Category Archives: Auto & Motor

How Much Do You Have to Have Saved Up to Buy an RV?

If you’ve ever rented an RV before, you know it’s not cost-effective to keep renting one every time the urge to hit the road for a trip strikes you. However, if you’ve rented an RV, you know how amazing it is to go on a trip where you take luxury accommodations on wheels. You don’t have to spend money on hotels, you can make a lot of your own meals to save even more money and you can be comfortable even in the most remote areas. Buy an RV and your vacation possibilities are endless.

The Size

The size of the RV plays a role in the cost. A Specialty RV is likely to cost more because it’s spacious and offers amenities that don’t fit in a smaller model. However, it offers so much more than small campers. Head to an RV lot with a wish list in hand and let the salesperson see if there’s a model that can fit into your budget that meets those goals. Otherwise, you might consider buying a smaller model so you can pay it off quicker.

Last Season’s Units

Last season’s models are stunning and just as utilitarian as next year’s models, but they’re steeply discounted so the lot can make room for another wave of RVs. Focus on older models, and if you really want to save money, ask about used units. Your down payment could easily go from thousands to hundreds if you’re willing to pass on the latest models.

How Much You Can Afford Monthly

More important than how affordable you can make your down payment is how much you can afford to pay month to month. Talk to an RV salesperson about monthly payments. You’ll need information on your and your spouse’s monthly income, as well as your current payments, such as mortgage, car loans, student loans, credit card debt and average grocery spending. You can have a high down payment in exchange for a very low monthly payment or you can get your down payment a little lower in exchange for a higher portion of your monthly budget.

Talk to an RV specialist about financing and choosing the right model that’s both affordable and big enough for your family’s needs. The amount you’ll need as a down payment depends on a number of factors, but an RV specialist will help you find a payment plan and a down payment that won’t break your budget.