The real cost of owning an RV varies by class driveable vs. towable. However, there are some costs you will need to budget for either annually or over time regardless of the type of RV owned. The initial investment to purchase an RV is only part of the total cost of ownership. Following is a list of things that should be included in your budget either annually or over time.
Maintenance Costs
The annual maintenance costs will vary depending on the type of RV. Be sure to ask your dealership at the time of purchase for the price list or expected costs for your unit. Also, call several service centers near you or along a route you will be traveling and find out their cost for the routine maintenance.
Driveable RVs will have higher costs associated with annual services due to the engines. Be sure to check for local independent service centers as they will likely be less expensive than larger dealership service departments.
Tires
For drivable RVs, the rule of thumb is that tires will last for about 6 years. However, experienced RV owners can attest, tires will run out of time before being worn out. Be sure to invest in tire pressure and temperature monitoring system to prevent blowouts. Don’t risk driving on tires for too long as the rubber breaks down, and having a blowout on the road is dangerous and will add hours of aggravation to your day.
Towable units should have the tires replaced every three to five years. This window will depend on use and wear. At five years, change the tires regardless of remaining tread as the tires can develop dry rot and be vulnerable to blow out.
Insurance
Insurance is an additional cost that will vary based on the size and type of RV being insured. Many towables are covered under the tow car policy when on the road. Call your insurance company and ask them to check your policy. Additionally, check if any changes need to be made to the policy to cover the towable unit.
Driveable RV coverage will vary based on if the purchase is financed or not. Financed units will require more coverage than if you pay cash. All states will require a minimum amount of coverage. Check with your state as to the minimum requirements.
No matter what type of RV you have, shop around to various companies for the cost of insurance as the premiums can vary widely from company to company.
Customization Work
Inevitably there will be things to customize post-purchase. These costs can add up quickly and most commonly involve a towing system. Other frequent items changed out include the mattress and bedding on used RVs. In some cases, add a washer or dryer if not included or swap out older appliances in used units.
Wearable Items
Every unit has things that will wear out over time and need to be replaced. To avoid having a large outlay of cash at one time, make sure you budget for these things by putting a little bit away over time. Items that need to be replaced over time include
- Awning
- Washer and Dryer
- Refrigerator
- Other appliances
- Mattress/Bedding
- Furniture
- Roof and window seals (resealing every year will prevent leaks)
- Wiper blades
- Covers (wheel, wipers, mirror, whole RV, etc)
- Batteries
Storage
Where are you planning to store the RV? If you are not able to keep the unit at home, storage will be an added expense. Always compare the pricing from several locations in your area. Check with local RV owners on storage recommendations. If there is an industrial park nearby, drive through to see if any companies are offering storage on their property.
Be sure to review the City Codes and any Homeowners Association for your City and neighborhood before purchasing an RV. If you cannot store the unit at home, check local storage places as to monthly costs to include this in your budget.
Final Thoughts
Following the manufacturer’s scheduled service plan will extend the life of your RV. Ensure your budget includes these costs as well as the other items outlined above.
If you have an extended warranty or are considering one, be sure to check for exclusions on wearable items as well as tires. Additionally, check on the deductible for wearable items or a diminished value on replacement based on age and life expectancy. For example, a policy may only allow 50% reimbursement of the replacement cost on a washer should it fail at 5 years if the life expectancy is calculated at 10 years.
Planning and being realistic about the costs of owning an RV will help you avoid the stress and financial burden in the future.
