You’ve dreamt of hitting the open road in a new RV. Thoughts of visiting national parks and meeting fellow RVers, as you move from one campground to the next, replay in your mind.
You’re ready to embrace the freedom of an RV lifestyle.
But…there’s a voice in the back of your head that warns you it’s not all picture-perfect Instagram posts.
That pessimistic voice might whisper, “You can’t afford to own an RV.”
“Imagine how much it costs to fix a specialized vehicle like that. Just think about how much it must cost to park your RV or store your RV when you’re not using it!”
“Go ahead, imagine all the money you’re going to spend on this ‘home away from home.’”
True, it’s not all butterflies and roses. But it’s not all thorns, either.
If you prepare yourself ahead of time for the costs of RV ownership, you’ll be able to budget your way to the freedom that RVing brings.
What exactly is the cost of owning an RV in 2023? That’s the question!
This comprehensive guide to the cost of owning an RV walks you through purchasing, insuring, maintaining, and storing your RV. Knowing these upfront costs will help you make an informed decision about buying and storing your RV.
How Much Do RVs Cost?
The first step of RV ownership is buying an RV. The cost of buying an RV depends on the type of motorhome you choose: Class A, Class B, and Class C.
Each class offers unique features and benefits for different types of users.
So before you go looking, think about what you need in an RV.
- Is it a “home away from home” or a base camp?
- Is it for your family or just you and your partner?
- Do you cook when you go camping?
- Do you need storage for mountain bikes or ATVs?
- What kind of budget do you have?
Motorhomes range from $30K to 1.5M. While the least expensive RVs tend to be Class B, there’s a lot of overlap when it comes to pricing.
Class A motorhomes are those fancy-looking bus-shaped RVs that you see parked at the campgrounds. They cost from $50K to $1.5M, depending on the model and features.
Class B motorhomes are more compact and affordable. You’ve seen them on those trendy #vanlife posts. Only they’re usually called “camper vans” instead of a class B motorhome.
A new Class B motorhome can cost anywhere from approximately $60K to over $300K.
Class C motorhomes provide a middle ground with a cab like a traditional van and the wider interior of a class A RV.
The cost of a Class C motorhome can range from $30,000 for a used model to over $400,000 for a new luxury model.
How much is RV Insurance?
Now that you’ve bought the right RV for you, it’s time to protect it.
Just like any other vehicle, you need RV insurance for financial protection. The cost of RV insurance depends on the value of the RV, your driving record, and any additional coverage you choose to acquire from an insurance company — like roadside assistance.
What Influences Insurance Companies’ RV Rates?
The class of RV, how often you use it, how much it costs, and where you store the RV all influence your RV insurance rates.
RVs that are used more frequently have higher insurance rates because you’re more likely to have an accident. Also, where you store your RV affects insurance based on crime rates and weather.
What’s the Average Annual Premium?
The average annual insurance premium for an RV varies by class.
- Class A: $1,000-$1,300
- Class B: Requires a custom quote since they vary widely in make and model.
- Class C: $800-$1,000
The national average range is between $502 to $848, depending on usage and coverage.
Understand these average premiums so you can properly budget for your RV insurance cost.
In the honeymoon phase of RV ownership, it’s easy to overlook hidden costs. Rest assured, the operating costs of an RV, however, aren’t that different from any other motor vehicle.
Your RV needs gas to run and regular auto maintenance.
Fuel costs for an RV depend on the vehicle’s mileage, the type of fuel, and the ever-changing price of fuel.
Gas mileage varies by RV class and can significantly impact your fuel expenses. Here are some quick averages for you:
- Class A motorhome: 8 to 14 mpg
- Class B motorhome: 10 to 24 mpg
- Class C motorhome: 15 to 20 mpg.
Knowing your fuel tank’s size helps you budget out how much gas you need for an upcoming trip. Here are the typical gas tank sizes by class.
- Class A motorhome: 100-gallon tank
- Class B motorhome: 25-gallon tank
- Class C motorhome: 50-gallon tank.
The only additional cost that you might consider “hidden” is that tires may need replacing more often than your typical vehicle.
What’s the cost of RV Maintenance and Repair?
And now we’ve come to the point that your pessimistic brain brought up: Is an RV just another money pit?
That’s up to you.
Yes, you will have to deal with repairs. But if stay up to date on routine maintenance, those repairs will be small. Regular RV maintenance includes…
- Regular oil changes to keep the engine running smoothly.
- Administering a new pest control treatment when you move
- Properly inspecting all the seals
- Setting your AC at a reasonable temperature
- Buying the expensive RV toilet paper to avoid unpleasant sewage problems
- Storing it in a covered area
- And properly weatherizing your RV when you’re not using it.
