You’ve decided the RV lifestyle is for you, and it’s time to make a purchase. Do you feel a bit nervous just thinking about that step, or are you chomping at the bit to get the best deal? No matter your comfort level, a few tips can help ensure everything from shopping to negotiating to signing the final papers goes as smoothly as possible.
Buying an RV is a major purchase, but along with the RV, you will be getting access to the whole lifestyle, which offers scenery, relaxation, and adventure. It’s all a matter of finding the right rig for you, one that offers a comfortable floorplan along with a comfortable payment. Plus, in the long run, an RV can make vacations a lot cheaper, making the investment more than worthwhile.
Most people have familiarity with the car-buying process. While buying an RV is similar in many ways, there are some distinct differences in the shopping and financing steps. Knowing what to expect can help you find the deal of your dreams to match the RV of your dreams.
Take time to tour
The world of RVing is big, with everything from petite teardrop trailers to mega Class A motorhomes—and the price range varies as much as the models. Spend time exploring the options. RV shows are a great place to find a lot of models from many manufacturers all in one spot. Sit down on the couches, stand in the showers, and learn about the amenities. Soon, you’ll begin to get a sense of your preferences. And, if you’re ready to buy, you may find great deals at RV shows.
Create a checklist of wants and needs
Your early exploration will help you decide which type, size, and price of RV would be a good fit for you. You’ll narrow in on wants and needs and can create a checklist. Now, you’re ready to shop! Since dealerships usually sell models from a handful of manufacturers, the sales agents are familiar with various floorplans and amenities. They can demonstrate many features and guide you to the models that best align with your checklist. Don’t be afraid to ask questions!
Research pricing and availability
Once you’ve narrowed your options to a specific model, head to the manufacturer’s website to learn more about the features and find the MSRP (Manufacturer's Suggested Retail Price). Then, you’re ready to get serious about pricing. Many dealerships post their prices on their websites, usually offering a discount on the MSRP.
Sites that list new and used RVs can also help you get a sense of the pricing and availability across dealerships. Also, if you aren’t finding exactly what you want, many dealerships can order an RV from the manufacturer with your selected upgrades.
Do some good thinking somewhere like this (Pictured: California State Park)
Understand RV financing
Financing is one of the biggest differences between RV and automobile purchases. First, not all lenders offer RV financing. Check with your credit union or local bank, and also consider some of the nationwide lenders that specialize in RV financing. Get pre-approved for a loan, if possible. That way, you’ll have a sense of the interest rates and terms available to you.
Next, speaking of interest rates, those may be slightly higher for RVs. However, you may find more competitive rates by broadening your lender search, and checking to see if the dealership can help—sometimes, they are able to secure a better deal for you. If you can put more money down, you can often save on interest, as well.
Finally, you may find extended terms, allowing you to finance the RV purchase for upwards of 10 to 20 years, which is another significant difference from auto loans. This is especially common for fifth wheels and motorhomes and can be a great benefit.
Consider the extras
As with automobiles, RV dealerships may offer a variety of add-ons when financing your RV. You may find extended warranties and extra protections. Try to research these ahead of time in order to understand which ones will be most beneficial to you. Also, check with your insurance company to arrange coverage for your new RV.
Finally, in addition to providing a walkthrough demonstrating all of the features of your new rig, your dealership can help you with the proper hitch setup. You may want to purchase a weight-distribution hitch and/or sway bars. Your dealership may throw in these items for free or offer a discount on these and other upgrades (such as a backup camera, slide toppers, and propane tank cover) at the time you purchase your RV. It never hurts to ask!
Remember your RV at tax time
Did you know an RV might be able to save you money on your taxes? RVs can qualify for the second home mortgage interest deduction, allowing you to deduct the interest of your loan, which can help reduce the overall cost of RV ownership. Plus, if you use your RV for business travel, don’t forget to include those expenses. Check with your tax preparer to learn more.
With these tips in mind, you will soon trade the dealerships and RV shows for campgrounds and RV parks, embarking on wonderful new adventures with your new RV.
