical service, meaning you’ll need to add that cost to your monthly expenses.
Beyond utilities, you must factor in food costs, RV maintenance, and supplies like RV toilet paper. These costs are all highly variable, depending on your RV lifestyle, family size, and other factors, but they are important inclusions in any full-time RV budget.
How Much Does It Cost to Insure an RV?
Most states require some form of insurance to drive or tow a recreational vehicle. Plus, you want to protect your investment. The cost of your RV insurance plan will somewhat depend on the minimum requirements in your state. Beyond that, RV insurance provides personal protection against injuries, fatalities, or damage to your RV and property stored inside.
RV insurance can cost anywhere from $600 to more than $3,000 annually. For some, a liability-only RV insurance payment can be less than $125 monthly. Ultimately, your monthly RV insurance payment depends on factors such as your driving record, claims history, location, desired level of coverage, and the condition and type of RV you wish to insure.
How Much Does It Cost to Fill Up an RV?
RV fuel costs will always fluctuate based on gas prices and the size of your motorhome or tow vehicle’s fuel tank. Other factors that might impact how much you spend on gas on an RV trip include:
- Rated fuel economy
- Gross vehicle weight
- Driving speed
- Wind
- Highway conditions
Here’s a quick way to estimate how much you might spend on gas on an RV road trip:
Estimated Fuel Cost = (Mileage/MPG) x Fuel Price
Estimated Mileage: 2,500
Estimated Fuel Economy: 12 miles per gallon (MPG)
Estimated Fuel Price: $3.59 (averaged across the region you’re traveling)
Estimated Fuel Cost = (2500/12) x 3.59 = ~$747.92
For those curious about how much a tank of gas costs in an RV, the formula is even simpler. Multiply gas price by fuel tank size to estimate how much it costs to fill up your RV.
How Much Does It Cost to Maintain an RV?
There are important seasonal, annual, and trip-specific tasks on a camper maintenance checklist that help RV owners keep their campers in peak condition. The better an RV is maintained, the longer it will last, and the more an owner can reduce RV depreciation.
On average, RV owners report spending $300 to $1,000 yearly on scheduled maintenance. However, many experienced RVers recommend setting aside another $1,000 to $2,000 annually for unforeseen RV maintenance and repair costs. This extra budget covers expenses related to issues like tire blowouts, battery replacements, exterior damage, and more.
How Much Does Renting an RV Cost?
You might consider renting RVs to avoid the overall cost of buying an RV.. Renting an RV is a great way to see if you like it, and it can also help keep the costs down. While you’ll pay more to rent an RV for a week than an owner might pay in several months, depending on their financing terms, you only pay for the time you’re actually spending in the RV. Rates also depend on the type of RV, trip duration, location, delivery options, and the RV’s amenities.
RV owners looking to offset some of the costs are increasingly offering their campers for rent. You’ll find motorhomes (all classes) and towable RVs to take on your dream road trip or set up a basecamp for a full week of adventures.
Check out Good Sam RV Rentals and search through RVs near you for examples of types, costs, and availability.
If you’re crunching the numbers and thinking more about how much does an RV cost, consider the following resources:
- How to Offset RV Depreciation
- 5 Ways to Save Money On Your Next RV Trip
- Jobs You Can Do While Traveling In An RV
What questions do you have about the costs of RV ownership or renting? Let us know in the comments below.
