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By Lois Sullivan
RV, or recreational vehicle, is a broad term that covers a variety of vehicle types. Before you rent or buy one, it's important to understand the differences between these many options. Consider whether you want something you can tow or drive, as well as the length of the vehicle you're comfortable towing or driving. Read on to learn about the types of RVs and some factors to think about before buying or renting one.
Deciding whether to rent or buy an RV and which type might suit your needs takes research. Let's explore the answers to some questions you might have about your options.
Renting an RV has expenses and fees that go beyond the nightly rate. It's important to consider each of these costs when determining whether renting an RV makes sense for you financially. While the nightly rental fee for a small RV may be less than a night in a hotel room, the rates for RVs do go up based on size, age, and amenities. Prices also vary depending on your location and the company you choose to rent from. A 2022 survey of thousands of RV rentals on two popular booking platforms found a wide range of average RV rental costs, including:
These nightly rates aren't the only part of RV rental that will cost you, though. Keep in mind that an RV is a vehicle, regardless of whether you're driving it or towing it, and it needs regular maintenance. Other costs to consider when budgeting for an RV rental include:
Prices for buying an RV can vary greatly depending on whether you buy a brand-new or used one and the type and length of the vehicle you want. The average price for purchasing a new RV is between $20,000 and $300,000. RVs are great for long road trips, working away from home for extended periods, and seeing the country at a slower pace. But if you really want to enjoy your RV, it's important to get one that works for you, with payments that fit your budget.
Like renting an RV, there are other costs to consider when you're the proud owner of a recreational vehicle. These are some that differ from the rental considerations mentioned above:
If you're unsure whether you're comfortable driving or staying in an RV, renting one first might be a good option. After you've experienced RV travel, you can decide if you'd like to pursue an RV loan to purchase one in the future. Another benefit of renting an RV is for those who only plan to use an RV once or twice a year, as it means you don't have to make repairs to something you rarely use.
Buying an RV has its own benefits. If you've tried RVing and know you want to do it frequently, then owning your own RV is a great idea. If your work requires you to travel often and stay on location for a month or longer, an RV could be the perfect solution to your housing needs. Owning an RV gives you the freedom to use it whenever you get the urge to travel, and if you use it a lot, it can be the more affordable option.
A great rate on an RV loan from Alliant will ensure you can spend more of your money on memorable weekend adventures.
Want to learn more about RVing? Take a look at these articles:
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