Buying vs. Leasing an RV

Buying or Leasing an RV is a decision not made lightly. If you have made the huge decision to get an RV in the first place-Congratulations! That’s a big first step to take!

Did you know that you can buy or lease an RV just like other vehicles? When you get ready to purchase or lease an RV, you have to know the ins and outs of what it means to buy or lease. Let’s break down everything you need to know about getting your hands on an RV, no matter what path you take.



Leasing an RV
Leasing an RV is just like leasing a car. You pay a higher premium price to “own” the RV that will eventually return to the dealership when you’re done with it.



The Benefits of Leasing an RV
Leasing from a Dealer
There are benefits to leasing an RV that buying an RV doesn’t necessarily give you. Once you realize you no longer want the RV, you have a place to return it to without having to worry about finding a buyer. If you decide to upgrade your RV, you can easily do that, too, as your confidence driving a rig or family grows.



Leasing Your Rig
Leasing your RV can line your wallet with extra cash when you need it. Just like dealers “rent” their rigs out to the public, so can you! Leasing out your rig allows your RV to be used during your off-seasons and makes back some of your money that would have spent the winter in your driveway.



The Disadvantages of Leasing an RV
Leasing from a Dealer
With benefits also come disadvantages, leasing allows you flexibility in how often you change up your rig, but it also comes with a higher price tag. There’s no doubt about it that you will pay a higher payment each month on a leased RV than one you buy. This is due to the liability the RV dealer takes on since they may or may not receive the RV back in impeccable condition.



Not only will you pay a higher price, but you’ll also be on the hook for any kind of damages that may occur throughout your travels. Just like you would have to be responsible for damages to your vehicle, you have to return a leased RV in the same condition it was in when it was leased out to you. If you return the RV with minor or major damages, be prepared to pay (and pay a lot) when you get back to the dealer.



Leasing Your Rig
There are a few disadvantages that leasing your rig may have. Just like a dealer, you may have your RV returned in less than satisfactory condition. This means you either have to make the repairs yourself or have the renter pay for it. Though it sounds like an easy problem to fix, some renters may be unwilling or unable to pay for damages. This is why it’s important to vet those individuals who want to lease your RV ahead of time. But even then, accidents happen.



Also, when you rent your RV you’ll most likely have a higher insurance cost. Not all insurance companies will continue to insure your RV if you are renting it out to the public, so it’s important to ask those questions ahead of time before deciding to lease it out. Some insurance companies will gladly cover a rig you want to lease out to individuals, but it most likely will be a higher premium if accidents do happen and possibly a higher monthly payment, too.



What to Remember When Leasing from a Dealer
RVs depreciate much faster than regular cars or trucks. With that in mind, RV dealers are not always willing to lease out a rig without more extra dollars and cents attached to it.



If you’re not prepared to pay a premium for any damages that may occur, leasing is probably not your best bet. When you lease, the tiniest scratch or dent may cost you hundreds of dollars to fix. If you own instead, you’ll most likely decide to leave the small dent alone instead of paying to have it fixed.



Things to Do Before Leasing from a Dealer:

• Rent an RV from a dealership and see how the experience goes. Do you like bigger or smaller RVs? Does the dealership treat you well during this process?

• Hop from dealership to dealership to find out what the best leasing price is on the RV. These payments can vary greatly depending on what stipulations you have to follow while using the vehicle.

Things to Do Before Leasing Your RV:

• Make sure your insurance company still covers any damage to your vehicle while rented out.

• Double-check that you have all the contact information and a hefty deposit before watching your RV drive off into the sunset.

Buying an RV
Buying an RV can be one of the most rewarding experiences of your life, but you have a lot of responsibility when owning an RV. When you purchase an RV for the first time, you always want to ensure you’re getting a good deal by having a third party verify the condition and value of the rig you want to buy. Once you’ve determined that the RV is in good shape, feel free to hand over the cash and get behind the wheel.



The Benefits of Buying an RV
Owning a rig of your very own allows you to do as you please with it. You don’t have to constantly worry about small dents or scratches, and you can bring whoever and whatever you want inside with you. Unlike leasing, you can do anything and everything you want without worrying about “the man” back at the dealership.



RV insurance is usually much lower for RV owners than it is for those who choose to lease. Depending on what state you live in, you may pay an exceptionally low price for RV insurance, too.



The Disadvantages of Buying an RV
Buying an RV means taking the time to keep up with maintenance, problems, or damages. Though not all damages are worth diving into your wallet to fix, flat tires, wrecked transmissions, and new engines are all costly repairs that will leave your RV in the driveway until you can get them fixed.



You get what you pay for when you buy an RV. If you want a cheap camper, you’ll most likely have to pay for various odds and ends throughout its life in order to maintain it. If you buy a high-end RV, you most likely won’t have many things to repair, but if you do need help the dealership may charge premium prices.



Hit the Road, No Matter What You Choose
Both buying and leasing options have pros and cons, but no matter what you choose, it’s important to get on the road. Like we stated earlier, RVs depreciate faster than standard vehicles so it’s important to get out there and experience the world around you to get the full value of what your rig is worth.