Our life choices are not only a reflection of our general personal preferences. They also change based on circumstances and experiences. Take the most current example of the Covid-19 pandemics. During these past months, our lifestyle has gradually been transforming, including the way we travel, take vacations, or even socialize.
People may be tired of the quarantine. Yet, they are afraid to fly, hesitate to travel long distances, or book hotel and Airbnb stays. Enter Recreational Vehicles! The need for guaranteed safety has boosted the demand for RVs this season.
According to the Global Market Insights Report, “The Recreational Vehicles Generators market in the U.S. is estimated at US$175.6 Million in the year 2020”. RVs are viewed not only as a means to travel safely but also to avoid social gatherings or space sharing with others. Hitting the road in your mobile living quarters seems like the perfect solution to getting away in search of new sites and experiences this year and beyond.
However, you may naturally wonder: is it better to buy an RV, or simply rent it? The simple answer: It depends! In this post, I will share the different factors you should consider before you make your decision.
What to consider before buying an RV?
Buying an RV is not an easy choice to make. It requires careful consideration, especially if you haven’t been around Recreational Vehicles that much. Contrary to renting, it does not limit you in terms of mileage, time, or insurance costs. Thus, if you are frequently on the move, then your return on investment will be quite high.
Yet, keep in mind that buying an RV is a long term investment which may not always be easy to sell. It is true that now in the pandemics situation, there is a high demand for RVs. However, if this behavior turns out to be a fad, then, the RV prices will drop, making it more convenient to keep, rather than sell. You do not want to be stuck with it if you later find out RVs are not really your thing or you like some other model better.
Living the #vanlife is not for everybody. Before you go all in and spend all your savings on a mobile home, you need to be sure you like it. Therefore, before buying an RV, I would recommend getting a taste of this lifestyle by renting one for a couple of weekends. Check if you feel comfortable living in a limited space, without the normal kitchen and bathroom facilities.
Allow yourself a lot of time to research RVs. After all, you are buying a house and a vehicle simultaneously – quite a decision to make. You should also get a mechanic inspection before signing the purchase papers. Buying an RV that may leave you stranded in the middle of nowhere is the last thing you want.
When is it better to rent an RV?
Renting an RV is the best option if you simply want to spend a weekend away, or try different RV types. This way, you would not have to invest a lot in something you won’t be using frequently and also you won’t need to worry about maintenance costs.
Usually, the rental companies make sure to periodically check their RVs, so you will get the maintenance part out of the way. The rental costs vary from $50 for a simple trailer up to $200 per night for a Class B. Compare this to the range of the RV purchase prices from $40,000 to $300,000. Steep for something you are not planning on using much.
If you are renting an RV to test the #vanlife, before committing to it long-term, use this opportunity to check which RV features you like and what you can live without. How would your perfect RV look like? Sometimes, you may be tempted to invest more in some luxury additions that you won’t use, such as a TV, for example. Renting an RV is a perfect opportunity for that. A simple test drive won’t do in this case.
How to ultimately decide between buying and renting an RV?
RVs are definitely a booming trend right now. Yet, this doesn’t mean that we should be carried away since buying an RV is an important decision.
Keep your feet on the ground and be honest with yourself. How often do you plan to be on the road? How far do you plan to travel? Will you be bringing pets along? And finally, romance apart, is #vanlife really your thing?
Hence, if you plan to use an RV for most of your weekends or long vacations, driving long distances and enjoying this lifestyle, then from a cost and psychological satisfaction perspective, buying an RV is a better option than renting it.
Do you own an RV? Are you on a hunt for your dream model? Share with us in the comments below.
