What's the Real Cost of Owning an RV?

What's the Real Cost of Owning an RV?

Posted on September 27, 2022

RV Ownership Costs You Should Know Before You Buy

Whether you're thinking about getting an RV or you already got one recently, you must be curious about the real cost of owning an RV. Yes, it's all fun and games until the first maintenance bills come in. This article is here to prepare you for all the costs out there connected to RV ownership. Just so we avoid the surprises - sometimes they're not as fun.

Initial Purchase Price

Well sure, this one is the biggest cost out there, especially if you opt for a motorhome.  When buying an RV, you can expect to spend roughly between $15 000 and $200 000 or more. Most buyers have to finance their vehicle and if it comes to that you should carefully consider your terms. As it is with mortgages and car financing, interest rates and the amount you put as a down payment play a significant role in the amount of the monthly payment.

If you opt for a travel trailer, you have to consider your tow vehicle as well. It has to be good enough for towing the trailer and everything inside it. A regular sedan can't tow all travel trailers, so if you're thinking of a larger one - a truck is in order. There's an extra cost right there.

Read More: What to Consider Before Buying Your RV  

Insurance

Just like with any other vehicle, you need to ensure this one as well.  In Canada, the average cost of RV insurance is around $500 to $5000 annually for motorhomes, depending on their class. When it comes to trailers and towables, insurance is more affordable, but it mostly depends on the price of your vehicle and where you get the insurance, of course. Do your research and check out multiple insurance companies.

Maintenance  & Repairs

Then there is the regular maintenance and repairs. This is also one of the expected costs of owning an RV. Some repairs could be covered by your warranty, but always be prepared for those special cases when it's not. Maintenance costs vary and depend on whether you're doing it all on your own, or have a professional do the job.

With motorhomes, especially class A motorhomes, maintenance costs are much higher than for trailers, and even buying tires could leave you with a significant hole in your wallet. Obviously, with trailers, the price of maintenance and repairs drops. When it comes to tires, for example, they're not changed as often on trailers since you're not using the trailer all year round in most cases. Trailer tires average $250 per tire.

But, there will always be the replacement of worn parts, like brakes. You might even have some pests. Plus, the all-terrain road trips you're thinking of going on could also take a toll on your vehicle. A good idea would be to have an emergency fund and let things pay for themselves in a way.

Utilities

Just because you're not in your house, doesn't mean there aren't utility bills to pay. Just like with your home, the cost of utilities depends a lot on how you use your RV.

If you use a campground, you typically only pay for electricity - but you also have to pay rent. If you cook more, you'll have to fill up your propane tank more often.  Things can add up.

Hidden Expenses

You also have to think about storage, and in Canada - it can be tricky. In most places, you may not park your RV in the street outside your house for more than 72 hours or in your yard for more than 120 days at a time.

It would be a shame to leave such an investment to the elements' mercy. The cost between unheated and heated storage varies and also depends on the location of the storage. The price usually depends on the size of your vehicle and the type of storage - indoor storage is more expensive, of course.The average price is about $80 per month, more for indoors.

Also, just like with any other vehicle, there's something called depreciation that likes to ruin your moment. RVs also lose their value as soon as you drive them off the dealership's lot. A factory-fresh vehicle usually loses ten to twenty percent of its purchase price.

Read More: Pros and Cons of Owning an RV  

Conclusion

Owning an RV is fun. It gives you a sense of freedom and makes travelling way easier. With an RV, you have the freedom to explore our beautiful country without technically leaving your home. The comfiness an RV provides can't be measured in rented places and hotel rooms. But, as with everything in life - there is a cost. When it comes to RVs, the cost of owning one greatly depends on its size and class of it. Also, your lifestyle choices will play a massive role in the yearly cost.

So, before you go ahead and seal the deal, make sure you put everything you learned on a piece of paper. Do your research - how much will a specific model cost you per year or per month? When you decide on a class that's right for you - the math will be easier as well. Check out our pre-owned inventory here and read more about RV classes here.