Buying an RV for Retirement
3/5/2021
No matter your travel plans, it’s essential to keep in mind that purchasing an RV is a sizable investment. Even though pop-up campers only cost a few thousand dollars, a loaded motorhome can easily cost a half-million or more.
Should I Buy an RV?
First, you need to decide if you are looking to own a motorhome or a trailer home to tow behind a truck. Individuals who already own a truck may determine the towable option is best since they've already sunk money into their investment. Both the truck and the RV are investments that together could cost upwards of $70,000 or more. So, you may want to ask yourself if you wish to have both or if you would be better off with just a motorhome.
You also need to consider how big of an RV you really want. For instance, if you think you will move into an RV when you retire, you might be tempted to purchase a sizeable 40-foot version because you want more space. However, you will also want to consider that it could be a little more difficult for you to get into some campsites.
Depending on your destinations, you’ll need to research the best RV for all four seasons and all types of weather.
Pros of Buying an RV for Retirement
Embrace the RV lifestyle.
The number of campgrounds all over the country is growing as they respond to the increase in RVers. The RV industry is pushing to improve, expand, and upgrade campgrounds on federal lands and national parks. You can still enjoy many comforts even though your home is on wheels.
Travel where you want.
For many people, the best part of owning an RV is the ability to travel when you want and where you want. Most individuals dream about traveling around the country to see different places they didn’t have time to when they were busy with work. After retiring and buying an RV, you can explore the entire country, from historic sites to natural wonders.
Mobility and flexibility.
Owning an RV makes nomadic living simpler since all your personal belongings are already with you, maybe even your pets. RVs create mobility, and, if you wish to venture somewhere, you have everything you need right there with you in your vehicle. You just need to fill up the gas tank.
Before Making a Purchase
- Remember that RVs can be expensive. Before setting your budget, research the various options on the market.
- When budgeting for your RV lifestyle, account for costs such as insurance, gas, food and maintenance. You may find that traditional vacationing is a better value for your money.
- If you’re set on buying an RV in the future, a stable retirement plan is crucial to enjoying your time on the road. An experienced financial planner can help you get started.
- Whether you have been dreaming about a getaway for a few weeks or retirement on the road, RVs seem like a more viable choice these days. Just be sure you weigh out the pros and cons before making your buying decision.