Simple RV maintenance will cost you about $1000/year. Luckily, those maintenance costs are an investment toward your RV’s overall well-being, not to mention, a defense against bigger – more costly – problems like mold, grubs, and leaks.
But even with prevention, things break.
The good news is that common RV repairs (sealant leaks, brake and bearing repairs, tire replacement, and addressing plumbing and electrical issues) tend to be less than $1000/repair.
How Much Does It Cost to Store My RV?
Some people have enough space to store their RV in their yard. But there are a lot of reasons why that may not be possible for you.
HOAs tend to have restrictions on parking an RV on your property. County zoning laws can also affect it.
So you need to find a place to store it, and that cost depends on the local storage facilities near you and what kind of amenities they offer.
Here’s what to consider when you’re looking for a place to store your RV:
- Is the facility an open field lot with easy accessibility? It’s just a place to park it, and that’s all you need.
Rent: $50/month.
- Is it covered storage with security? This is a good middle-of-the-road option that keeps the weather from roughing up your RV.
Rent: $50-$300/month (depending on security and area)
- Is it a fully enclosed, climate-controlled facility with restricted access? This is the best option to protect your investment from detrimental weather conditions. They also have excellent security and personalized accessibility.
Rent: $500+/month
Peer-to-peer marketplaces like Neighbor.com help RV owners save on RV storage costs. By renting indoor RV storage units or covered/uncovered RV storage spaces through private, you can successfully curb costs.
Wherever you decide to store your RV, make sure that it’s covered. Covering your RV protects it from the sun. Parking it under a shelter is best.
How Much Are Campground Fees and Amenities?
You’re finally hitting the road for your first road trip in the RV. So now you get to discover travel expenses.
And does living in an RV on the road actually save you money?
The main travel expense you’ll have is campground fees. Depending on the campground, certain spots may have different amenities that affect your fees.
How Much Are Campground Fees?
Campgrounds determine their fees based on season, location, and the type and size of space you need.
Larger Class A RVs require long, paved spaces to park, while the more rugged Class B RVs can be parked just about anywhere.
You’ll find that most locations have a busy season and an off-season. The off-season in Washington is winter, while the off-season in Florida is summer.
Becoming familiar with the off-seasons can save you some money.
Does RVing Save You Money on Travel Expenses?
It absolutely can. For one thing, if you’re staying at a hotel, cabin rental, or Airbnb, you’re probably spending more time and gas traveling to and from your activities.
But primarily, you spend more on your stay in a hotel, cabin, or Airbnb – which are usually more than $100/night.
Campground rates for RVs, however, are usually less than $100/night, and some are as low as $17/night.
Amenities included in the campground fee usually include electric hookups, dump sites, and potable water. Other amenities like ice and firewood may be available at an additional fee.
Taxes, Title, and Registration Fees
Yep, you’re not going to escape taxes. In addition to the purchase price, insurance, and operating costs, the cost of owning an RV involves taxes, title, and registration fees. These fees vary from state to state and county to county, so make sure you understand your state and county tax requirements.
The state requires title and lien fees as well. They range from $7 to $25, but again it depends on where you live. So make sure you understand your state’s requirements.
In Summary, How Do You Know if RV Ownership Is Right for You?
RV ownership isn’t for everyone. After examining the upfront costs, you’ll have to choose for yourself if it’s worth it to you.
Yes, there are some downsides to RVs, but here are some parting points to help you decide if living RV ownership is for you…
- You value simplicity.
- You crave flexibility.
- You long for the freedom to travel.
- You see the bumps in the road as a part of the journey.
If that sounds like you, then an RV is totally worth it.
Frequently Asked Questions
Is it cost-effective to own an RV?
RV ownership is a cost-effective option compared to traditional home ownership because you’ll have lower payments and fewer bills. And if living an uncluttered life is your thing, then you’ll enjoy the sheer lack of stuff that comes with RV living.
What is the yearly cost of owning an RV?
On average, including the storage costs, payments, insurance, and a couple of road trips a year, the yearly cost of owning an RV is between $16,000 and $42,000, depending on whether you are buying pre-owned or brand new, plus between $1,000 and $2,000 in annual maintenance.
Is it cheaper to live in an RV or a house?
Living in an RV is less expensive than living in a house. You don’t have a mortgage, utilities, or homeowner’s insurance to deal with. And your rent is less than an apartment in most cases.
Is it financially smart to live in an RV?
This completely depends on your situation. Living in an RV can help you save money to pay off debt or save money for a down payment or travel.
But there are risks involved. If you live on the East Coast, there’s always a threat of hurricanes and other bad weather that could damage your RV. So make sure you examine all your options and choose the best living situation for you and your family.
