*This is a collaborative post.
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Thinking of buying a motorhome, but not sure if it’s worth the cost? This post delves into the costs and financial perks of buying a motorhome, so that you can decide whether to purchase one.
The Costs of a Motorhome
Motorhomes typically cost between £5000 and £100000 to buy. It depends on just how fancy you want your motorhome to be – a huge luxury ‘tour bus’-style RV is going to cost a lot more than a converted VW camper. Many people buy motorhomes on finance, which typically means you won’t have to pay it all upfront, but you will end up paying interest on top.
There are other costs beyond the purchase price that are also worth budgeting for. These include:
- Fuel
- Insurance
- Road tax
- Repairs
- Servicing and MOT
- Campsite/parking fees
If you’re regularly using your motorhome, expect these running costs to be higher than a regular car. Repair costs can catch many motorhome owners out as it’s not just the vehicle you need to maintain, but also the various appliances in the interior such as the fridge and toilet, which like a home may encounter problems.
Can Motorhomes Save You Money?
You may not make a return on your motorhome, but you could find that you’re able to make back more money than you would for a car. It depends on your existing lifestyle and how you plan to use your motorhome as to whether you will save money in the long run. Below are some of the ways in which you could potentially make savings by investing in a motorhome.
You can save money on accommodation
If you’re planning a long road trip, owning a motorhome could save you from having to pay for hotels. You can park up pretty much anywhere for the night and not have to pay anything. Of course, many motorhome owners end up staying in campsites so that they have greater security and access to electricity and other amenities. Fortunately, campsite fees are a lot cheaper than hotel fees, so you can still save money.
Of course, if you’re using a motorhome as a home, you could save huge amounts of money. Living in a motorhome could work out a lot cheaper than owning a house or an apartment – and you can constantly travel around, waking up to new views. Life could be a little more rugged, but ultimately it could be much more affordable.
You can rent out your motorhome
If you own a motorhome, you have the option of renting it out when you’re not using it. This does require keeping it clean, maintaining it and depersonalising it. You also need to be prepared to trust it in someone else’s hands. Ultimately however, you could make back the money spent on it.
Motorhomes retain a lot of value
Of course, if you decide to sell your motorhome, there are also financial perks to consider. Motorhomes retain about 70% of their value after three years, which is a lot more than a car. During the lockdowns, some motorhome owners even found that their motorhomes appreciated in value due to the demand.
Should I Get a Motorhome?
For a motorhome to be a worthwhile purchase, you need to be getting good use out of it. Make sure that you plan to travel in it frequently or use it as regular bedroom space. If you’re planning to live in it or rent it out, you can be certain that it will be financially worthwhile. Otherwise, make sure that you’re spending enough time in it to justify owning it.