Recreational Vehicles are great! Whether you are using it for family trips, retirement shenanigans, or a Spaceballs motion picture type adventure, RVs make road trips more fun.
If you are contemplating buying an RV you are probably asking yourself, “Is it worth it?” It’s a valid question, and the answer largely depends on where you are at in your life. Can you comfortably afford to buy an RV outright? Are you able to finance it through your credit union without taking a hit to your quality of life?
One thing you need to understand about recreational vehicles – they are not a fiscal investment. They are a lifestyle investment.
Just like most new vehicles, the second you drive your RV off the lot it loses value. Unlike an asset like your house, which appreciates over time by building equity, your RV is a depreciating asset. When you invest in an RV, you are investing in future memories, time with people you care about, and lots of summer trips. You are not investing in something you can flip to make a quick buck or something you can leverage for retirement funds.
That being said, RVs have tons of benefits. Here are some reasons to make that lifestyle investment:
Save Money on Lodging
Obviously, the big draw for RVs is that it’s a home on wheels. When you go on road trips or to visit family, you will not have to dish out money for a hotel. An RV helps you save a considerable amount of money on vacation costs.
In fact, a study conducted by the CBRE Hotels Advisory Group found that RV vacations were anywhere from 27-61% less expensive than conventional getaways. You can find public, private, and government-owned campgrounds near major attractions all around the country. Fees can be as low as $30 a night, or as high as $150 for upscale resorts with amenities.
Privacy and Comfort
Two words everyone loves hearing when they go camping – private bathroom. Camping is a great time. The outdoors, the campfire, the smores. It’s all fantastic. But relieving yourself while camping is awkward. With an RV you won’t need to worry about that.
Then there is the bed and mattress. There comes a point in every outdoorsy person’s life where using a rock as a pillow is just too uncomfortable. A sleeping bag on the ground – while fun – can be a real pain (literally). RVs take comfort while camping to the next level.
Tax Benefits
There are only 2 guarantees in RV life - outdoor adventures and taxes. In many states, owning an RV can mean enjoying significant tax benefits. According to TurboTax, there could be some tax benefits.
While these may not apply to you, it certainly never hurts to understand them and see if you qualify. Check with a tax professional before purchasing an RV to fully understand recreational vehicle taxes.
Have your Furry Friends Co-pilot
Do you get puppy dog eyes every time you go on vacation and must leave your furry friends at a doggy daycare? Sure, they are happy when you come back and pick them up, but the canine judgement can be a little much. An RV changes that because there’s plenty of room for pets. This can also save on vacation costs because you won’t need to pay $75+ a day to board your animal.
If you are ready to become an RV owner, Rio Grande Credit Union offers RV financing, as well as financing for trailers, motorhomes, and campers. We offer fixed low rates, fixed terms up to 15 years, and no application fee. If you’ve always dreamed of hitting the road in style in a new RV, Rio Grande Credit Union can help make that dream a reality.