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What’s the Cost of Buying a Caravan or Motorhome?

Sep 2, 2019 | Insurance

Motorhome Buying

Some people dream of travelling the open road with a caravan or a motorhome. The freedom of moving where and when you want and seeing new places are a couple of the main drivers behind owning a mobile dwelling. However, there’s a lot to consider—some people tend to forget all the costs involved.

The Cost of a Mobile Dwelling

This is the main cost when it comes to buying a caravan or motorhome. They’re not cheap! Prices for motorhomes can vary widely and depend on whether the unit is new or used. Choosing the right mobile dwelling will depend on your budget.

Just as when you buy a new car, financing may be available. You may be able to find financing from dealers, your bank, etc. Just be sure you can afford the monthly payments in your current budget.

You’ll Need Insurance Coverage

Don’t overlook the fact that you’ll need insurance coverage, just as you do for any vehicle. A motorhome is a large investment, one that’s best to insure against damage, accidents, loss, etc. So, be sure to look for the best rates you can find. Don’t be afraid to comparison shop—you’ll be glad you did.

Look for policies that offer complete coverage, which will protect the mobile dwelling and its entire contents.

Where Are You Going to Store It?

Remember you’ll have to park your caravan someplace. Some people choose to park their motorhome on their own properties. However, this may not be an option if you’re renting a home, and the lease doesn’t include parking for a mobile dwelling. Another common problem is living in a neighbourhood where the homeowner’s association does not allow this type of vehicle to be parked near your home.

In these cases, you’ll have to find a storage facility for your motorhome and these can be quite pricy. You’ll want to find a suitable facility that allows you to keep the same “parking” spot for your caravan each time you leave and return. Otherwise, you may return only to find your spot’s been taken. With limited spaces in facilities, this can be a huge problem.

Other Costs of Owning a Caravan or Motorhome

In addition to the main costs of buying, insuring and storing your mobile dwelling, you’ll also face other costs. Many people forget to add in these costs when considering the purchase of a motorhome. These are important considerations, especially if you’re on a budget:

1). Petrol usage: motorhomes are not the most impressive when it comes to petrol use. They add weight and wind resistance to the towing vehicle, so expect your miles per gallon to drop significantly, which means it will cost more to tow your caravan.

2). Camping fees: if you use a camping facility or a place that allows you to park your motorhome, there will be fees involved. It’s a good idea to check ahead of your travel dates, plan where to stay, and calculate the costs of parking or camping in specific areas.

3). Cooking & meals: if you plan on cooking while on a trip, then you’ll need to make sure facilities are available, whether that’s in your caravan or eating out. Eating out can be quite expensive, so consider the costs before you leave on a trip.

4) Maintenance costs: just like with a car or truck, you’ll have regular maintenance costs associated with your caravan. This may include repairs, new tires, and more.

Of course, there’s more to consider when buying a caravan or a motorhome, but these are the main costs you’ll be facing. Take a good look at your budget before investing in a mobile dwelling-you’ll be happy you did!

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