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Q:We’d like to get an RV instead of going on vacation this summer. It’s always been a dream of ours. In addition to the cost of purchasing the RV, what hidden expenses should I expect once we own it?

A: Buying or renting an RV can be an enjoyable way to travel and see the country from sea to shining sea without checking into a motel room even once. But before you make that decision, take into account these hidden and additional costs:

Fuel. Plan on about 8 to 15 miles per gallon. If your water and sewage tanks are fully loaded, you’ll spend more on fuel. If you travel light, you can get better mileage. But in the middle of that range, it’s still going to cost about 38 to 40 cents per mile in fuel costs alone, assuming diesel prices of $3.50 per gallon. Some areas have higher fuel costs than others.

Also know that that’s just for moving around. Your generator will also consume fuel if you aren’t plugged into the grid. If you’re using an electric heater or the air conditioning while you are stationary, or if you enjoy hot water, you will have to run your generator. The more you use it, the higher the costs will be. Some may use propane rather than electricity, but propane isn’t free either.

RV Park Fees. Lots of people use the free parking in Walmart parking lots, but if you want to stay at an RV park, plan on spending between $30 and $50 per night. This is usually a little less than you’d pay for a budget hotel, but be prepared to pay it pretty often. RV folks tend to be out on longer trips than non-RV people, who may only pay for a hotel for a few days or a week. You can usually get a discount from RV parks if you pay by the month.

Insurance. Because there are a number of specialized underwriting factors, see if you can find an insurance carrier or agency that specializes in RVs. For example, a typical auto policy has very limited benefits for replacing lost, stolen or destroyed personal belongings in a car. You will need higher limits for an RV than for a standard truck or sedan. You will also need specialized ‘full-timer’ insurance for when your RV is stationary. This coverage provides similar protection to homeowners’ insurance. But if you still have an unwheeled residence, you’ll also need to maintain home coverage on it.

Note: In most cases, you need insurance even if your RV is a trailer. Ask your agent about “trailer insurance.”

Maintenance. Save early and save often for maintenance issues. Towing costs alone will be significant if you do have a breakdown. It takes a heavier duty tow truck to haul an RV – and it may have to be hauled a long way to find a mechanic capable of fixing it! Maintenance costs are all over the map, but can easily run thousands of dollars. New tires alone cost $300 each (roughly $1,200 to change them all).

Once you’re aware of these factors and feel, as many people do, that the benefits and savings far outweigh the costs,start shopping for your RV. 1st Ed Credit Union can help you purchase an RV with our RV loan program. Call the credit union for more information or apply online.

New or Used Recreational Vehicles/ATVs/Snowmobiles/Trailers

Your rate may vary from what is listed. Your interest rate will be based on your credit history and current credit report as well as age of the collateral.

Info and/or TermsAPR
Up to 36 mos.as low as4.24%
37 - 60 mos.as low as4.50%
61 - 72 mos.as low as5.00%

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